Six Major Economic Organizations and Top Conglomerate Leaders, Including Lee Jae Yong and Chung Eui Sun,
Presidential Office Plans Meeting on June 12-13
Positive Signs of Economic Focus and Communication
Potential Discussions on Issues Such as Electricity Rate Hikes
As President Lee Jae Myung plans to hold a meeting this week with the heads of the six major economic organizations and the leaders of the top five conglomerates, there is growing interest in the topics that will be discussed in his first dialogue with the business community since the launch of the new administration. The Office of the President has stated that it intends to listen directly to voices from the industrial sector at the meeting and reflect them in future policies. The meeting is also aimed at ensuring consistency in economic messaging both domestically and internationally by coordinating with the private sector ahead of the upcoming G7 summit.
According to the business community on June 10, the Office of the President is reportedly considering holding a meeting with major conglomerate leaders and heads of economic organizations as early as June 12 or 13.
The expected attendees include Chey Tae Won, Chairman of the Korea Chamber of Commerce and Industry; Ryu Jin, Chairman of the Federation of Korean Industries; Sohn Kyung Shik, Chairman of the Korea Employers Federation; Yoon Jin Sik, Chairman of the Korea International Trade Association; Kim Ki Moon, Chairman of the Korea Federation of SMEs; Choi Jin Sik, Chairman of the Korea Federation of Middle Market Enterprises; as well as Lee Jae Yong, Chairman of Samsung Electronics; Chung Eui Sun, Chairman of Hyundai Motor Group; Koo Kwang Mo, Chairman of LG; Shin Dong Bin, Chairman of Lotte; and Chey Tae Won, Chairman of SK.
In particular, this meeting is being held less than ten days after President Lee took office, which the business community interprets as a sign that the government intends to make the economy the starting point of its state affairs.
Lee Jae Myung (left), leader of the Democratic Party, and Lee Jae Yong, chairman of Samsung Electronics, are applauding at an on-site meeting to support youth employment held on the morning of the 20th at the Multicampus Yeoksam SSAFY Seoul Campus in Gangnam-gu, Seoul. 2025.3.20 Photo by Kim Hyun Min
This meeting is intended to go beyond a mere formal introduction and, ahead of the G7 summit, to hear the private sector's assessments and response strategies on key issues such as global supply chains, semiconductor competition, and trade regulations. In particular, it is expected that there will be in-depth exchanges of views regarding the challenges faced by the business community in relation to issues such as the strengthening of semiconductor and secondary battery supply chain regulations by advanced countries like the United States and Europe, digital trade norms, and the Carbon Border Adjustment Mechanism, as well as the government's response direction to these challenges.
A representative of an economic organization said, "This administration has started its engagement with the business community earlier than any previous administration," adding, "It appears to be an expression of the government's commitment to prioritizing the economy." The representative continued, "There will be discussions on how to break out of the low-growth trend and achieve new growth," and explained, "We will also need to watch the discussions on burdens faced by companies and on support for advanced industries such as semiconductors and artificial intelligence (AI), which require government assistance."
Another business community official also commented, "We view communication with the business sector itself positively," and noted, "Given the considerable domestic and international uncertainties and the poor state of the economy, it is important for the private sector and the government to work together." The official added, "With the G7 summit approaching, there is a possibility that the meeting will focus on trade issues or broadly review domestic and international economic challenges."
In addition, the meeting is expected to address domestic policy issues that are of concern to the industrial sector. The business community may raise issues that have been identified as management risks, such as electricity rate hikes, mandatory renewable energy adoption, extension of the retirement age, introduction of a 4.5-day workweek, amendments to the Commercial Act, and amendments to the Trade Union Act (the so-called Yellow Envelope Law). Economic organizations are speeding up the process of organizing the agenda for the meeting in preparation. While an official proposal in the form of "Expectations for the New Administration" has not yet been finalized, it is known that the Federation of Korean Industries is preparing related materials.
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