[Deputy Director Column] 'Entrepreneur Jeong Se-gyun' and Business Community Expectations

Prime Minister Jeong Sye-kyun is delivering an opening remark at the Cabinet meeting held on the 15th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Moon Ho-nam munonam@

Although Prime Minister Chung Sye-kyun is often addressed as 'Assemblyman' or 'Speaker,' in the industrial sector he is mainly called 'Minister.' This is because he served as the Minister of Industry and Resources during the Roh Moo-hyun administration. His tenure was relatively short, lasting just one year from early 2006. Nevertheless, there are still many government officials who regard him as a minister and business leaders who remember his policy initiatives.

A senior official from the Ministry of Trade, Industry and Energy recently described Prime Minister Chung as "a rational person who understands businesses." Contrary to the gentle image conveyed by his warm smile, he is said to have the tenacity to firmly grasp and push forward initiatives when there is a clear justification. Another public institution head, formerly from the Ministry of Industry, commented that he is "someone who would not go against the liberal market economy system." While ensuring the free management activities of companies to the fullest extent, it is important to consider that as Prime Minister, he must also maintain a balanced approach to prevent excessive concentration of power in large corporations.

As a former head of the legislative branch, who was once the minister in charge of economic departments and wielded more authority than the judiciary or executive branches, and more grassroots as a businessman from Ssangyong, Prime Minister Chung, who knows the situation inside out, seems to hold considerable expectations from the business community.

The area Prime Minister Chung focused on most during his ministerial tenure was trade. On December 5, 2006, when South Korea’s exports surpassed $300 billion for the first time in history, then-Minister Chung issued a congratulatory message to the public, urging, "Through relentless technological development, continuous overseas market expansion, and the expansion of free trade agreements (FTAs), let us open the era of $500 billion in exports and $1 trillion in trade." However, Minister Chung was actually uneasy due to the severe trade imbalance with Japan. During the rapid growth centered on finished products, a significant portion of key core parts and materials were dependent on Japan, and he made every effort within his short tenure to overcome the growing trade deficit with Japan. This coincidentally overlaps with the area where the Korean government concentrated its policy support last year to secure core technologies in response to Japan’s export restrictions.

There are also signs of a possible resumption of inter-Korean economic cooperation during a lull. While serving as minister, Prime Minister Chung paid attention to opening new paths by dispatching investment inspection teams to the Kaesong Industrial Complex, a symbol of inter-Korean economic cooperation. He also frequently met with labor representatives, voicing calls for labor, management, and government to unite in creating quality jobs, suggesting that his role in mediating labor-management discord is worth anticipating. The business community’s plea that "the biggest problem now is having funds but no suitable investment destinations" raises curiosity about what solutions Prime Minister Chung might propose.