Economic Group Leaders Sound the Alarm... Son Kyung-sik "16 Times"

Economic Organization Leaders Deliver Unified New Year's Address

(From left) Sohn Kyung-shik, Chairman of the Korea Employers Federation; Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Huh Chang-soo, Chairman of the Federation of Korean Industries. Photo by each organization

[Asia Economy reporters Oh Hyung-gil and Choi Seo-yoon] The heads of major economic organizations marking the Year of the Rabbit unanimously spoke of "crisis." This is a serious diagnosis of our economic situation, which is facing unstable international conditions such as the US-China conflict and the Russia-Ukraine war, as well as the three highs phenomenon of high interest rates, high inflation, and high exchange rates. The word "crisis" could be found repeatedly in the New Year's messages delivered by the heads of the six major economic organizations this year.

Son Kyung-sik, Chairman of the Korea Employers Federation, delivered a New Year's message containing the word "crisis" the most times. However, Chairman Son's message also contained the will to turn hardships into opportunities and to "overcome" the crisis. Having mentioned "crisis" 16 times, Son also mentioned "overcome" eight times, urging to surpass the crisis. Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, also cited a phrase from Sun Tzu's The Art of War, "Turning adversity into advantage (以患爲利, Ihwanwiri)," urging, "Let us turn the hardships approaching us into opportunities."

Summarizing the New Year's messages from the heads of major economic organizations on the 30th, the themes can be boiled down to crisis and overcoming it. Chairman Son emphasized, "The waves of crisis our economy must overcome will grow larger," and stressed that all economic actors must unite their strength to overcome it.

He also requested, "Only when a free and dynamic business environment is created where companies can freely enter new businesses and boldly invest can our economy regain vitality," asking for the guarantee of freedom in business activities. Having voiced concerns on issues such as the 52-hour workweek system, the Yellow Envelope Act, and labor-management conflicts, Son, who has established himself as a senior figure in the business community, also expressed expectations for cooperation with the Yoon Suk-yeol administration, which is advocating regulatory innovation.

Chairman Choi also urged, "Please actively create an institutional environment where companies can compete on equal footing with global companies," and proposed, "Reform tasks such as labor reform, regulatory reform, and education reform should be pursued consistently and used as nourishment to restore the growth potential of the Korean economy."

He further pledged through the "New Entrepreneurial Spirit," which he has emphasized, "We will not overlook attention and care for socially vulnerable and marginalized groups who are pushed into more difficult situations," calling for the economic sector's participation and cooperation. As co-chairman of the bid for the 2030 Busan World Expo, he also expressed his intention to foster a favorable atmosphere and build public consensus for the bid.

Huh Chang-soo, Chairman of the Federation of Korean Industries, also emphasized "crisis" and "opportunity." He stated, "The Korean economy has fought a tough battle against the three highs phenomenon throughout the past year, and the domestic and international economic environment in 2023 is full of uncertainty," then added, "In the Year of the Rabbit, let us wisely overcome internal and external crises like a rabbit that overcomes adversity with quick wit."

(From left) Koo Ja-yeol, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of SMEs; Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises. Photo by each organization

Ku Ja-yeol, Chairman of the Korea International Trade Association, mentioned "export" most frequently and expressed his commitment to supporting companies. Chairman Ku said, "There were difficulties everywhere, including high-intensity tightening by major countries, sluggish growth in China, and the prolonged Russia-Ukraine war," and emphasized, "We will focus on resolving difficulties faced by export companies, strengthening the future export base, and expanding the scope of exports."

Despite achieving export of $600 billion for two consecutive years, setting record-high export performance, and ranking sixth worldwide in both exports and trade for the first time in history, the trade balance has turned to a deficit for the first time in 14 years. Chairman Ku stated, "Our trade has demonstrated resilience that astonished the world in every crisis, achieving the miracle of the Korean economy," and added, "With the confidence and passion of 60 years as a trade powerhouse, let us achieve a leap forward beyond overcoming the crisis."

Kim Ki-moon, Chairman of the Korea Federation of SMEs, mentioned "crisis" seven times. Chairman Kim diagnosed, "Small and medium enterprises and small business owners faced soaring raw material prices, unprecedented labor shortages, and logistics difficulties caused by the Cargo Solidarity's collective transport refusal, making it difficult to foresee even a step ahead," and pledged to create a policy environment centered on SMEs, including the establishment of a delivery price linkage system and extension of loan maturities.

Choi Jin-sik, Chairman of the Korea Association of Mid-sized Enterprises, said, "Mid-sized enterprises have always been at the forefront of overcoming every crisis in Korea," and emphasized, "Drastically improving the numerous laws and systems that increase management difficulties for mid-sized enterprises is fundamental to strengthening the Korean economy."

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