Presidential Office: "Reports of Investment Coordination by Samsung and Other Large Corporations Are Clear Fiction"

Presidential Office: "Yoon Administration Pursues Private and Market-Led Growth Emphasizing Corporate Autonomy"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 22nd, the Presidential Office refuted a media report claiming that the Presidential Office intervened in investments by large corporations such as Samsung, calling it a "clear fabrication."

A Presidential Office official stated at a briefing held at the Yongsan Presidential Office that morning, "The very idea that the government intervened in investments that companies independently decide on is outdated."

The official emphasized, "The Yoon Seok-yeol administration aims to achieve private and market-led growth that prioritizes corporate autonomy above all else. In such a context, there is no way that there was prior coordination with companies regarding investments."

He added, "We understand that many companies announced their largest-ever investment plans in response to their trust in the Yoon Seok-yeol administration's commitment to private autonomy and regulatory reform. The Yoon Seok-yeol administration will continue to eliminate various shadow regulations that hinder corporate activities so that corporate investments can be made swiftly."

The Hankyoreh newspaper reported that regarding the background of large corporations such as Samsung and SK announcing investment plans worth hundreds of trillions of won last month, it was confirmed that there was coordination with the Yoon Seok-yeol administration before U.S. President Joe Biden's visit to Korea and the June 1 local elections.