The American Chamber of Commerce in Korea (AMCHAM) has joined hands with San Francisco to strengthen economic cooperation between Korea and the United States.
AMCHAM signed a memorandum of understanding (MOU) with the City of San Francisco on Wednesday at the Four Seasons Hotel in Seoul, aimed at expanding cooperation in artificial intelligence (AI) and innovation industries. James Kim, chairman and CEO of AMCHAM, and Daniel Lurie, mayor of San Francisco, signed the MOU and agreed to actively identify cooperation opportunities in key industrial sectors.
The event was attended by Cho Won-tae, chairman of Korean Air (003490.KS), along with Steven Revetria, president of San Francisco Giants Enterprises, Patrick Storey, president of Visa Korea, and officials from Speak, an AI company headquartered in San Francisco, raising expectations for cooperation across various fields.
This year also marks the 50th anniversary of the sister-city relationship between Seoul and San Francisco. AMCHAM said the MOU carries significant meaning as it marks a full-fledged expansion of the relationship between the two cities — which has centered on cultural and people-to-people exchanges — into private sector-led economic and industrial cooperation.
"San Francisco is a city that leads innovation, entrepreneurship and global exchange, and has great potential for cooperation in various fields including technology, AI, culture and investment," AMCHAM Chairman James Kim said. "We will strengthen business cooperation between the two sides and expand investment and exchanges to produce tangible results."
San Francisco Mayor Daniel Lurie said, "It is meaningful to further strengthen economic cooperation with Seoul on the 50th anniversary of our sister-city relationship. We hope this agreement will serve as an opportunity to expand exchanges between the two cities and broaden trade and investment opportunities."
