Acting President Choi Sang-mok pledged to come up with a fresh trade strategy and supportive measures for local exporting companies in face of U.S. President-elect Donald Trump's return during his first meeting with the heads of the country's major conglomerates as the nation's interim chief Friday.
“The government will be at the forefront, putting all of its efforts into plowing through the difficult conditions inside and outside the country,” acting President Choi said during the New Year event held by the Korea Chamber of Commerce and Industry (KCCI) in Jung District, central Seoul.
The event brought together Choi and KCCI Chairman Chey Tae-won, who also is the chairman of SK Group, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung and LG Chairman Koo Kwang-mo. Other business leaders in attendance included Hanjin Group Chairman and CEO Walter Cho, GS Group Chairman Huh Tae-soo, Shinsegae Group Chairman Chung Yong-jin, Hanwha Vice Chairman Kim Dong-kwan and HD Hyundai Vice Chairman Chung Ki-sun.
“With the belief that a revitalized economy is the key to the survival of Korea, the government will be prioritizing the protection of businesses from potential risk factors, like a breakwater for the economy,” the acting president said.
Choi vowed to create a “systematical counterstrategy” against the upcoming Trump administration and uncertain trade environments, although he didn't specify details.
"The government will be focusing its efforts on fostering future industries, like AI and bio,” he said.
KCCI Chairman Chey, similarly, called for “courageous action” from the government and businesses to weather the uncertainties.
“The seeds for innovation cannot grow in a strict labor market and [strong] government regulations,” Chey said. “We need a flexible and drastic reform to our system, followed by large-scale support toward future businesses.”
“The business world will also go out of our way […] in continuing with our investments and creating jobs,” the KCCI chairman said. “We will work harder to achieve corporate social responsibility."
Political bigwigs also appeared at the event, including People Power Party floor leader Kweon Seong-dong, Reform Party floor leader Chun Ha-ram, as well as Minister of Employment and Labor Kim Moon-soo and Democratic Party Rep. Jin Sung-joon, who heads the party’s policy committee.
The acting president met with the leaders of small- and medium-sized enterprises in a separate event Friday morning, vowing to “actively support” smaller and self-employed businesses, which was hosted by the Korea Federation of Small and Medium Business.
“[The government] will be closely cooperating with the National Assembly in full force so that small- to medium-sized businesses and the self-employed can focus on their economic activities,” acting President Choi said.
“We will be actively supporting a recovery of domestic demand with support packages of unprecedented size and speed,” the acting president said, adding that the government it will start up a hotline for SMEs to listen to their suggestions and concerns.
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