[Summary] Son Kyung-sik: "Yoon Government Will Be Good for Businesses... Labor Reform and Deregulation Needed"

Interview Dialogue with the Korea Society in the U.S.

Son Kyung-sik, Chairman of CJ Group (left), is being interviewed by Tom Byrne, Chairman of the Korea Society, at the Korea Society office in New York, USA. The interview with Chairman Son, released by the Korea Society on the afternoon of the 19th (local time), was pre-recorded on the 12th as part of the "President Interview Series."

"The new Yoon Seok-yeol administration will be a very good government for businesses." Son Kyung-sik, Chairman of CJ Group, expressed his expectations for the upcoming Yoon Seok-yeol administration next month, emphasizing the need for labor reform and deregulation.

On the 19th (local time), in an interview with Tom Byrne, Chairman of the Korea Society, a U.S. nonprofit organization, Son responded to a recent survey stating that "more than 7 out of 10 companies expect improved business conditions under the next government," saying, "We believe we now have a good government."

As Chairman of the Korea Employers Federation (KEF), Son highlighted labor reform and deregulation as KEF's initiatives to improve Korea's business environment. He pointed out, "Labor reform must be achieved," adding, "Korea's labor issues are very serious and sometimes caused by labor unions. Corporate competitiveness has also declined significantly."

He also said, "Korea has too many regulations," and "Easing regulations is very important for Korea. It will help enhance the competitiveness of all companies." Chairman Byrne, who conducted the interview, also evaluated these two factors as playing a key role in raising potential growth rates.

On the day, Son said, "I am very pleased that CJ has become a respected corporate group in Korea and has earned the label of a global company."

He cited the United States as the most attractive overseas market at present. He said, "The U.S. provides a good environment and atmosphere for free business." The business he most wants to grow in the U.S. is the "food industry," which can be considered the group's root. He also expressed his desire for CJ, which leads the logistics sector in the Korean market, to expand into the global market.

Regarding the 10th anniversary of the Korea-U.S. Free Trade Agreement (FTA) this year, he gave a positive evaluation, saying, "It has helped through tax reductions, etc. The FTA allowed Korean and U.S. companies to expand their businesses." He explained that as trade between Korean and U.S. companies increased, CJ's logistics business also enjoyed a special boom.

Son also shared an anecdote about the screen quota opening, which was a contentious issue and a precondition from the U.S. side during past FTA negotiations.

He said, "At that time, President Roh Moo-hyun asked me if there would be any problems with opening the screen quota, and I told him there would be no issues, so he proceeded." He added, "Later, entertainment industry figures warned me that 'Chairman Son is crazy' for advocating the opening, but I called President Roh again and told him not to worry." Son said, "So President Roh decided to lift the screen quota. After that, there was no change in the market situation. I was not wrong."

Regarding China, he evaluated it as "a very important country, accounting for 20-25% of our exports." However, he noted, "There are regulations and bans in some sectors," citing the film industry as a representative example and mentioning the past retaliatory measures related to the Terminal High Altitude Area Defense (THAAD) system.

On Korea's potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Son said, "I definitely support it," emphasizing, "As an open country, Korea hopes for more exchanges with overseas countries."

He also reflected on the impact of the COVID-19 pandemic, saying, "Some aspects were positive, some negative. Demand for home meal replacements surged in the food business, but the multiplex theater sector suffered significant losses." When asked if he expects the negative aspects to decrease in 2022, he added, "I hope so."

This interview was pre-recorded on the 12th at the Korea Society office in New York, U.S. Son previously received the 'Van Fleet Award' from the Korea Society in 2018. Chairman Byrne introduced Son as "a leader who has greatly contributed to Korea-U.S. solidarity and is widely respected in the Korean business community."

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