Meeting with Major Conglomerate Heads and Economic Leaders on COVID-19 Response... Congratulating 'Parasite' Investor CJ on "Achievement of Excellence in Hallyu Culture"
[Asia Economy Reporter Son Sunhee] On the 13th, President Moon Jae-in met with key figures from the business community regarding the COVID-19 situation and stated, "We will soon prepare preemptive measures for the expected damages in industries such as aviation, shipping, transportation, and tourism," adding, "We will actively support corporate investment and innovation by strengthening bold tax reductions, regulatory exemptions, and location support."
During the 'COVID-19 Response Economic Meeting' held for about an hour and 30 minutes that morning at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, President Moon said in his opening remarks, "COVID-19 will end soon," and urged, "Now is the time for the government and the business community to unite and make efforts to revive the economic recovery trend." He continued, "The government will definitely protect the safety of the people and companies, and we expect companies to trust the government and proceed with the planned facility investments without disruption as scheduled before the COVID-19 situation."
This was the second time President Moon met with heads of major domestic conglomerates in one place since last July’s Japanese export restrictions on key semiconductor materials. This reflects the recognition of the serious economic impact of the COVID-19 crisis and the intention to seek ways to overcome it together with the business community.
President Moon said, "In difficult times, bold investments toward the future have revived the economy and laid the foundation for innovative growth," and added, "I hope this will be a time to gather the wisdom of the business community and government on what measures and efforts are necessary to minimize the damage from COVID-19 and quickly restore the recovery trend of our economy."
Attending the meeting were top executives from Korea’s five major groups, including Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Vice Chairman Yoon Yeo-chul, SK Chairman Chey Tae-won, LG Chairman Koo Kwang-mo, and Lotte Holdings Vice Chairman Hwang Kak-gyu, as well as CJ Chairman Lee Jae-hyun. Additionally, five heads of economic organizations, including Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, attended to express the business community’s opinions on the current situation. The Blue House explained that although CJ ranks outside the top 10 in business hierarchy, it was invited due to its close ties with China in key sectors such as food and media.
President Moon’s small-scale meeting with business leaders reflects his serious view of the economic impact of the COVID-19 crisis and his intention to hold in-depth discussions. Along with this, since President Moon officially mentioned 'considering employment extension' during the ministry briefing on the 11th, it is expected that opinions from the business community on this matter were also conveyed during the closed part of the meeting.
From the government side, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Minister of Trade, Industry and Energy Sung Yun-mo, Minister of SMEs and Startups Park Young-sun, and Financial Services Commission Chairman Eun Sung-soo attended. From the Blue House, Chief of Staff Noh Young-min, Policy Chief Kim Sang-jo, Senior Secretary for Economic Affairs Lee Ho-seung, and related secretaries were present.
Meanwhile, regarding the recent four awards won by the film Parasite at the U.S. Academy Awards, President Moon congratulated CJ, the investor, calling it "a great achievement that once again demonstrated the excellence of Hallyu culture to the world."
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