[Interview] Gong Yeongun "Reviving Young Talent is Key to Restoring 'National Growth Power'"

Former Hyundai Motor President Joins Democratic Party Ahead of General Election
"I Will Create an Innovative Platform for Young Generations to Challenge"
"We Must Stop Political Strife and Gather Capabilities for New Growth Momentum"

The first to raise questions was Gong Young-woon, former president of Hyundai Motor Company (59). Even before taking his seat, he poured out questions such as 'the perception of politics among the younger generation,' 'the reasons why the 2030 generation is disappointed with politics,' and 'the issues young people struggle with the most.' He emphasized that "to enhance national competitiveness, we must nurture young talent," adding, "The role of politics is to open opportunities for youth and create a platform where they can challenge themselves."

On the 31st of last month, Gong met with Asia Economy at Conference House Dalgaebi in Jung-gu, Seoul, and presented two figures as the impetus for his 'entry into politics.' He said, "If I were to answer why I joined the Democratic Party of Korea in numbers, it would be the alternative of 3% to the problem of 1.4%," adding, "I believe I can play a role in leading the economic growth rate, which fell to 1.4%, to a qualitative growth level of around 3%."

Former Hyundai Motor Company President Gong Young-woon, the 9th talent recruit of the Democratic Party of Korea, is being interviewed on the 31st at Dalgaebi in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

1.4% is last year's economic growth rate. Excluding periods affected by external factors such as the COVID-19 pandemic, it is considered the lowest level since the Korean War. Gong said, "Wallets are getting thinner while prices rise, and young people are troubled by the lack of quality jobs," adding, "Self-employed individuals need to interact with many people and expand their domains, but the economy is so difficult that they cannot even dare to try." In this situation, repeated disputes between ruling and opposition parties and controversies such as First Lady Kim Geon-hee's luxury bag scandal have caused public dissatisfaction and disappointment with the political sphere to explode, Gong diagnosed.

He criticized, "More shocking than the dismal economic report card is the attitude of those responsible," and said, "The truly important (livelihood) issues that make ordinary people suffer were neglected as both ruling and opposition parties focused on political strife." Regarding the Yoon Seok-yeol administration's failures, including economic deterioration, he pointed out the "lack of leadership to focus energy on national agendas and unify public opinion." He also expressed regret toward the Democratic Party, saying, "It is unfortunate that they failed to check the government and propose alternatives," and emphasized, "Showing only the image of being mired in political strife with the ruling party is something to reflect on and reconsider."

Former Hyundai Motor 'Strategic Planning Expert'... "We Must Achieve an Economic Paradigm Shift"

Lee Jae-myung, leader of the Democratic Party of Korea, is shaking hands with Gong Young-woon, former president of Hyundai Motor Company, at the 9th Talent Recruitment Ceremony held at the National Assembly on the 22nd.
[Photo by Yonhap News]

Gong was born in 1964 in Sancheong, Gyeongnam. He graduated from Jinju Dongmyeong High School and Seoul National University with a degree in Business Administration, and started his career as part of the first recruitment batch at Munhwa Ilbo. In 2005, he moved to Hyundai Motor's Strategic Development Team as an assistant director and established himself as a 'strategic planning expert' by receiving two promotions in quick succession. He proposed 'innovative growth' based on securing new technologies such as future vehicles as a solution to escape low growth.

One of his notable achievements was planning the establishment of the 'Overseas Policy Team' as a project to build a global network. He focused on the fact that failure to respond promptly to changes in policies and regulations by country could result in huge losses. At that time, Hyundai created teams in the capitals of nine countries where it had entered, coordinating networks among local lawyers, experts, and automobile companies, laying the foundation for Hyundai to rise on the global stage.

Gong said, "A system that can capture information as intricately as a neural network is important," adding, "This kind of swift response is necessary not only for companies but also at the national level." He explained, "For example, regarding US-China conflicts and supply chain restructuring, the government and the National Assembly should strategize on how our country will respond in the long term," and said, "I intend to play such a role."

He shared his experience of visiting 55 countries during his tenure at Hyundai, saying, "If there is one thing I realized deeply through interactions with counterparts in various advanced countries, it is that our talents are by no means inferior on the global stage," emphasizing, "At this moment when an economic structural paradigm shift is needed, we must create a breakthrough. We need to generate the driving force for development so that youth and future generations can rise."

"R&D Budget Should Rather Be Increased... New Technologies Are the Breakthrough"

Former Hyundai Motor Company President Gong Young-woon, the 9th talent recruit of the Democratic Party of Korea, is being interviewed on the 31st at Dalgaebi in Jung-gu, Seoul. Photo by Jin-Hyung Kang aymsdream@

Gong strongly criticized the government's reduction of the research and development (R&D) budget. He pointed out, "Our country's R&D system often combines private sector budgets with government-funded projects, so if the national budget is cut, the private sector's budget is reduced by two to three times as much." He continued, "Of course, efforts to reduce waste while increasing efficiency and focus must continue," but emphasized, "We must drastically increase investment to secure 'game-changing' technologies that will change the industrial landscape. The country that finds the breakthrough first will survive."

He urged the Democratic Party to 'shift the agenda.' Gong said, "It is a time when the economic system needs a paradigm shift," adding, "We must persistently delve into agendas for future generations." He argued that the party should demonstrate its capabilities to secure 'new growth momentum,' moving beyond the existing framework of fair distribution and welfare. He said, "When politics talks about policy and economy, it doesn't get attention; it seems that only issues that can become hot topics get noticed," and added, "If the Democratic Party does not get swayed by such realities and focuses its capabilities on youth, it can succeed."

Following is a Q&A with Gong Young-woon, former president of Hyundai Motor Company

Former Hyundai Motor Company President Gong Young-woon, the 9th talent recruit of the Democratic Party of Korea, is being interviewed on the 31st at Dalgaebi in Jung-gu, Seoul. Photo by Jin-Hyung Kang aymsdream@

- Was there a decisive moment that led you to enter politics?

▲ Four months ago, I was contacted by the Democratic Party and declined several times. I was most concerned about whether I could play a suitable role. The party persistently persuaded me, and I was moved by the logic that 'someone with experience in the economic field should come in to broaden the scope rather than politics.' Especially after setting the goal of raising the worst economic growth rate of 1.4% to 3%, I saw Representative Lee Jae-myung's press conference where he also declared the same 3% growth target. If the party has such a consensus, I thought I could play a role.

- You criticized the government's blanket cut of the research and development (R&D) budget.

▲ The era of pushing for quantitative growth is over. We need to change the very constitution; innovative technology is the starting point for new growth. New technologies connect to new industries, change jobs, and even alter our lifestyles and communication methods. This is where the gap occurs. Looking at how much American big tech companies have surpassed Europe, which has tradition and strength, in just over a decade, we must find breakthroughs in core technologies. It is time to create a platform where people working in innovative technologies can boldly challenge themselves.

- Hong Sung-guk, who entered Yeouido as an 'economic expert,' expressed disillusionment with political strife and announced he would not run again. Do you share such concerns?

▲ It seems he felt frustrated by the lack of response from the political sphere despite emphasizing policies to transform the economic system. When I read his non-candidacy statement carefully, the phrase 'There are five years left in the golden time for our country to make a paradigm shift' stood out. Golden time means that after that period, no matter how hard you try, it is useless. Someone must continue efforts to break through for future generations before the golden time ends. Whether it succeeds or fails, I think it is worth trying.

Lee Jae-myung, leader of the Democratic Party of Korea, is shaking hands with Gong Young-woon, former president of Hyundai Motor Company, at the 9th Talent Recruitment Ceremony held at the National Assembly on the 22nd.
[Image source=Yonhap News]

- You were imprisoned for two years during your university days for participating in the democratization movement. Did that experience influence your decision to engage in politics?

▲ I am from the class of '83. I was arrested in 1986 during my senior year of university. Democratization was achieved the following year. Among university students at that time, there was hardly anyone who did not participate in the so-called 'democratization.' The degree varied, but all citizens were passionate about democratization. So, my imprisonment experience is not special. A few years ago, watching the 'Myanmar situation,' I felt very fortunate. If our people had not achieved democratization then, wouldn't our children and youth leading the future now be dragged away miserably while protesting on the streets?

- Your recruitment announcement came on the same day as that of Ko Dong-jin, former president of Samsung Electronics, who joined the People Power Party, creating a comparison or rivalry.

▲ The rivalry narrative is not accurate. Ko Dong-jin also achieved great results in his field. I think there are many areas where we can relate. When the chairmen of Samsung and Hyundai changed to younger people, the presidents once suggested the idea of 'cross visits by each chairman.' They visited each other's R&D sites and discussed future industries. This was reported in the media, and during my 18 years at the company, it was the first time public reaction was so enthusiastic. Samsung and Hyundai are in an era of cooperation for competitiveness on the global stage. We should do the same.

- You said you hope to run for a metropolitan constituency rather than as a proportional representative.

▲ At first, the party considered proportional representation. But I thought it was necessary to hear people's voices and local stories on the ground. Based on that, policies should be devised and agendas proposed. Every region reflects all aspects like a small country, from ordinary daily life to economy, living, education, and culture. I want to be in daily contact with the people there, listen to their voices, and take root in the community. Having lived in the metropolitan area for about 40 years, I asked the party to consider that. I left the rest, such as the constituency, to the party.