Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, "Refrain from Economic Optimism This Year and Look Ahead 5 to 10 Years"

KCCI Holds Economic Community New Year's Meeting Online
600 Key Figures from Various Sectors Attend via Video Conference

[Asia Economy Reporter Ki-min Lee] Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry (KCCI), on the 7th cautioned against excessive optimism about the New Year economy and emphasized the need to look 5 to 10 years ahead to consider what economic choices to make. Chairman Park also urged the political sphere to pass legislation that can enhance the industrial metabolism of our industries in the New Year, given the rapid changes in the global industry.

The KCCI held the ‘2021 Economic Community New Year Meeting’ via video conference at 2 p.m. on the same day at the Chamber of Commerce building, with 600 key figures from politics, government, business, labor, and foreign diplomatic missions in Korea attending. This was the first time since the economic community New Year meeting began in 1962 that the event was held online, making it the largest domestic non-face-to-face event. Following COVID-19 prevention guidelines, four people attended on-site: Prime Minister Chung Sye-kyun, KCCI Chairman Park Yong-man, Minister of Trade, Industry and Energy Sung Yun-mo, and Chairman of the Federation of Korean Trade Unions Kim Dong-myung.

KCCI Chairman Park Yong-man: "Worries about COVID-19 Aftereffects... Economic Legislation Should Not Be Engulfed by Politics"

In his greeting, Chairman Park said, "Last year, uncertainty caused by COVID-19 persisted throughout the year, and it seems that businesspeople had no peaceful days," adding, "I especially feel sorry for the difficulties faced by small and medium-sized enterprises and small business owners." He then urged avoiding excessive optimism about economic recovery in the New Year, saying, "I hope we can collectively consider what economic choices to make in the New Year by looking 5 to 10 years ahead."

Chairman Park also said, "The accumulated private debt and asset market imbalances are problems faced not only by us but also by major countries, and appropriate reviews and corresponding measures will follow," adding, "I hope that during the adjustment process, management conditions for companies will be managed so that they do not deteriorate rapidly, and that a ‘stable and balanced exit strategy’ can be established."

He further urged a full effort to restore the dynamism of the Korean economy. He said, "I am worried that we might fall behind to a level that only we cannot handle amid the rapidly accelerating global industrial changes," and appealed, "Although there are various circumstances in the National Assembly, I ask for progressive efforts this year to pass legislation that can enhance industrial metabolism."

Chairman Park pointed out, "Especially in the New Year, there are many political schedules starting with by-elections," and said, "It is necessary to clearly distinguish political and economic issues so that economic legislation processes can be handled without being engulfed by political schedules."

He also emphasized the change in corporate awareness to solve social issues such as polarization and labor mismatches. Chairman Park stated, "The era when our society only supported corporate growth and profits and all corporate behaviors were rationalized solely by growth and profits is now over," and added, "I hope companies recognize themselves as members of civil society, listen to various voices in society, and take the lead."

Despite Non-Face-to-Face Event, Still a Place for Domestic and International Businesspeople to Unite

This year’s economic community New Year meeting was held non-face-to-face but attracted participation not only from domestic but also overseas businesspeople. Along with government officials including Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, major company representatives such as Samsung Electronics President Lee In-yong, Hyundai Motor President Gong Young-woon, SK Inc. President Jang Dong-hyun, LG Corp. President Lee Bang-su, Lotte Holdings CEO Lee Dong-woo, LS Mtron Chairman Koo Ja-eun, Hyundai Group Chairwoman Hyun Jeong-eun, and Samyang Holdings Chairman Kim Yoon, as well as chairpersons of 41 local chambers of commerce and industry nationwide, and political figures such as Lee Hak-young, Chairman of the National Assembly’s Industry, Trade, Small and Medium Enterprises, and Venture Businesses Committee, attended online via video connection.

Representatives from various sectors of society and foreign diplomatic missions in Korea also joined online, including Harry Harris, U.S. Ambassador to Korea; James Kim, Chairman of the American Chamber of Commerce in Korea (AMCHAM); David Pierre Jalicon, Chairman of the Korea-France Chamber of Commerce and Industry; and Yang Hyo-gun, Representative of the China Council for the Promotion of International Trade (CCPIT) Seoul Office.

Overseas businesspeople also participated. In Beijing, representatives from major Korean companies operating there such as Samsung China, Beijing Hyundai, LG Chem, Doosan China, CJ China, and officials from the Korean Chamber of Commerce attended online. In Hanoi, Vietnam, representatives of Korean companies operating locally such as SK, Hanwha Energy, and Hyundai Construction also participated online.

Online New Year greetings during the event also drew attention. Representing the National Assembly, Lee Hak-young, Chairman of the Industry Committee, and representing the government, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and Minister of SMEs and Startups Park Young-sun, along with Huh Yong-do, Chairman of the Busan Chamber of Commerce representing the nationwide chambers of commerce, and Lee In-yong, President of Samsung Electronics representing the economic community, delivered New Year greetings filled with new hopes for the Year of the Ox online.

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