The South Korean and U.S. governments have reached a memorandum of understanding regarding Korea’s entry into the Visa Waiver Program (VWP), which allows nationals of certain countries to travel to the United States for tourism or business, for stays of 90 days or less, without having to obtain a visa. Korean-American communities across the country are overjoyed at the news. It is expected that Koreans will be able to avail themselves of the program sometime this year.
Owners of travel agencies, restaurants, gift shops, hotels, even language institutes, who welcome news of the agreement, believe the VWP will bring two to three times the number of Korean visitors to the United States. This, they believe, will be a boon for business.
The U.S.-Korea Visa Waiver Program Coalition already estimates a two-fold increase in the numbers of Korean visitors to the United States during the next two years. Mr. Cho, Kyu-song, president of the Dongbu Travel Company in NY, said, "The plan for visa-free entry comes like rain after a drought; it will break the long dry spell of economic depression for Korean businesses, including travel companies. Almost all of the Korean travel businesses are currently revamping their marketing in light of the VWP."
Though in the past, individual or corporate investors could not easily transact business, prospects for Korean investments in Korean communities in New York and Los Angeles are improving. But as a member of the VWP, visa-free travel will ease business transactions, as investors can regularly and easily fly to the site of their investments. Analysts predict that this will promote immense growth in the American-Korean communities. Along with the freeing of foreign investments, analysts foresee equal expansion in the Korean real estate market on both coasts, where the largest populations of Koreans are concentrated.
Fields such as banking, service companies, and institutions that cater to Korean foreign exchange students are also looking forward to the VWP's initiation. In fact, all of these businesses and branches await the expected inflow of huge numbers of Korean visitors, and the effect these will have on the financial life of Korean society in America – namely its revitalization. One Korean banking expert noted, "Entry into the VWP will greatly expedite the flow of funds from Korea to the United States. The VWP will certainly be a positive factor in the development of the Korean economy in America."
The influence of the VWP is expected in other areas besides economic development. Analysts predict that it will have a major impact on the Korean-American lifestyle. Many believe that when the VWP goes into effect, Korean Americans will freely visit Korean relatives or family members in Korea, since the complicated procedure for attaining visas from the United States Citizenship and Immigration Services will no longer hinder travel. This is also welcome news to the community.
