The Business Community Repeatedly Requests Pardons... Sohn Kyung-shik Says "Lee Jae-yong Must Return to the Field"

Prime Minister Kim Boo-kyum Holds Meeting with Heads of Five Economic Organizations... "Let's Find a Path to Coexistence"
Chairman Chey Tae-won: "Time to Consider the Post-Corona Era"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] As global competition to secure semiconductor dominance intensifies, the business community has once again requested a pardon for Samsung Electronics Vice Chairman Lee Jae-yong.

On the afternoon of the 3rd, at a meeting held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, between Prime Minister Kim Boo-kyum and the heads of five economic organizations, Sohn Kyung-shik, Chairman of the Korea Employers Federation, said in his opening remarks, "I believe Vice Chairman Lee should return to the field as soon as possible."

Chairman Sohn added, "Considering the trends in the global semiconductor market, the advantage our country has maintained so far could be lost," and emphasized, "Government consideration is necessary."

In April, Chairman Sohn had previously requested Economic Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki to consider a pardon. On the 27th of the same month, not only Chairman Sohn but also the heads of the five economic organizations submitted a petition for a pardon to the Blue House. The American Chamber of Commerce in Korea, which has about 800 member companies, also urged President Moon last month to pardon Vice Chairman Lee.

After the meeting, Chairman Sohn told reporters, "Taiwan's TSMC and the United States are expanding investments in the semiconductor industry. If we remain passive, we could eventually lose semiconductor dominance," explaining, "So I conveyed an urgent sentiment that (Vice Chairman Lee) should return to the field." He also added, "I believe all the heads of economic organizations share the same sentiment and are of one mind."

Regarding the business community's request for Vice Chairman Lee's pardon, Prime Minister Kim responded to reporters' questions, "Among the various proposals made by economic leaders today, I will organize a significant portion and report it to the President," but was somewhat reserved in his remarks.

Earlier, SK Group Chairman Chey Tae-won (also Chairman of the Korea Chamber of Commerce and Industry) had proposed a pardon for Vice Chairman Lee at a meeting hosted by President Moon Jae-in the previous day, which invited representatives of the four major conglomerates.

The meeting was part of the Moon Jae-in administration's efforts to communicate with the economy. Attendees included Prime Minister Kim, Chairman Sohn, Chairman Chey, Koo Ja-yeol, Chairman of the Korea International Trade Association, Kim Ki-moon, Chairman of the Korea Federation of SMEs, and Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises.

In his opening remarks, Prime Minister Kim said, "Although the government has been working hard, it is true that businesspeople have been criticizing us in various ways. However, we will make efforts to compensate for shortcomings," adding, "We will seek ways to narrow social gaps and enable businesses and citizens to coexist in the post-COVID-19 recovery."

Chairman Chey remarked, "The global economy is showing signs of full recovery, and the domestic economy is also recovering to pre-COVID-19 levels, centered on exports and manufacturing," but expressed regret, saying, "When listening to our member companies, many domestic sectors such as food, travel, and culture are operating at a loss, and employment and unemployment indicators remain sluggish."

He continued, "I think it is time to consider the post-COVID era," and said, "For the future, it is time for economic organizations, companies, the government, and academia to all contemplate what we must do today regarding this issue."

During the meeting, quite specific proposals were made, including ▲ supplementing the Serious Accidents Punishment Act ▲ tax benefits and support for carbon neutrality implementation ▲ improvement of unnecessary regulations ▲ expansion of logistics cost support and establishment of tax credits for small and medium export companies ▲ support for securing manpower for small and medium enterprises ▲ postponement of the implementation of the 52-hour workweek for small businesses.