President Moon: "Government and Companies Are in the Same Boat... A Crucial Opportunity to Achieve a Social Grand Compromise"

President Moon Jae-in is attending the 'Major Industry Meeting for Overcoming Crisis' held on the 21st at the Trade Association Conference Room in Samseong-dong, Gangnam-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 21st regarding the economic crisis caused by the novel coronavirus infection (COVID-19) that "the government and companies are on the same boat, passing through a dark tunnel," and "the current crisis is a very important opportunity to achieve a 'social grand compromise' through shared pain," the Blue House announced.

Kang Min-seok, spokesperson for the Blue House, conveyed that President Moon made these remarks in his closing statement during a meeting with CEOs of major industries such as aviation, shipping, machinery, automobiles, and shipbuilding held at the Korea International Trade Association conference room in Gangnam-gu, Seoul.

Earlier, the government announced plans to establish a fund worth 40 trillion won to support companies in key industries expected to be affected by COVID-19. However, this comes with the condition that companies must maintain employment while paying at least 90% of existing wages for six months.

Regarding this, President Moon said, "To meet this requirement, at a minimum, labor-management agreements at the company level will be necessary," and added, "I hope that labor, management, the government, and civil society can share the pain together and attempt a social grand compromise on this occasion." He further stated, "If such a social grand compromise is achieved, it will become a great driving force for the government to assist companies in difficulty."

Additionally, President Moon expressed his gratitude to Lee Ju-yeol, Governor of the Bank of Korea, saying, "Unlike in the past, the Bank of Korea has played a role in providing loans to institutions purchasing low-credit corporate bonds, thereby supporting most corporate funds," and added, "I am especially thankful."

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