President Attends Business Leaders' New Year Meeting After 7 Years... Yoon Says "Government and Companies Are One Body"

President Yoon Attends 2023 Economic Community New Year's Meeting
Emphasizes 'Government and Companies as One' in Response to Economic Bloc Formation
Calls for Win-Win Cooperation Between Large, Mid-Sized, and Small Businesses

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol met with key figures in the business community on the 2nd and announced that the government will place the economy at the center of its diplomacy going forward, firmly pushing for regulatory improvements and labor reforms.

President Yoon made these remarks during an encouragement speech at the '2023 New Year Meeting of the Business Community' held at COEX in Samseong-dong, Gangnam-gu, Seoul, in the afternoon.

President Yoon first said, "Last year, our economy faced many difficulties amid a complex crisis. However, thanks to your tireless efforts, meaningful achievements were made," expressing gratitude to businesspeople by adding, "We achieved record-high exports and foreign investment attraction, as well as the largest venture investment ever. Employment also increased to the highest level since 2000."

He continued, "This year, as the global economic slowdown intensifies, our economic situation will become difficult. However, if the government and companies join forces, we can turn this crisis into an opportunity for growth," he emphasized.

[Image source=Yonhap News]

He also stressed the need for unity between the government and companies to respond to the global economic recession. President Yoon said, "The weakening of the World Trade Organization (WTO) system is deepening economic bloc formation in the international community, and security, trade, and technology cooperation are now being operated as a package," adding, "Therefore, the government and companies must now become one body."

He added, "While maintaining a market-centered, private-led policy, the government will meticulously ensure seamless support in diplomacy, trade, and science and technology sectors," and stressed, "I will personally check and oversee exports and overseas expansion by placing the economy at the center of all diplomacy."

President Yoon also explained, "We will break down outdated systems and regulations and further strengthen investment support through tax and financial measures," and "Starting with establishing the rule of law in labor relations, we will firmly push forward labor reforms."

He urged businesspeople, "Through win-win cooperation between large corporations and mid-sized and small businesses, we must create a competitive industrial ecosystem and generate opportunities for our economy's leap forward."

In a pre-meeting conversation, President Yoon promised, "The domestic and international conditions are difficult in the new year, but I trust only you," and "The government will do its best to enable you to work freely," according to a written briefing by Lee Jae-myung, deputy spokesperson of the presidential office.

He added, "After paying respects at the National Seoul Memorial Cemetery yesterday, I had a rice cake soup breakfast with cabinet members and said, 'We have the world's best companies, so we just need to set the right direction,'" emphasizing, "We will actively support you to boldly compete worldwide."

He further said, "This time, large corporations and small and medium-sized enterprises jointly prepared the New Year meeting. Aren't large corporations and SMEs originally one body?" and urged, "Just as an aircraft carrier moves with destroyers, submarines, and escort ships forming a 'task force,' large corporations and SMEs should roam the world as the 'Republic of Korea task force.'"

Regarding regulatory reform, he added, "There are many legal constraints in helping companies," and "This year, we will strive more boldly to rationalize regulations."

Meanwhile, this is the first time in seven years since January 6, 2016, when President Park Geun-hye attended, that a president has participated in the New Year meeting of the business community hosted by the Korea Chamber of Commerce and Industry.

The New Year meeting has been held almost every year since 1962 as a New Year's event for business and political figures, and this year it was held jointly with the Korea Federation of SMEs for the first time.