Yoon Holds Dinner with Economic Leaders at Sangchunjae... "Please Expand Investment and Employment"

President Yoon Thanks Business Leaders Joining 2030 Busan Expo Bid
Heads of 5 Major Economic Groups Express Concerns on Corporate Tax Rate and Yellow Envelope Act

President-elect Yoon Suk-yeol (center) is taking a commemorative photo with the heads of six economic organizations before a luncheon meeting at the Presidential Transition Committee office in Tongui-dong, Jongno-gu, Seoul, on the 21st. From left: Spokesperson Kim Eun-hye, Kim Ki-moon, President of the Korea Federation of Micro Enterprise, Huh Chang-soo, Chairman of the Federation of Korean Industries, Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, President-elect Yoon, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Choi Jin-sik, Chairman of the Korea Association of Small and Medium Business, Koo Ja-yeol, Chairman of the Korea International Trade Association, and Chief Secretary Jang Je-won. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol met with the heads of five major economic organizations on the 9th and requested companies to expand investment and employment due to the difficult economic situation.

According to political and business circles on the 12th, President Yoon held a private dinner on the 9th at the Blue House Sangchunjae with Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, Koo Ja-yeol, Chairman of the Korea International Trade Association, and Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises.

It was reported that Huh Chang-soo, Chairman of the Federation of Korean Industries, was not invited to this dinner. From the presidential office, Chief Secretary Kim Dae-gi and Senior Secretary for National Planning Lee Gwan-seop were known to have attended.

This was the first time in nine months that President Yoon dined with the heads of economic organizations since a lunchbox luncheon held at the transition office during his presidential-elect period in March. An official from an economic organization explained, "It was arranged not so much to discuss any special issues but rather with the intention of sharing a meal together."

The heads of economic organizations mentioned the government's work commencement order and the Cargo Solidarity's collective transport refusal withdrawal, saying, "The government resolved it well by adhering to law and principles, and we are grateful." President Yoon said, "From now on, everything will be done according to law and principles, so companies should not worry and please support well in terms of investment and employment."

President Yoon also expressed gratitude to businesspeople actively engaged in the bid for the 2030 Busan World Expo. Chairman Choi is serving as the chairman of the private sector bid committee for the 2030 Busan Expo, and major domestic companies such as Samsung and Hyundai Motor are also participating in the behind-the-scenes bidding overseas.

The heads of economic organizations emphasized the necessity of passing the corporate tax rate reduction bill in the National Assembly and conveyed companies' concerns about the amendment to the Labor Union Act, known as the 'Yellow Envelope Act.'

The six major economic organizations issued a joint statement the day before, saying, "It is undesirable to ask companies to compete on the global stage without improving the current corporate tax law, which is disadvantageous compared to competing countries," and "We earnestly hope that the corporate tax law amendment bill will be promptly passed at the National Assembly's extraordinary session starting on the 10th so that companies facing economic crisis and major transformation can overcome the crisis and secure investment capacity."