President Moon Attends First Commerce Day Since Inauguration... Delayed Meeting with Business Community

"ESG, It's Time to Open the Era of Warm Capitalism"..."Now the Time for Economic Recovery Has Come"

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in stated on the 31st, "It is time to open an era of warm capitalism called ESG, which values non-financial performance such as Environment (E), Social (S), and Governance (G) alongside financial results like short-term sales and operating profit."

President Moon attended the ‘48th Commerce Day Ceremony’ held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, in the morning and said, "The government will make this year the first year for spreading corporate spirit for all and ESG management, and will do its utmost to help more companies participate." This was President Moon’s first attendance at the Commerce Day Ceremony since taking office, and it was the first time in eight years that a sitting president attended, the last being former President Park Geun-hye in 2013.

In particular, President Moon showed support by attending the first official event of Choi Tae-won, who was inaugurated as the chairman of the Korea Chamber of Commerce and Industry on the 29th. President Moon urged, "I hope that the Korea Chamber of Commerce and Industry, the only statutory comprehensive economic organization, will serve as a strong communication channel connecting the government and the industry."

[Image source=Yonhap News]

Additionally, in his congratulatory speech, President Moon praised the resilience of the economy achieved through the efforts of businesspeople and merchants during the COVID-19 crisis. He evaluated, "Our companies have achieved the world’s number one market share in memory semiconductors and liquefied natural gas (LNG) ships despite the global economic crisis, and raised automobile production from 7th to 5th in the world."

He continued, "The businesspeople who led our economy from the ruins of war to become the world’s 7th largest export powerhouse and a top 10 economy are the main actors," emphasizing, "Now is the time for economic rebound."

President Moon stressed that corporate changes such as ESG management strategies are necessary to respond to global environmental changes. He pledged, "We will improve the sustainability management report disclosure system, promote the establishment of ESG standards, and provide incentives. To respond to climate change and realize carbon neutrality, we will launch a presidential carbon neutrality committee jointly with the public and private sectors, and closely communicate and cooperate with the industrial sector."

Chairman Choi said, "It is a time when new corporate spirit is needed for businesspeople, reflecting on the role of companies expected by our society," adding, "Companies that find opportunities amid change and create new value will be the driving force of innovation and our economy." He further stated, "I hope businesspeople communicate and empathize more with stakeholders and explore new paths together."

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