Prime Minister Jeong Urges Cabinet to Redouble Efforts for Economic Recovery Next Year

"Fair Economy 3 Laws Promulgation Bill Submitted... Business Community Should Embrace Change Without Hesitation"
"Ministry of SMEs Relocation to Sejong Requires Collective Wisdom... Cooperation Among Related Ministries Is Indeed Challenging"

Prime Minister Jeong Sye-kyun

[Asia Economy Reporter Kwangho Lee] Prime Minister Chung Sye-kyun said on the 22nd, "The Cabinet should renew its determination to not only achieve a definite economic rebound next year but also place our economy on a higher growth trajectory." He especially urged, "Along with the recovery of domestic demand, investment, and exports, please spread innovation throughout the industry and prepare more meticulous livelihood measures such as employment stability and support for small business owners, and implement them swiftly." He added, "Just as the ground hardens after rain, I ask you to make 2021 a year in which our country grows more solidly after the COVID-19 pandemic by putting forth all efforts."

At the Cabinet meeting held at the Government Seoul Office on the same day, Prime Minister Chung said, "Next year is a critical turning point for our economy. The mid- to long-term growth trend of our economy must never be damaged due to the COVID-19 crisis."

He mentioned, "The tumultuous year 2020, which cannot be adequately described by the word 'eventful,' is coming to an end, and 2021 is just ten days away. The government's most important mission next year is to overcome COVID-19. However, we must not neglect tasks for the re-leap and future of our economic society, such as the full-scale promotion of the Korean New Deal and the transition to a carbon-neutral society."

He then instructed, "Each ministry should fully consider these points and establish next year's work plans."

Regarding the promulgation of the Commercial Act, the Fair Trade Act, and the Act on the Supervision of Financial Conglomerates, which passed the National Assembly on the 9th, Prime Minister Chung explained, "Once these laws are enforced, the rationality of corporate decision-making will increase, and the abuse of economic power and the expansion of illicit control by corporate groups will be blocked. The soundness of financial conglomerates will also be enhanced."

He continued, "These three fair economy laws, which bore fruit after long labor pains, will become a solid cornerstone for creating a fair and transparent market order."

Prime Minister Chung acknowledged, "I am well aware that there are voices of concern from some quarters," and expressed, "However, if the goal is sustainable growth and innovation, the business community must not hesitate to accept changes that increase transparency and accountability in corporate management."

He also said, "The government will listen to criticisms from various sectors regarding unintended side effects," and urged, "Related ministries should communicate sufficiently with the business community during the follow-up process, such as preparing subordinate legislation, to dispel these concerns."

Regarding discussions about relocating the Ministry of SMEs and Startups to Sejong City, he said, "Although not yet finalized, it is true that if only the Ministry of SMEs and Startups remains in Daejeon while most core government ministries are located in Sejong City, smooth cooperation among policy-related ministries will be difficult." He added, "We must pool wisdom to find the best solution considering both administrative efficiency and balanced regional development."

He further stated, "If the Ministry of SMEs and Startups moves to Sejong City, relocating metropolitan area agencies such as the Korea Meteorological Administration to the Daejeon Government Complex could be an alternative." He added, "The Ministry of the Interior and Safety, the Ministry of Land, Infrastructure and Transport, and other related ministries should promptly prepare an efficient office relocation plan considering balanced national development and report it to the Cabinet meeting if the relocation of the Ministry of SMEs and Startups is confirmed."

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