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 ten 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 idea 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 workers.

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

At the "Business Roundtable to Expand Youth Employment and Regional Investment" held at the main building of the Blue House on the afternoon of the 4th, Ryu Jin, chairman of the Korea Business Association, responded to President Lee Jaemyung, who requested support for youth recruitment, start-ups, and regional economic development, by saying, "We will actively contribute to youth employment and revitalizing regional economies," and added, "The ten major groups are planning regional investments of about 270 trillion won over the next five years. If we include other companies beyond these ten groups, I think 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 programs for employment, on-site internships, and customized training," and added, "We ask the government to provide bold support so that corporate recruitment and employment plans can proceed without setbacks."

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

The main investment projects include expanding semiconductor facilities, expanding battery production and research and development (R&D) capabilities, and investing in artificial intelligence (AI) transformation and carbon-neutral infrastructure, with intensive investments planned mainly in advanced and strategic industries.

The Korea Business Association interpreted this as major groups designating regions outside the Seoul metropolitan area as key hubs for their future businesses and taking the lead in investing to build regional industrial ecosystems. It also stated that if all regional investment plans by the ten groups are executed as scheduled, they could generate up to 525 trillion won in production inducement effects and 221 trillion won in value-added inducement effects for the Korean economy over the next five years.

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

According to Lee Gyuyoun, Senior Presidential Secretary for Public Relations and Communication, Chairman Lee said at the roundtable, "Samsung Electronics' operating performance is improving significantly, so we have more room to hire a bit more this year." President Lee was reported to have asked the heads of the ten major groups to give priority to local young people when making new hires.

Lee Sangho, head of the Economic Division at the Korea Business 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, the National Assembly, and local governments must remove hurdles such as location and licensing regulations, and promptly provide active support through tax incentives and subsidies."

This content was produced with the assistance of AI translation services.