Korea’s business community for big companies on Wednesday called on the United States to ease immigration rules, expand professional visa quotas and allow the export of natural gas condensates.
At the 26th Plenary Meeting of the Korea-U.S. Business Councils meeting hosted by the Federation of Korean Industries (FKI) and the American Chamber of Commerce and Industry (AMCHAM) in Seoul, local entrepreneurs said that despite headway made in two-way trade following the signing of the countries’ free trade agreement (FTA), more must be done to further cement their close partnership.
Total export of goods from South Korea to the U.S. reached US$1 trillion as of May, with bilateral figures expected to soon surpass the $2 trillion mark.
Foremost among the improvements that need to be made is speeding up the immigration process for South Korean nationals at major U.S. airports that can take up to 80 minutes at present. This is much longer than the average 13 minutes needed to process foreigners arriving at Incheon International Airport.
“The U.S. actually raised the fees it charges for clearing security from $2.5 to $5.5 in July, but only half of the immigration booths at airports are open resulting in a slow processing time,” businessmen said at the daylong gathering.
The event was attended by U.S. Ambassador to South Korea Mark Lippert and Kurt Tong, principle deputy assistant secretary at the U.S. State Department’s bureau of economic and business affairs.
They added that there is a need to better advertise the automated passport control system that can be used by South Koreans who can benefit from the Electronic System for Travel Authorization.
In 2013, some 1.36 million South Koreans visited the U.S., and with all sides wanting to fuel tourism and travel, Washington should take steps to make it easier for visits to take place.
On the need for Washington to issue more professional visas, the businessmen pointed out that South Koreans make up the third-largest group of foreign students studying in the U.S. As of 2012, there were 72,295 South Korean students studying in the U.S., the third-largest group after the Chinese and the Indians. Despite the high number, South Koreans got just 1.9 percent of professional visas issued by the U.S., trailing India, China and Canada.
“The U.S. had given quotas on professional visas when it signed free trade pacts with Australia and New Zealand in the past, so there is precedence for giving South Koreans the right to work in the world’s largest economy,” the businessmen said.
They added that there is the Partner with Korea bill in Congress that calls for giving up to 15,000 work visas to South Koreans every year that should be passed as soon as possible.
On the issue of allowing U.S. natural gas condensates to be exported to South Korea, business leaders said Washington needs to exercise more leeway on the matter.
“If the condensates have not undergone the initial distillation process, authorities should give permission to export such materials,” they said.
Condensate is a hydrocarbon liquid that is used in the making of naphtha. Because U.S. condensates are about $5 cheaper than those sold on the global market, importing such materials can help South Korean companies. The U.S. has banned crude oil products since 1973.
The business leaders said that if Washington opts to lift the crude oil export ban, it could lead to 300,000 new jobs and greatly reduce its trade deficit with South Korea.
The FKI then said local entrepreneurs expressed concerns about action taken against South Korean-made oil country tubular goods (OCTG) that were slapped with punitive duties of between 9.89-15.75 percent in August. OCTG refers to pipe and tube products used in the petroleum industry.
They said this move raised worries about the overall fairness of the U.S. trade environment, which they said conflicted with the standards set by the World Trade Organization.
Besides the councils meeting, FKI and AMCHAM held a symposium on the sidelines to touch on ways to push forward economic growth based on creativity and reform.
Cho Yang-ho, head of Korean Air Lines Co., and co-chairman of this year’s councils meeting said in his keynote address that if both sides share innovation-related experience and know-how, such cooperation can fuel growth and allow Korean and U.S. companies to enter new markets.
At the symposium, South Korean government officials elaborated on ongoing efforts to do away with administrative red tape and push forward policies conducive to growth and innovation.
U.S. companies such as Qualcomm Inc. shared their experience on creating an information and communication infrastructure. Others pointed out that an aggressive entrepreneurial spirit and the creation of more high-tech companies are keys to a creative economy.
FKI also said South Korean rapper Psy, whose “Gangnam Style”
single was a runaway hit two years ago, made a guest appearance at the gathering to share his experience and call for better intellectual property rights protection. (Yonhap)
