Lee Nak-yeon "Urges Labor and Management to Embrace Change and Join Efforts for Mutual Growth"

2020 Economic Community New Year's Meeting

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Prime Minister Lee Nak-yeon stated on the 3rd, "I expect both labor and management to embrace change with new ideas and participate in efforts for mutual cooperation."

Attending the 2020 Economic Community New Year's Meeting held at COEX in Seoul, Prime Minister Lee said, "The overall improvement in both the quantity and quality of employment and the reduction in income disparity were thanks to the understanding and cooperation of labor and management."

The Prime Minister stated, "The government forecasts that our exports will somewhat recover in the new year and that the economic growth rate will improve compared to last year." He added, "Nevertheless, due to aging and a decrease in the working population, economic vitality is declining, and we must prevent income disparity from widening due to an increase in the elderly population and unemployment."

He said, "We will seize opportunities arising from the process of change and manage risks," and announced that he would focus on five key tasks.

The five major tasks are ▲ 100 trillion won investment in private, private capital, and public sectors ▲ concentrated investment in data, networks, and artificial intelligence (AI) ▲ strengthening competitiveness of the materials, parts, and equipment industries ▲ accelerating regulatory innovation ▲ and win-win cooperation between large and small-medium enterprises.

Prime Minister Lee continued, "We did not even know about the first industrial revolution of the 19th century," and said, "We barely followed the second industrial revolution of the 20th century."

He also emphasized, "The third industrial revolution led by information and communication technology (ICT) started late but soon reached the leading group." He added, "Although we are a bit late in the fourth industrial revolution, I firmly believe that we will soon take the lead."

Finally, Prime Minister Lee expressed, "I deeply thank the business community for overcoming many difficulties last year," and urged, "Businesspeople, take on more challenges and achieve more."

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