American Chamber of Commerce in Korea Chairman James Kim, right, speaks during his meeting with Rep. Lee Jae-myung, leader of the main opposition Democratic Pary of Korea, at the National Assembly in Seoul, Monday. Yonhap
AMCHAM voices concerns about potential leak of trade secrets
By Park Jae-hyuk
The opposition bloc’s proposal of bills unfavorable to companies have been unnerving foreign businesses here as well as domestic firms, amid the unexpected leadership vacuum in the government.
The American Chamber of Commerce in Korea (AMCHAM) confirmed Tuesday that Chairman James Kim voiced concerns a day before about a proposed revision to the Act on Testimony and Appraisal before the National Assembly during his meeting with Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea (DPK).
Their meeting took place three days after President Yoon Suk Yeol was suspended from his duties on Saturday over his short-lived martial law declared on Dec. 3. Before the declaration, Yoon was expected to reject the proposed revision.
“The chairman expressed concerns about the possible leak of trade secrets during the closed-door meeting,” said the spokesperson of the business lobby group representing U.S. companies doing business in Korea.
Passed by the opposition-controlled Assembly on Nov. 28, the new law is intended for lawmakers to prohibit companies from refusing to submit documents including trade secrets.
Businesspeople will also be banned from missing the National Assembly’s audit sessions and hearings, according to the new law. They should at least make appearances through online platforms if they are abroad or ill.
Although the DPK said that it would review the bill after Lee’s meeting with Kim, it remains uncertain whether the opposition party will accept the government’s refusal of the proposed revision, if Prime Minister Han Duck-soo, the acting president, rejects the new law’s implementation. Han has delayed making a decision on whether or not to exercise his veto rights on controversial bills proposed by the DPK.
AMCHAM added that its chairman told the DPK leader to pursue labor market flexibility meeting the global standards, so that Korea can attract the Asia-Pacific headquarters of foreign companies.
Upon requests from labor unions, however, the opposition party is considering proposing a labor-friendly revision to the Trade Union and Labor Relations Adjustment Act again next year to enable subcontracted workers to negotiate directly with the clients of their employers, while also prohibiting management from seeking compensation for damage incurred during illegal strikes.
Before Yoon vetoed the proposal in August, AMCHAM supported the negative stance taken by Korea’s six largest business associations regarding the pro-labor bill, emphasizing that it would introduce uncertainty that could deter investments and undermine Korea’s global standing as a competitive business hub.
English (United States) ·