[New Year's Address] Chairman Huh Chang-soo: "Regulations Binding Only Korean Companies Must Be Lifted"

Huh Chang-soo, Chairman of the Federation of Korean Industries / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Changhwan Lee] Huh Chang-soo, Chairman of the Federation of Korean Industries, emphasized that next year the government should reduce regulations that shackle companies and help Korean companies compete on equal terms with foreign companies.

In his New Year's message released on the 30th, Chairman Huh stated, "Next year, the government should withdraw regulations and policies that impose shackles or increase cost burdens only on Korean companies, and support more entrepreneurs to fully exercise their entrepreneurial spirit and thrive in the market."

He said, "At the very least, our companies must be able to compete equally with foreign companies in the global market," adding, "A corporate environment aligned with global standards will be the foundation for our economy’s sustainable growth."

He forecasted that 2021 could be a "year at a crossroads between life and death" for our economy. This is because it is uncertain when the novel coronavirus infection (COVID-19) will end, the United States is about to inaugurate a new administration, and there is no sign of resolution in the US-China trade conflict. Consequently, it is very difficult to predict how exports, investment, and consumption, which support our economy, will perform.

Chairman Huh explained, "One thing is certain: the world before and after COVID-19 will be completely different. People have already adapted to a contactless, hyper-connected network world. Changes in lifestyle patterns mean changes in our thinking, technology, and industries, which implies that the old formulas for success are no longer valid."

He warned, "People often say crisis is opportunity, but when looking at numerous advanced overseas companies and technologies, I worry how long the door of opportunity will remain open for us. If we do not urgently innovate our industrial structure, we may face a lost decade or even two decades."

He continued, "This urgency is not the burden of entrepreneurs alone, nor can it be overcome by companies alone. Now, the people, companies, and government must become a trinity."

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