At the National Economic Advisory Council Discussion, Chairman Chey Tae-won Requests
Regarding Support for Talent in Advanced Industries, "Must Show Hope That 'This Job Is the Path I Will Choose for Life'"
Yoon Emphasizes Government Role, Saying "Markets Can Also Be Created Through Policy"
[Asia Economy Reporter Ki-min Lee] Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, requested the government to activate funding for strategic industries, specialize investment incentives by sector, and provide long-term support for talents in advanced industries. This was to emphasize the need for the government's role in resolving the economic crisis and investment cliff caused by the 3 highs (3Gao: high inflation, high interest rates, and high exchange rates). President Yoon Suk-yeol responded by saying, "It is important for the government to enhance market efficiency and make it fair and competitive."
At the 12th Emergency Economic and Livelihood Meeting and the 1st National Economic Advisory Meeting held at the Blue House State Guest House on the 21st, Chairman Chey, who attended, said during the discussion, "It's not that companies are not investing, but companies do not have money to invest."
The meeting was attended by President Yoon Suk-yeol, Prime Minister Han Duck-soo, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, and other relevant ministers. Chairman Chey attended as the head of an economic organization and sat to the right of Prime Minister Han. The discussion, originally held privately after President Yoon's opening remarks, was made public as KTV National Broadcasting (Korea Policy Broadcasting Service) aired the entire meeting video.
Regarding the recent investment cliff situation in companies, Chairman Chey diagnosed, "Money is hidden. The market is currently quite blocked," and added, "Future-oriented investment industries are not developing because the market is not visible, and as a result, investment is not coming in." He judged that activating funding is necessary to resolve the investment cliff. Chairman Chey urged, "The government should rather create investment funds, and establish purpose-driven funds that investment experts can boldly invest in to foster strategic industries."
He also requested the government to prepare support measures related to nurturing specialized talents in advanced industries. Chairman Chey emphasized, "There should be hope for young people that 'this job is the path I will choose for life' by encompassing education and training at once," and added, "There must be a story of job security together so that a ladder to rise to the middle class can be firmly established."
He further stressed the importance of creating specialized markets by mentioning environmental markets and carbon neutrality. Chairman Chey said, "Regarding environmental issues like carbon neutrality, a solution is needed to marketize rather than further bureaucratize it," and added, "Creating a position where one must come to Korea to engage in carbon neutrality-related technologies is important for future food sources." He advised, "If we think of the population crisis, climate crisis, economic security, and regional balanced development as opportunities and consider how to marketize them, investment activation will be well achieved."
In his closing remarks, President Yoon explained regarding Chairman Chey's advice, "The original meaning of government regulation is 'government engagement,'" and said, "The government's direction is to create a fair competition system so that the market becomes very efficient."
He also said, "Markets can be naturally created, but they can also be created by new technologies or government policies," and added, "Let’s have the government create markets so that companies enter those markets and generate income, enabling us to achieve certain public policy goals." President Yoon emphasized, "When creating markets, there are public policy goals the government must uphold, but fundamentally, it is important for the government to enhance efficiency and make the market fair and competitive."
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