[Business Diplomacy] Korean firms evolve to stay on top of compliance: Kim & Chang lawyers


South Korean companies have transitioned from reacting to regulatory changes in foreign markets to proactively predicting and monitoring potential legislative shifts. This shift demonstrates the improved ability of the Korean economy to conduct business in international markets. The demand for international trade legal advice from export-oriented Korean companies is increasing due to the global trend towards protectionism and the escalation of trade disputes, particularly in the context of the US-China tech war. As Korean companies expand their global presence, they face growing challenges in navigating complex trade landscapes and ensuring compliance with international regulations. Amidst this landscape, Korean companies are particularly focused on understanding and adhering to the regulatory frameworks in the US, especially in relation to tax incentives, supply chain traceability, and compliance with environmental and human rights practices. Additionally, the upcoming US presidential election and related legislative acts, such as the Inflation Reduction Act (IRA) and the CHIPS and Science Act, are of significant interest to Korean investors and conglomerates. The article highlights the importance of understanding and navigating complex regulatory factors, including changes in administration, geopolitical risks, and diplomatic dynamics, in order to enhance the diplomatic capabilities of South Korean corporations for overseas growth.


Previous Post Next Post