Business Community Interprets as "Key Partner in National Governance"
President Yoon Suk-yeol is toasting with attendees at a dinner party for foreign guests held at the Shilla Hotel in Jung-gu, Seoul, on the afternoon of the 10th. [Image source=Yonhap News]
[Asia Economy Reporters Donghoon Jeong, Gimin Lee] President Yoon Suk-yeol held a VIP dinner as the final official event on the day of his inauguration on the 10th. The dinner, held at the Shilla Hotel in Jangchung-dong, Seoul, was attended by over 160 domestic and international guests, including overseas congratulatory delegations and figures from politics and business circles. It is unusual for heads of major business groups to be invited to a dinner on the day of the inauguration.
According to the Presidential Office, the dinner, which started at 7 p.m., was attended by Lee Jae-yong, Vice Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group (Chairman of the Korea Chamber of Commerce and Industry); Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; Shin Dong-bin, Chairman of Lotte Group?representing the five major conglomerates. Cho Won-tae, Chairman of Hanjin Group, also attended.
Leaders of major economic organizations also joined the dinner. Son Kyung-sik, Chairman of the Korea Employers Federation; Huh Chang-soo, Chairman of the Federation of Korean Industries; Koo Ja-yeol, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of SMEs; and Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises, among other economic leaders, were present.
President Yoon met with the heads of the five major conglomerates for the first time on this day. Since his election, President Yoon had met several times with Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, but this dinner was the first occasion to meet other business leaders. The dinner menu featured 'fusion Korean cuisine' utilizing local specialties from across the country. The menu included fusion Korean dishes prepared with regional specialties such as abalone from Wando, ginseng from Geumsan, barley shoots from Gurye, pine nuts from Gapyeong, sea bream from Tongyeong, chestnuts from Gongju, ginkgo nuts from Goesan, gondre (wild greens) from Jeongseon, bracken from Jeju, golden rice from Gimpo, mosijogae clams from Taean, zucchini from Chungcheong, yakgwa (traditional honey cookies) from Kaesong, apple mango from Jeju, and yuzu from Goheung. The dinner drinks were six types of traditional liquors made from domestic agricultural products.
The themes of 'freedom, peace, and prosperity' emphasized in the inaugural address were also highlighted during the evening. In particular, President Yoon mentioned 'freedom' 35 times in his inaugural speech.
President Yoon said, "Distinguished guests from home and abroad, we live in an era of economic security where economy and security are united," adding, "We will take the lead in creating a freer and more open global economic security order." He promised, "We will fulfill our responsibility as a global leader nation that actively supports and protects universal international norms based on the values of freedom and human rights."
During the inauguration ceremony held in the morning, President Yoon also emphasized, "We will build a country where the people are the owners, based on liberal democracy and a market economy system."
The business community interprets the new government’s emphasis on freedom as a strong intention to minimize government roles and maximize private sector autonomy to revive the economy. They expect the government to quickly ease regulations to expand corporate capabilities.
The government’s commitment to supporting advanced industries such as semiconductors, artificial intelligence (AI), and batteries was also evident. At the dinner, President Yoon stated, "We will seek more practical cooperation on global issues such as restoring advanced technology supply chains," and added, "The visit of President Joe Biden scheduled for the end of this month is expected to be the first step toward a new global strategic alliance."
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