Meeting Hosted by the Democratic Party’s Future Economic Growth Strategy Committee
Six Major Companies Including LG Chem and Lotte Chemical Gather Together
Eonju Lee: "Petrochemicals Are the Core of Traditional Manufacturing"
Major domestic petrochemical companies gathered together to request practical support from the opposition party, including relief from industrial electricity rates and tax incentives.
On May 8, the Democratic Party's Committee for Future Economic Growth Strategy held a meeting with the petrochemical industry at the LG Chem Yeosu plant. The meeting was attended by Eonju Lee, Supreme Council Member of the Democratic Party and chair of the committee, as well as plant managers and executives from major petrochemical companies in the Yeosu area, including LG Chem, Lotte Chemical, GS Caltex, DL Chemical, Yeochun NCC, and Kumho Petrochemical.
Eonju Lee, Supreme Council Member of the Democratic Party of Korea (sixth from the left in the front row), visited the LG Chem Yeosu plant in Yeosu, Jeonnam on the 8th. On that day, Supreme Council Member Lee held a meeting with major domestic petrochemical companies such as LG Chem, Lotte Chemical, and GS Caltex. Office of Eonju Lee
The companies participating in the meeting emphasized the need for policy-based relief measures amid the current structural crisis in the industry. The main requests included: a reduction in industrial electricity rates, tax incentives for business restructuring, and swift execution of policy finance. Earlier that morning, the Federation of Korean Industries also delivered similar policy suggestions during a meeting with Jae-myung Lee, the Democratic Party's presidential candidate.
The industry maintains that government support to secure time is necessary, as it is difficult to achieve a shift to high value-added products and restructuring of excess facilities in a short period. An industry representative stated, "A recession arrived faster than expected, leaving us unprepared," and added, "Government support serves as a means to buy time for structural transformation." The representative further explained, "It is necessary to gradually change the industry's structure, which is currently centered on general-purpose products, through measures such as tax incentives."
Eonju Lee, chair of the committee, stated, "Petrochemicals and steel are the core foundations of traditional manufacturing," and added, "We will strengthen legislative and institutional support to enable a transition to high value-added industries." Recently, she also proposed the "Special Act on Supporting the High Value-Added Transition and Competitiveness Enhancement of Key Industries (Key Industries Deindustrialization Prevention Act)" as the lead sponsor.
The day's schedule began with a visit to the Yeosu Petrochemical Complex, followed by an on-site meeting at the Yeosu Innovation Support Center. Afterwards, the delegation moved to the Gwangyang Steelworks to meet with steel industry officials and assess the situation on the ground. This meeting was part of the Democratic Party committee's ongoing tour of industrial sites since February, which has included visits to major industry hubs such as Geoje, Daedeok, Gumi, and Pohang, home to the shipbuilding, defense, semiconductor, and automotive sectors.
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