KCCI's 'International Trade Committee' Meeting "Need for Legislation to Strengthen Industrial Competitiveness"

Chairman Lee Cheol-gyu of the National Assembly Industry Committee Invited
"Responding to Changes in the Global Trade Environment"

The Korea Chamber of Commerce and Industry (KCCI) announced on the morning of the 22nd that it held the 'International Trade Committee' at the KCCI headquarters in Jung-gu, Seoul, inviting Lee Cheol-gyu, Chairman of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee.

Lee Cheol-gyu, Chairman of the National Assembly Industry, Trade, Energy, Small and Medium Venture Business Committee [Photo by Yonhap News]

The International Trade Committee is a consultative body that discusses global trade issues. This year, anticipating significant changes in the global trade environment, the committee was convened to gather corporate response strategies and promote swift legislative action.

The event was attended by Lee Gye-in, CEO of POSCO International and Chair of the International Trade Committee; Park Il-jun, Executive Vice Chairman of KCCI; Lee Hyung-hee, Chair of SK Supex Council Communication Committee; Kim Dong-wook, Vice President of Samsung Electronics; Kim Dong-wook, Vice President of Hyundai Motor Company; Park Joon-sung, Vice President of LG; Lee Gap, Vice President of Lotte Holdings; Shin Hyun-woo, President of Hanwha; Moon Hong-sung, President of Doosan; and Geum Seok-ho, Vice President of HD Hyundai, among others.

The attendees agreed on the necessity of legislation to enhance the industrial competitiveness of domestic companies. Chairman Lee Cheol-gyu stated, "To respond to changes in the global trade environment, legislation to strengthen industrial competitiveness must be passed swiftly."

Following this, Lee Gye-in, Chair of the International Trade Committee, emphasized, "Concerns such as supply chain restructuring, geopolitical risks, and changes in global leadership are compounding difficulties for our companies. Export and advanced industry-related legislation must be promptly revised to respond to the global trade environment."

Additionally, Park Hyung-gon, Partner at Deloitte Consulting, said, "The complexity of global supply chains is increasing, and strategic industries among countries are overlapping. It is necessary to establish our global network and control tower for risk management, as well as to prepare industrial policy legislation and action plans that can respond accordingly."

The meeting also discussed the difficulties faced by export companies and legislative tasks. Companies proposed expanding stable supply chain support systems for overseas mineral resources, strengthening industrial technology protection measures, and enhancing incentives for fostering advanced industries to support trade and advanced industry sectors.

Park Il-jun, Executive Vice Chairman of KCCI, said, "We will strengthen exchanges with the National Assembly and government to resolve the practical difficulties of our companies. We hope that newly drafted policies will not only overcome crisis situations but also create new growth opportunities, serving as a foundation to fundamentally strengthen competitiveness."