U.S. Business Leaders Demand Won’s Rise, Screen Quota Cut

U.S. business leaders expect the Korean won to rise up to 10 percent if their demand that the Chinese government raise the value of the yuan by 25 percent is met, a leading Korean businessman said.

The U.S. motion picture industry also called on Korea to reduce the controversial local film quota to 20 percent from the current 40 percent, to pave the way for a bilateral trade agreement between the two countries.

The business leaders of the two countries wrapped up a two-day conference organized by the Korea-U.S. Business Council and the U.S.-Korea Business Council in Washington on Tuesday.

"U.S. delegates said that it would be desirable for the Chinese government to appreciate its currency by 25 percent," Hyosung Group Chairman Cho Suck-rai was quoted by Yonhap News Agency as saying after the conference.

He led the 40-member Korean delegation to the meeting.

"In that case, the U.S. businesspeople would the Korean and Japanese currencies will also move up by about 10 percent," he explained.

During the meeting, both sides reviewed the outlook for bilateral economic and political relations.

They issued joint statements calling for the Korean government to boost the flexibility of the labor market to improve the business environment.

"Members agreed that a more flexible labor market would help reshape foreign investor views of the Korean market" and advance Korea`s goal of becoming the business hub of Northeast Asia, the joint statement stressed.

They also called for an early conclusion of the proposed bilateral investment treaty, calling Korea`s current film quota "the principal obstacle."

"A BIT would be a significant economic accomplishment and could help advance efforts to ultimately move toward a free-trade agreement between the two countries.

"We urge the two governments to enhance their efforts to conclude the BIT," the statement said.

The two sides also agreed to push for U.S. visa exemptions for Korean businesspeople to help further bilateral business relations.

The U.S. business leaders proposed a joint effort to encourage the U.S. government to exempt Korean businesspeople from the visa requirement, according to Cho.

"South Korean and U.S. business leaders agreed to work out concrete action plans to strongly push for visa exemptions for South Korean businesspeople traveling to America," said Cho.

"American business leaders also shared the view that the rigorous visa requirements imposed on South Korean businesspeople could inflict serious losses on U.S. businesses," he added.