[Interview] Yang Hyang-ja "Gwangju-type Job Model, Samsung Can Play a Role"

Yang Hyang-ja, elected member of the Democratic Party of Korea./Photo by Dongju Yoon doso7@

[Asia Economy Reporters Park Cheol-eung, Won Dara] Yang Hyang-ja, a member-elect of the Democratic Party and former Samsung Electronics executive, stated that "Samsung is expected to play a role" in the 'Gwangju-type job' project.

In an interview with Asia Economy on the 22nd, Yang likened the situation to "having no ingredients or chef, but asking whether you want jjambbong or jajangmyeon," emphasizing that the urgent task is to draw out corporate investment intentions.

He said, "For the Gwangju-type job to lead to tangible results, it must move toward 'future cars,'" adding, "Research and development (R&D) of future cars and complete vehicle manufacturing must be done simultaneously, and since Samsung is involved in the electric and electronic equipment and facilities (electrical components) industry for automobiles, it can play a role." He added, "I have made such proposals to Samsung, and I understand they are currently reviewing them."

Yang also mentioned, "Gwangju is scheduled to open the Korea Electric Power Corporation University, and an artificial intelligence (AI) convergence cluster will also be established. There is also a possibility that it will be designated as an economic free zone this year," highlighting that there are considerable incentives for Samsung to invest in Gwangju.

He pointed out that the COVID-19 shock could actually be an opportunity for the Korean semiconductor industry. Yang said, "The core of medical technology to overcome the COVID-19 crisis is IT," and predicted, "The demand for Samsung Electronics semiconductors, which holds a leading global position, will increase significantly."

He continued, "After COVID-19, paradigms will change across various fields. Just as laptop demand has increased with online classes in schools, this could be an opportunity for the semiconductor industry."

The government and political circles should focus on fostering companies without hindering them. Yang said, "Companies that must compete globally in future industries should be fully supported," adding, "If there are issues such as owner misconduct or succession problems, they should be legally controlled, but corporate activities should be actively supported."

He also said, "I hope the excessively negative perception of Samsung changes. Isn't it true that the era when Samsung's major shareholders could dominate society as a whole is over?"

He is planning legislation related to future industries, including future cars. Yang said, "There are laws that must be proactively prepared when future industries undergo major transformations," adding, "For example, institutional measures regarding autonomous vehicle licenses, insurance, and regulations must be established. Negative regulations should obviously be lifted."