Discussion on Economic Issues with Son Kyung-sik, Chairman of the Korea Employers Federation, and Others
"Youth Employment Is Important... Korea Must Become More Business-Friendly"
On the 'Anti-Lee Jae-myung Big Tent': "First, I Must Do Well in the Primary"
Kim Moon-soo, former Minister of Employment and Labor and a candidate in the People Power Party's presidential primary, visited the Korea Employers Federation on the 15th and said, "If candidate Lee Jae-myung is elected, companies will face great difficulties, and not only the Korean economy but the nation as a whole will encounter a crisis," adding, "I believe we must definitely stop this, and I will work hard."
On the afternoon of the same day, Kim visited the Korea Employers Federation in Mapo-gu, Seoul, and after having a private meeting with Son Kyung-sik, chairman of the Federation, he spoke to reporters. Present at the meeting were Yoon Dong-hwan, chairman of Korea Kolmar; Lee Jang-han, chairman of Chong Kun Dang; Park Seung-hee, president of Samsung Electronics; and Lee Dong-geun, full-time vice chairman of the Federation.
Former Minister of Employment and Labor Kim Moon-soo (fourth from the left), who is running in the 21st presidential election, is taking a commemorative photo on the 15th at the Korea Employers Federation in Mapo-gu, Seoul, before a meeting with Chairman Sohn Kyung-shik (third from the left) and other chairpersons. Photo by Yonhap News
Kim said, "I think the biggest problem recently is youth employment," and added, "Due to the tariff tsunami under Trump in the U.S., many factories of Hyundai Motor, Samsung, SK, etc., have moved overseas, but for youth employment, I urged the Federation to invest more domestically rather than overseas."
He continued, "Korea should become a country where it is good to do business, but there are many difficulties," pointing out, "Representative examples are the Serious Accident Punishment Act, the Yellow Envelope Act, and overly rigid (labor) time regulations."
He then explained, "I shared the view and agreed that uniformly regulating all industries and companies with policies like the 4.5-day workweek or 4-day workweek does not fit reality."
Referring to the Serious Accident Punishment Act, Kim said, "Looking at foreign large corporations, even if they want to move their Asian headquarters from Singapore or Hong Kong to Korea, they are afraid of being prosecuted," adding, "Starting with Lee Jae-yong (Samsung Electronics), many have been imprisoned once, and with the Serious Accident Punishment Act, they are scared and ask to reduce judicial risks."
Kim criticized, "The Democratic Party keeps pushing the Yellow Envelope Act, and if this continues, unions will become very strong, but companies will be reluctant to invest," adding, "These things need to be changed starting from the National Assembly that legislates."
He added, "It would be good to create various conditions that make Korea a good place to do business," and said, "Only then will large companies increase investment and jobs, allowing young people to get employed, marry, and build families."
Regarding the People Power Party's recent proposal to introduce a 4.5-day workweek as their first presidential pledge, he said, "(During the 4 weekdays) working hours are extended by one hour each day, and working hours on the 5th day are reduced, so the total working hours remain the same," but added, "If applied uniformly by law to all companies, some companies might find it inconvenient."
Former Minister of Employment and Labor Kim Moon-soo, who is running in the 21st presidential election, is having a meeting with Chairman Sohn Kyung-shik of the Korea Employers Federation at the Korea Employers Federation in Mapo-gu, Seoul on the 15th. Photo by Yonhap News
Kim said, "If it is not a good country to do business, jobs will go overseas," and added, "Stop the Exodus Korea, and I believe creating a Korea where many companies invest and foreign companies come is the first step to overcoming the economic crisis."
Regarding his scheduled breakfast meeting on the morning of the 16th with Seoul Mayor Oh Se-hoon, who declared he would not run in the presidential election, Kim said, "I usually have close talks with Mayor Oh, but this time I said I wanted to meet first and have a conversation," adding, "There are many things to cooperate on and empathize with, so I will make it a good meeting."
When asked if he is considering an alliance with former Prime Minister Lee Nak-yeon, a standing advisor of the New Future Democratic Party, related to the 'Anti-Lee Jae-myung Big Tent,' Kim said, "For now, I need to do well in the party primary," and "After the primary, I will see who comes out."
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