"K-New Deal, Let's Participate"... Proposal from the Ruling Party

Choi Tae-won Elected Chairman of Korea Chamber of Commerce and Industry
Official Proposal to SK Scheduled Before Lunar New Year Holiday
Good Intent to Communicate with Business Community but Difficult for Lawmakers to Speak Up

[Asia Economy Reporter Hwang Yoon-joo] The Democratic Party of Korea is considering involving Choi Tae-won, chairman of SK Group and the next president of the Korea Chamber of Commerce and Industry (KCCI), in the K-New Deal Committee. The intention is to reflect the voices of the business community from the policy formulation stage of the 'K-New Deal.'

Within the business community, there is criticism that even if the ruling party proposed committee participation as a gesture of willingness to communicate with the business sector, the role of business organization leaders within a committee composed of ruling party lawmakers would inevitably be limited, making it a showy request from the political sphere. There are also concerns that the proposal for a private company head and business organization leader to participate in a ruling party committee could be interpreted as political pressure.

According to political circles on the 5th, Democratic Party Supreme Council member Yang Hyang-ja is planning to involve Chairman Choi in the party’s K-New Deal Committee. Yang’s office plans to convey the Democratic Party’s opinion to SK as early as next week and prepare a detailed plan within this month to report internally. Previously, Supreme Council member Yang proposed the launch of a ‘3+1 consultative body’ composed of the party, government, Blue House, and business circles.

The K-New Deal Committee is a Democratic Party internal body created to achieve three goals: COVID-19 prevention, economic response, and future transformation. Yang’s plan is to have Chairman Choi participate in this body to actively support K-New Deal industries such as future cars, electric vehicle batteries, bio, internet, and gaming, and to improve systems by reflecting difficulties faced by the business community.

The ruling party leadership is reportedly positive about having Chairman Choi participate in the K-New Deal Committee as a representative of the business community. This is because Chairman Choi was elected as the next president of the KCCI, representing the business sector, and has emphasized corporate social responsibility.

A representative from Yang’s office explained, "Among the Democratic Party’s Supreme Council members, ESG (Environmental, Social, and Governance) issues are considered important," adding, "There is a consensus that Chairman Choi, who has emphasized ‘social value’ and ‘new entrepreneurship,’ will be able to communicate well with us."

Inside and outside the business community, it is expected that Chairman Choi’s concerns will deepen. A business insider said, "During the Park Geun-hye administration, companies were forced to contribute to the Mir Foundation, and the current Federation of Korean Industries was labeled as a corrupt organization," adding, "(Considering this) deciding to participate in the K-New Deal Committee is not easy, and joining a Democratic Party body could lead to misunderstandings that he supports the ruling party."

An SK Group official said, "Chairman Choi has not yet officially assumed the presidency of the KCCI, so it is difficult to provide a response."