Petrochemical New Year's Meeting "Industry Conditions Are Challenging... Must Prepare for a Sustainable Future"

Shin Hak-cheol, Chairman of the Korea Petrochemical Industry Association, and Jang Young-jin, Vice Minister of the Ministry of Trade, Industry and Energy, are taking a commemorative photo at the petrochemical industry's New Year's meeting. Photo by Korea Petrochemical Industry Association

[Asia Economy Reporter Jeong Dong-hoon] The Korea Petrochemical Industry Association and the Ministry of Trade, Industry and Energy held a New Year's greeting meeting for the petrochemical industry on the 12th at the Plaza Hotel in Jung-gu, Seoul.

Shin Hak-cheol, Chairman of the Korea Petrochemical Industry Association (Vice Chairman of LG Chem), reflected in his New Year's address, "Last year was more challenging than ever due to the 'three highs' of high interest rates, high exchange rates, and high inflation, combined with unprecedented high oil prices, oversupply, and a global demand slowdown."

He continued, "This year, industrial conditions are also expected to be tough," and urged, "To wisely overcome the various difficulties facing the industry, we must return to basics, strengthen our foundational capabilities, and prepare for a sustainable future."

Chairman Shin also stated, "We will spare no effort to serve as a bridge connecting the authorities and the global industry so that member companies can focus on their business activities."

Jang Young-jin, First Vice Minister of the Ministry of Trade, Industry and Energy, said in his congratulatory speech, "Despite the difficult global economic environment, the petrochemical industry achieved exports worth $54.3 billion (approximately 67.7664 trillion KRW)," and added, "This year, the government will launch a chemical industry forum in the first half to support export and investment expansion and prepare a mid- to long-term growth roadmap."

He also emphasized, "To effectively respond to rapidly changing international circumstances, it is necessary for the industry and government to work as one team and wisely overcome the challenges we face."

The New Year's greeting meeting for the petrochemical industry, held for the first time in three years due to the impact of COVID-19, was attended by over 120 industry officials.