Choi Tae-won "New Entrepreneurial Spirit Needed... Must Find Methodology for Deregulation"

First National Assembly Visit After Inauguration as Chairman of the Korea Chamber of Commerce and Industry
Emphasis on the Need for New Entrepreneurial Spirit
Advocacy for Regulatory Relaxation Methods

Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry paid a courtesy visit to National Assembly Speaker Park Byeong-seok at the Speaker's office on the 13th and exchanged greetings. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hwang Yoon-joo] Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), emphasized the need for a "new entrepreneurial spirit" during his first visit to the National Assembly since taking office.

On the 13th, Chairman Choi visited the National Assembly in Yeouido, Seoul, and after meeting with National Assembly Speaker Park Byeong-seug, he said, "In the past, entrepreneurial spirit was understood as working hard to generate profits and pay a lot of taxes, but nowadays, companies are required to engage in many activities. We are discussing what would be good under a new entrepreneurial spirit."

When Speaker Park stated that ESG (Environmental, Social, and Governance) management is an essential requirement for companies, Chairman Choi responded, "ESG is no longer something that can be superficially packaged just to make money. If a company violates or mishandles ESG management, it can directly threaten the company's survival." He added, "Measuring how companies are implementing ESG has also become a very important issue."

Chairman Choi also said, "While conducting the sandbox program, we are closely observing and analyzing what happens when regulations are actually relaxed, and we are making great efforts to find new methodologies for deregulation."

At a subsequent meeting with Kim Gi-hyeon, floor leader of the People Power Party, he reiterated, "The immediate task is for companies to be reborn through a new entrepreneurial spirit that fits the new era and trends, and to reflect on and correct what needs to be reflected upon."

During his visit to Song Young-gil, leader of the Democratic Party of Korea, he stressed the necessity of "communication and empathy."

Chairman Choi stated, "The economic sector, including the KCCI, must consider how to achieve national and economic development in the post-COVID-19 era, and we are thinking about what changes companies need to make."

He added, "We will reflect on what we need to reflect on, correct what needs to be corrected, and identify what should be inherited and developed. It is essential to discover what the new entrepreneurial spirit is and to establish the foundation and culture that fit it."