"Business Leaders to Take the Lead"... Corporate Heads Stress Need for Measures at Meeting with President Lee

First Meeting Between President and Business Leaders
"Business Community Has High Expectations for the New Administration"
Difficult Domestic and Global Conditions Emphasized
Proposals for Revitalizing Domestic Demand Also Presented

The first official meeting between President Lee Jae Myung and the business community took place in a warm and friendly atmosphere. Business leaders expressed their expectations for the new administration, while also emphasizing the difficulties posed by the ongoing economic crisis and global risks. They stressed the need for joint public-private measures to address these pressing issues.

The meeting between President Lee and the heads of the five major conglomerates, along with the leaders of six major economic organizations, was held at the Yongsan Presidential Office on the 13th. The meeting, which began at 10 a.m. and was originally expected to last about an hour, extended well beyond two hours, concluding at around 12:20 p.m. as participants shared a boxed lunch.

Attendees included Lee Jae Yong, Chairman of Samsung Electronics; Chey Tae Won, Chairman of SK Group and the Korea Chamber of Commerce and Industry; Chung Eui Sun, Chairman of Hyundai Motor; Koo Kwang Mo, Chairman of LG; and Shin Dong Bin, Chairman of Lotte. Also present were Sohn Kyung Shik, Chairman of the Korea Employers Federation; Ryu Jin, Chairman of the Federation of Korean Industries; Yoon Jin Sik, Chairman of the Korea International Trade Association; Kim Ki Moon, Chairman of the Korea Federation of SMEs; and Choi Jin Sik, Chairman of the Korea Federation of Mid-sized Enterprises.

During the meeting, Chairman Lee Jae Yong was reported to have emphasized, "The philosophy of pragmatic market-oriented governance that you advocate will be a great source of strength not only for Samsung, but also for all the companies present here and for every business in our country." He added, "Samsung's social contribution activities focus on youth education and helping young people adapt to society. We will work even harder on these efforts." He further commented, "After you became president, I read your autobiography."

President Lee Jae Myung is speaking at the meeting with six economic organizations and business leaders held at the Yongsan Presidential Office in Seoul on the 13th. Photo by Yonhap News Presidential Office Press Photographers Group.

Chairman Chey Tae Won also expressed his expectations, saying, "Thank you for making time to listen to the voices of the business community despite your busy schedule at the beginning of your term. The business community has high hopes in response to your interest in business leaders." He went on to say, "The current domestic and international environment is far from easy. Domestically, we are facing sluggish consumption, weakened investment sentiment, and structural issues such as low birth rates and an aging population. Internationally, the US-China power struggle, geopolitical conflicts, and ongoing global risks continue to intensify the challenges we face."

Chairman Ryu Jin reportedly proposed a campaign to promote domestic consumption by encouraging people to take vacations, stating that the business community would take the lead in this effort. He also emphasized the need for the business sector to take the initiative in strengthening social contribution activities. Additionally, he shared his recent experience visiting Washington, D.C., highlighting both the importance and the high expectations for Korea-US-Japan relations, and noting that there is much work to be done going forward.

Meanwhile, during the meeting, President Lee stressed the importance of a "one team" spirit, with the government and businesses working together. He pledged to support Korean companies so that they can grow and compete in the global market. He also emphasized that, starting with the G7 Summit, he would represent the interests of Korean businesses and protect the national interest through pragmatic trade diplomacy on various international stages.