[New Year's Address] Huh Chang-soo, Chairman of the Federation of Korean Industries, "We Must Walk the Given Path with the Attitude of 'Hosiubo'"
[Asia Economy Reporter Jeong Hyunjin] Huh Chang-soo, chairman of the Federation of Korean Industries, stated that if we walk the path given to us in the new year with the attitude of "Hosiubo (虎視牛步, meaning to proceed cautiously in all matters)," there will be no difficulties we cannot overcome, and he demanded bold and swift policies from the government to be launched next year.
In his "2022 New Year's Address" on the 30th, Chairman Huh said, "Last year, our economy was a year marked by both hope and concern for economic recovery. This year, domestic and international uncertainties are expected to remain high."
Chairman Huh said, "It is expected to take considerable time to fully return to pre-COVID-19 normalcy, and we must balance practicality and principles amid the US-China trade conflict." He expressed concern, saying, "The strengthening of global environmental regulations, including carbon neutrality, poses a significant challenge to Korea's manufacturing-centered economy. Domestic conditions are also unfavorable, and we face the huge task of heightened environmental awareness and a major transformation of the industrial structure due to COVID-19."
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Chairman Huh emphasized, "It is not too late yet. The path of change is close at hand," and stressed, "We must first reform the outdated regulations that have tied the hands and feet of companies." He also said, "As industrial trends such as eco-friendliness, contactless services, and digitalization have changed, we need to create an environment where companies can freely enter new businesses and invest." He added, "Companies must also revive the DNA of innovation and restore the entrepreneurial spirit that has led national development through bold challenges during every crisis in the Korean economy."
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