Hong Nam-ki Meets CEOs of 5 Major Groups, Requests "Expansion of Investment and Employment"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the 46th Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 30th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, met with professional managers of the five major domestic conglomerates to urge the expansion of investment and employment.

The Ministry of Economy and Finance announced on the 1st that Deputy Prime Minister Hong met with professional managers from the five major groups, including Samsung Electronics, Hyundai Motor Company, SK, LG, and Lotte Holdings, and conveyed this message.

This meeting was arranged to share awareness with business leaders about the recent domestic and international economic situation and to exchange opinions on key issues, especially carbon neutrality.

He stated, "If the vaccination completion rate reaches 70% this month, we plan to operate policies that harmonize quarantine and the economy in line with the phased recovery of daily life," adding, "The government will actively support this through measures such as promoting consumption and domestic demand, expanding support for national strategic technologies, and improving the employment increase tax credit system."

Regarding carbon neutrality, he said, "As global climate change response and ESG discussions as a management agenda accelerate, carbon neutrality is a difficult but necessary path for both companies and the government," and added, "An important decision on raising the Nationally Determined Contribution (NDC) is expected this month, and the final NDC plan will be announced at the 26th UN Climate Change Conference of the Parties (COP26) in early November, making this a very important time for gathering opinions from the economic sector." Accordingly, the government plans to review the maximum achievable NDC considering the conditions of domestic companies and the purpose of the Carbon Neutrality Basic Act.

Deputy Prime Minister Hong also expressed, "I deeply appreciate the efforts of companies to expand exports, investment, and job creation."

Meanwhile, the attendees agreed that in the face of increasing domestic and international uncertainties such as U.S. tapering and global supply chain restructuring, companies and the government must unite to fully overcome the crisis and achieve a leading economic leap.