Choi Tae-won Emphasizes "Public-Private Joint Effort" to Industry Minister... Minister Also Says "Listening to Companies to Expand Investment" (Comprehensive)

Meeting between Chey Tae-won and Lee Chang-yang at Sang-ui Hall on the 18th

Unified voice on solving the economy through 'public-private cooperation'

Chairman Choi: "We must achieve both growth and stability"
"No separate industrial policies, solve simultaneously"

Minister Lee: "Visited the top organization Sang-ui"
"Will instruct staff to 'listen to businesses'"

Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry (right) and Lee Chang-yang, the newly appointed Minister of Trade, Industry and Energy (left), are seen conversing on the 18th at the Chamber of Commerce building in Jung-gu, Seoul. Minister Lee visited the Korea Chamber of Commerce as his first official act after taking office. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok]

"I believe that the Ministry of Trade, Industry and Energy faces new challenges in all sectors: trade, industry, and energy. We must solve these challenges by pooling wisdom through public-private cooperation." (Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry)

"This government is implementing policies that support businesses. The most important thing is the voices of companies and the industrial sector. We will remove obstacles and strengthen support to expand investment." (Lee Chang-yang, Minister of Trade, Industry and Energy)

Chairman Choi and Minister Lee held a meeting on the 18th at the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul, and spoke in unison that the 'three highs' of exchange rates, interest rates, and prices must be resolved through 'public-private cooperation.'

Chairman Choi assessed, "We cannot neglect any of trade, industry, or energy, and we are in a situation where we must ensure both growth and stability of the Korean economy." He believed that frequent dialogue between the public and private sectors during policy implementation would strengthen policy momentum and reduce costs. Chairman Choi said, "Each policy is important, but due to constraints such as resources and time, I think we need ideas that can solve many problems 'simultaneously.' We must cooperate long-term in the public and private sectors to have 'one' solution to issues such as future strategy, regional development, and economic security."

Minister Lee also agreed with Chairman Choi's message. He said that the government's role is to help business growth and plans to emphasize to field officials the importance of listening to the voices of companies. He particularly noted that starting with 'investment attraction' will not only promote economic growth but also strengthen the ability to respond to risks such as soaring prices, drawing attention. Minister Lee explained, "The part I am most concerned about is investment. Without increased investment, it will be difficult to improve jobs and productivity, and we will inevitably be exposed to price risks."

Minister Lee stated, "We must remove obstacles and strengthen support as requested by companies to achieve productivity improvement," and added, "I believe the government should pursue bold policies regarding facility investment and so forth."

After sharing his remarks with reporters during the meeting with Chairman Choi, Minister Lee held a private conversation with him for about 40 minutes. They discussed industrial policy for about 10 minutes longer than scheduled.

After the meeting with Chairman Choi, Minister Lee told reporters, "We talked a lot about how to enhance industrial competitiveness with Chairman Choi. We also discussed how to nurture talent and had many other conversations," before leaving the site by car.