Yoon: "We Cannot Make Companies Run in Old Shoes" (Update)

Hosting Inspection Meeting Ten Days After Tour "Brother Nations Trust... Responding with Innovation Projects"

[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol stated on the 31st, "We cannot make our companies run the race wearing worn-out old shoes at the forefront of innovation." Expressing his determination to fully support companies to achieve immediate results from the $30 billion investment by the United Arab Emirates (UAE) sovereign wealth fund, he also emphasized, "The government must act as both the sales and planning staff for companies so that they can run."

On the morning of the same day, at the follow-up meeting on UAE investment attraction held at the Korea International Trade Association in Samseong-dong, Seoul, President Yoon said, "The government will firmly prepare for the transition of our system to global standards to ensure immediate follow-up measures on the outcomes of the state visit and to enable companies to compete vigorously in the economic war," urging this approach.

President Yoon Suk-yeol is attending and speaking at the follow-up measures inspection meeting for attracting investment from the United Arab Emirates (UAE) held at the Korea International Trade Association in Gangnam-gu, Seoul on the 31st.
[Photo by Yonhap News]

President Yoon evaluated the $30 billion investment from the UAE sovereign wealth fund as "a decision made because our brotherly nation, the UAE, trusts us," and stressed, "We must respond by discovering innovative investment partnership projects that benefit both countries." He added, "To this end, we will launch a UAE Investment Cooperation Committee centered on government ministries, along with an investment cooperation network involving public, private, investment institutions, and companies. We will promptly consult with the UAE side through the Korea-UAE Investment Cooperation Platform regarding our stance on investment target sectors and methods," and stated, "We will also provide integrated policy and diplomatic support for each project through a one-stop export order support team to ensure that 48 private and public-based MOUs quickly lead to concrete results."

Furthermore, he reiterated the market-driven, private-led economic policy. President Yoon said, "I have always emphasized that we must overcome economic crises and challenges through exports. Especially during the ministry work reports, I stressed that all ministries should adopt the attitude of the Ministry of Trade, Industry and Energy," and added, "As I have always said, our government maintains a private-led, market-centered economic policy, but in the block-structured economic war where economic security and advanced technology operate as a package, companies and the government must unite as one team and combine their strengths."