On May 9, 2024, National Assembly Research Service (Chief Park Sang-Chul) signed a memorandum of understanding (MOU) with the American Chamber of Commerce in Korea (AMCHAM, Chairman and CEO James Kim). AMCHAM Korea was established in 1953 as a foreign economic group to foster investment and trade between the United States and the Republic of Korea (ROK) and now has about 800 domestic and international business members.

  The agreement is designed to create close collaboration between the two organizations when developing and making policies aiming to induce US-ROK investment and improve business climate. The two parties will work together on setting a collaborative system to exchange information regarding US-ROK business investment environment, and conducting joint research and hosting joint seminars on major issues of concern. The agreement will last for three years starting from May 9, 2024 and the two organizations will later negotiate whether it is necessary to extend the period of agreement.

  During the signing ceremony, NARS Chief Park Sang-Chul said, “NARS and the AMCHAM Korea are expected to play a crucial role in improving business climate for both Korea and the US businesses and accelerating their economic activities.” AMCHAM Chairman and CEO James Kim also expressed his hope that “the agreement brings about positive changes for potential investment.”