Son Kyung-sik "Thankful for Lee Jae-yong's Parole"... Hong Nam-ki Deputy Prime Minister Reviews Follow-up Measures

Hong Nam-ki, Deputy Prime Minister for Economy, Meeting with Economic Organization Leaders
Deputy Prime Minister Hong: "Will Communicate with Business Community to Boost Corporate Vitality and Proactively Prepare for the Future"
Economic Organizations: "A Period of Drastic Change with Simultaneous Shifts in Economic and Social Paradigms... Full Support Needed"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (third from the left), attended the 'Deputy Prime Minister-Economic Organization Heads Meeting' at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the 11th, and took a commemorative photo with the heads of five economic organizations.
Lee Gwan-seop, Executive Vice Chairman of the Korea International Trade Association (from the left), Sohn Kyung-shik, Chairman of the Korea Employers Federation, Deputy Prime Minister Hong, Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, Kang Ho-gap, Chairman of the Korea Federation of Mid-sized Enterprises.
Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Ki-min Lee] The burden of travel or employment restrictions on Samsung Electronics Vice Chairman Lee Jae-yong, who was recently granted parole, is expected to be eased.

On the 11th, after the meeting between Deputy Prime Minister for Economy Hong Nam-ki and heads of economic organizations held at the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul, Son Kyung-sik, Chairman of the Korea Employers Federation, responded to reporters' questions asking, "Was there any discussion about Lee Vice Chairman’s pardon, lifting of travel restrictions, or lifting of employment restrictions?" by saying, "(Deputy Prime Minister Hong) also told the Minister of Justice today to handle Lee Vice Chairman’s management activities without inconvenience."

Earlier, before entering the meeting that day, Chairman Son also told reporters, "The government accepted what we proposed at the meeting held last April," adding, "Originally, we requested a pardon, but we express our gratitude for the parole decision."

Chairman Son said that during the meeting, he expressed opinions on corporate regulations such as the Serious Accident Punishment Act and economic issues. The business community has opposed the newly enacted Serious Accident Punishment Act, arguing that it is ambiguous, lacks sufficient content on accident prevention, and focuses heavily on punishment.

The meeting discussed ▲ recent economic situation diagnosis and outlook ▲ measures to overcome current economic difficulties and support measures ▲ communication and response directions on related issues directly connected to future corporate economic activities.

First, Deputy Prime Minister Hong mentioned the economic contraction caused by the fourth wave of COVID-19 during the meeting, stating, "The government will swiftly execute the second supplementary budget, which focuses on supporting small business owners throughout the second half of the year, and within the scope of thorough quarantine measures, will do its best to support the economic flow, communicate with companies and the business community to boost corporate vitality, and make proactive efforts to prepare for the future."

He continued, "Regarding economic issues including next year’s minimum wage and the Nationally Determined Contribution (NDC) level to be submitted in 2030, we will collect opinions from the business community and proceed with consultations," emphasizing, "If the business community provides their on-site opinions in broad terms, we will listen carefully and strive to reflect them in policies as much as possible."

He also said, "We hope to induce participation from more companies in the future, discover more diverse forms of cooperation models, and continue momentum for cooperation and memorandums of understanding between the government and economic organizations," adding, "We look forward to the business community and government putting their heads together and cooperating to recover and rebound the economy and prepare for the future economy."

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, also said, "We are currently in a period of upheaval where the paradigm of the economic society is changing all at once," and requested, "We ask the government to provide full support so that the business community can take bold challenges." Chairman Choi said, "The U.S. and the European Union have already made astronomical investments in the carbon neutrality sector, and we hope to see bold investments and support here as well," adding, "Since enormous funds are required only for R&D investment, it is difficult for companies or industries to develop independently, and collaboration among the government, academia, and industry is essential."

Regarding electric vehicle infrastructure issues, he said, "Germany expands electric vehicle subsidies every year, but here, support budgets are repeatedly exhausted early or people are left waiting," demanding that the government provide bold support.

Chairman Choi also mentioned, "In addition, due to a shortage of personnel in new industries, large-scale training programs funded by government budgets for 'talent development' must be launched, requiring more bold policies," and added, "It is time to make bold investments starting with fields of strategic priority," emphasizing, "We hope the government will give courage and provide full support so that the business community can take bold challenges."

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