Vice Chairman Lee Jae-yong: "I Will Personally Oversee the Most Important Job Creation"

President Moon discusses COVID-19 response measures with heads of 6 major groups
Business community pledges practical support for partners and small businesses
Requests government aid for struggling sectors like aviation, tourism, and retail

Vice Chairman Lee Jae-yong of Samsung Electronics, Chairman Choi Tae-won of SK Group, and Chairman Koo Kwang-mo of LG Group are attending the 'COVID-19 Response Economic Council Meeting' hosted by President Moon Jae-in at the Korea Chamber of Commerce and Industry in Jung-gu on the morning of the 13th. From the second left: Chairman Sohn Kyung-shik of the Korea Employers Federation, Chairman Choi Tae-won of SK, Vice Chairman Lee Jae-yong of Samsung Electronics, Chairman Koo Kwang-mo of LG, Chairman Lee Jae-hyun of CJ, Vice Chairman Yoon Yeo-chul of Hyundai Motor, Vice Chairman Hwang Kak-kyu of Lotte Holdings. (Photo by Yonhap News)

[Asia Economy Reporter Dongwoo Lee] On the 13th, President Moon Jae-in met with the heads of South Korea's six major conglomerates and economic organizations, clearly expressing his intention to work together to overcome the novel coronavirus disease (COVID-19) crisis. This was seen as a pro-business move based on the judgment that the role of private companies is crucial to revitalizing the economy.

The conglomerate heads expressed gratitude for the government's swift response and support regarding the COVID-19 situation and indicated their commitment to making efforts for practical support to partner companies and small business owners who are facing difficulties. They also requested the government to strengthen support for sectors struggling due to the crisis, such as aviation, tourism, and distribution.

According to the Blue House, Samsung Electronics Vice Chairman Lee Jae-yong said, "China is the core of global manufacturing and, along with the United States, the largest market," adding, "In the IT industry, despite preparations in various aspects to overcome the situation, there are practical difficulties." He stated, "However, crises have always existed and can be overcome," and "The difficulties faced by partner companies are greater than those of Samsung Electronics. I will carefully ensure that practical support is provided."

Vice Chairman Lee also referred to President Moon Jae-in's visit to Namdaemun Market, saying, "Traditional markets, small business owners, and flower shops are facing many hardships," and "Samsung will look for ways to help." In fact, Samsung announced that on the afternoon of the same day, it purchased 30 billion KRW worth of Onnuri gift certificates to be distributed to partner companies within each business site to stimulate domestic demand.

Vice Chairman Lee emphasized, "The fundamental duties of a company are job creation, innovation, and investment. The most important is job creation. I will personally oversee this," adding, "Looking back, the economy has never been free from crises, but we have endured each one. I will do my best to revive economic vitality and find ways to give hope to the people."

SK Group Chairman Chey Tae-won first expressed gratitude to the government, saying, "I deeply appreciate the government for creating opportunities to listen to the difficulties of companies and for its real-time response." He also mentioned, "So far, the petrochemical plant in Wuhan is operating properly, and the semiconductor business in Chongqing is doing well." However, he requested the maintenance of air cargo flights, stating, "If air cargo transportation between Korea and China is shut down, there will be disruptions in the supply of semiconductor wafers produced in China." He also emphasized investment and job creation, saying, "Going forward, SK will focus on investment and job creation."

LG Group Chairman Koo Kwang-mo explained, "LG is currently reviewing its production strategy to establish a stable parts supply chain in response to this crisis," adding, "As part of this, we decided last year to build a battery cathode material plant in Gumi." Chairman Koo said, "It is necessary to reduce dependence on specific regions or countries for core materials and parts through localization and diversification," and "We have realized the importance of small and medium-sized partner companies. We will expand support for manpower and technology to partner companies."

President Moon Jae-in is greeting Lee Jae-hyun, Chairman of CJ Group, at the economic meeting on COVID-19 response held at the Korea Chamber of Commerce and Industry in Seoul on the morning of the 13th. (Yonhap News)

Hyundai Motor Vice Chairman Yoon Young-chul said, "Thanks to the government's swift support, 38 out of 40 wiring harness factories in China have resumed operations," adding, "Domestic factories will also sequentially resume operations." Vice Chairman Yoon requested the government to provide quarantine supplies and temporarily reduce air tariffs for workers employed at Chinese factories.

CJ Group Chairman Lee Jae-hyun mentioned the group's investment in director Bong Joon-ho's film Parasite, which won four Academy Awards, saying, "It is the result of the combination of the genius director Bong Joon-ho, filmmakers, and CJ's support," and added, "The nation's prestige has risen, and we can say that national fortune has improved. This crisis will be overcome in a short time."

He also said, "(Although affected by COVID-19 in various ways) investment and job creation will proceed as planned," and requested, "I ask the President to recognize cultural content as an industry and provide much support."

Finally, Lotte Group Vice Chairman Hwang Kak-kyu expressed gratitude for the government's efforts, saying, "For the first time since the company's founding, department stores were closed for three days, and when I went to Jamsil Station, I saw fewer people wearing masks." However, he mentioned, "Social vitality is immediately being hindered. I am worried about small tourism and distribution businesses," and noted, "Lotte Hotel has had 28,000 room cancellations."

Vice Chairman Hwang emphasized public reassurance and social vitality, requesting special measures such as tax and financial support for small and medium-sized enterprises and small business owners. He also suggested that President Moon visit shopping malls and attend various cultural events.

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