Seoul: The American Chamber of Commerce in Korea (AMCHAM) has signed a memorandum of understanding (MOU) with San Francisco to expand business ties between South Korea and the U.S. city. The agreement, signed on Wednesday, aims to foster collaboration in investment and business connectivity across key industries.

According to Yonhap News Agency, the MOU was signed in Seoul by AMCHAM Chairman James Kim and San Francisco Mayor Daniel Lurie. The agreement seeks to establish a framework for cooperation, bringing together a delegation from San Francisco and representatives from various companies that operate in both countries. Notable attendees at the signing ceremony included Korean Air Co. CEO Cho Won-tae and Patrick Storey, country manager of Visa International Korea.

The new partnership coincides with the 50th anniversary of the sister-city relationship between Seoul and San Francisco. It aims to extend bilateral ties beyond cultural exchanges to include private sector-driven economic cooperation. The initiative is expected to promote stronger business relationships and facilitate two-way investment.

James Kim expressed optimism about the MOU, stating, "We look forward to leveraging this partnership to drive stronger business ties, expand two-way investment and deliver tangible outcomes for both markets." Mayor Lurie echoed these sentiments, noting that he anticipates the agreement will "strengthen engagement between our cities' economies and expand opportunities for trade and investment."