Lee Jaeyong Says "We Have Room to Hire This Year"... 10 Major Groups to Invest 270 Trillion Won in Regions and Hire 50,000 New Employees (Comprehensive)

Responding to government's call for "revitalizing regional economies"
Korea Economic Association chairman Ryu Jin: "We ask for bold government support"
Focusing on semiconductor facility expansion and investment in batteries and AI

The 10 major business groups plan to invest a total of 270 trillion won in regions outside the Seoul metropolitan area over the next five years starting this year. The plan is to push ahead with large-scale investments to revitalize regional economies and create youth employment. In addition, they will hire 51,600 new employees this year, of whom 34,200, or 66%, will be recruited as entry-level hires.

The Korea Economic Association announced this on the 4th through a "Survey on Regional Investment Plans" conducted on the 10 major conglomerate groups. The 10 groups include Samsung, SK, Hyundai Motor, LG, Lotte, Posco, Hanwha, HD Hyundai, GS, and Hanjin.

At the "Business Roundtable for Expanding Youth Employment and Regional Investment" held that afternoon at the main building of the Blue House, Ryu Jin, chairman of the Korea Economic Association, responded to President Lee Jaemyung, who requested support for youth recruitment, startup support, and regional economic development, by saying, "We will actively contribute to youth employment and the revitalization of regional economies," and, "Currently, the 10 major groups are planning regional investments of about 270 trillion won over five years. If we include companies beyond these 10 groups, I believe the total could reach around 300 trillion won."

President Lee Jaemyung is greeting Lee Jaeyong, chairman of Samsung Electronics, as he enters the "Business Roundtable to Expand Youth Employment and Regional Investment" held at the Blue House on the 4th. Yonhap News.

He went on to say, "We will also actively promote job training for employment, on-site internships, and customized training," adding, "We ask the government for bold support so that companies can carry out their recruitment and employment plans without disruption."

The roundtable was attended by top executives from the 10 major groups, including Samsung Electronics chairman Lee Jaeyong, Hyundai Motor chairman Chung Euisun, LG chairman Koo Kwangmo, Lotte chairman Shin Dongbin, Posco chairman Jang Inhwa, Hanwha vice chairman Kim Dongkwan, HD Hyundai chairman Chung Kisun, GS chairman Huh Taesu, Hanjin chairman Cho Won Tae, and SK vice chairman Choi Changwon. Also present were Korea Economic Association chairman Ryu Jin and Korea Chamber of Commerce and Industry vice chairman Park Iljun.

The main investment projects include expansion of semiconductor facilities, expansion of battery production and R&D (research and development) capabilities, and investment in AI transformation and carbon-neutral infrastructure. The investments will be concentrated mainly in advanced and strategic industrial sectors.

The Korea Economic Association interpreted the situation as major groups designating regions outside the Seoul metropolitan area as core bases for their future businesses and taking the lead by making preemptive investments to build local industrial ecosystems. It also stated that if all of the 10 groups' regional investment plans are executed as scheduled, the Korean economy could see, over five years, a maximum production inducement effect of 525 trillion won and a value-added inducement effect of 221 trillion won.

Ryu Jin, chairman of the Korea Business Association, is speaking at a business roundtable on youth employment and expanding regional investment held at the Blue House on the 4th. Yonhap News.

The business community also decided to increase the scale of new hiring. According to the business sector, this year Samsung plans to hire 12,000 people, SK 8,500, LG more than 3,000, Posco 3,300, and Hanwha 5,780. The total number of hires by the 10 major groups will be 51,600, an increase of 2,500 from last year.

According to Blue House Senior Secretary for Public Relations and Communications Lee Gyuyun, chairman Lee Jaeyong, who attended the roundtable, said, "Samsung Electronics' operating performance has improved significantly, so we now have more room to hire additional employees this year." President Lee was said to have asked the heads of the 10 major groups to give priority to local young people when making new hires.

Lee Sangho, head of the Economic Division at the Korea Economic Association, said, "Companies are taking the lead in rekindling the spark of regional economic vitality and laying the groundwork to ease youth unemployment," and added, "To ensure that the planned regional investments can be carried out smoothly, the government, National Assembly, and local governments must remove hurdles such as regulations on site location and permits and licenses, and move quickly to provide active support through tax incentives and subsidies."