Korea Chemical Industry Association Holds 2026 New Year's Meeting
Over 120 Government and Industry Leaders Discuss Industrial Transformation
Calls for Policy Support Including Rationalization of Electricity Rates
As the new year begins, the chemical industry has called for an industrial transformation and active policy support from the government. With intensifying global competition and mounting energy costs, the industry believes that an urgent shift toward an eco-friendly and high value-added structure is necessary.
The Korea Chemical Industry Association held the "2026 Chemical Industry New Year's Meeting" at Lotte Hotel Seoul in Jung-gu, Seoul, on the afternoon of the 16th. The event was attended by Na Seonghwa, Director General for Industrial Supply Chain Policy at the Ministry of Trade, Industry and Energy, Shin Hakchul, Chairman of the Korea Chemical Industry Association, Eom Chanwang, Executive Vice Chairman, and about 120 other industry stakeholders, including chief executive officers of major chemical companies. The event was organized to bring together key government and industry figures to exchange New Year's greetings and to discuss ways to overcome the current crisis facing the chemical industry and strategies for the sector's renewed growth.
Shin Hakchul, Chairman of the Korea Chemical Industry Association, is speaking at the 2026 Chemical Industry New Year's Meeting held at Lotte Hotel in Jung-gu, Seoul on the 16th. Photo by Oh Jieun
In his New Year's address, Chairman Shin Hakchul stated, "Over the past half-century, the Korean chemical industry has grown into a core pillar of the national economy, leading economic growth through relentless innovation in the face of global competition." He added, "Now is the time to adopt the spirit of 'Jeguposin,' responding to the era's calling for eco-friendliness and boldly shifting to a high value-added portfolio to secure unrivaled technological competitiveness." 'Jeguposin' is a classical idiom meaning to discard the old and embrace the new.
Chairman Shin also said, "To improve the industry's fundamentals, we ask for practical and comprehensive support, such as rationalizing electricity rates, providing bold tax incentives, and removing regulations that hinder entry into new businesses." He continued, "The association will do its utmost to serve as a lubricant-like bridge between the government and member companies, resolving pressing issues and presenting policy alternatives."
On the industry side, the event was attended by Kang Gilsun, President of Korea Petrochemical Ind. Co., Kim Gilsu, CEO of Yeochun NCC, Kim Yusin, Vice Chairman of OCI, Kim Jonghwa, President of SK Geocentric, Kim Jonghyun, Vice Chairman of DL Chemical, Nam Jungwoon, President of Hanwha Solutions, Paek Jonghun, President of Kumho Petrochemical, Lee Cheonseok, CEO of Hyosung Chemical, Lee Cheolju, CEO of Samnam Petrochemical, Lee Takyong, CEO of Lotte INEOS Chemical, and Joo Woohyun, CEO of Lotte Chemical, among others.
Meanwhile, in December of last year, the National Assembly passed the "Special Act on Strengthening the Competitiveness and Support of the Petrochemical Industry," which includes regulatory exemptions and tax and financial support to aid the restructuring of the petrochemical sector. The association plans to focus all efforts on follow-up measures, such as recommending directions for the enforcement ordinance, to ensure that the law leads to tangible support that companies can truly feel.
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