Deputy Prime Minister Chu's Meeting with Business Leaders... The Key to Economic Recovery is 'Corporate Investment, Government Support'

Over 1 Hour of Discussion at FKI Conference Center
Deputy Prime Minister Chu Urges Companies for Active Investment
"Positive Economic Outlook for Second Half... More Effort Needed"

Deputy Prime Minister for Economy Choo Kyung-ho met with key business leaders to discuss promoting investment for an economic rebound in the second half of the year. Given the unfavorable domestic and international economic conditions, the main focus was on encouraging companies to actively invest and the government to support these efforts.

Deputy Prime Minister Choo and major business figures from Samsung, LG, SK, and others held a policy meeting on the 20th at the Federation of Korean Industries (FKI) Conference Center in Yeouido, Seoul. This meeting was organized by the government to hear economic sector proposals and difficulties in order to stimulate an economic recovery in the second half of the year.

The event was held privately except for Deputy Prime Minister Choo’s opening remarks. Although it was scheduled to last about an hour, the discussion extended approximately 20 minutes beyond the expected time before concluding.

Deputy Prime Minister for Economy Choo Kyung-ho (second from the left in the top row) is greeting businesspeople at the Federation of Korean Industries Conference Center on the 20th. / Photo by Federation of Korean Industries

At the meeting, Deputy Prime Minister Choo encouraged companies to make proactive investments. He also pledged efforts to improve regulations and provide tax support to create a favorable environment for corporate management.

Companies requested government policy support necessary for expanding their investments. They called for enhanced R&D tax incentives, policy and institutional support for carbon neutrality transitions, and strengthened support for national strategic industries.

Kim Wan-pyo, President of Samsung Global Research, told reporters after the meeting, "Despite difficulties, there was talk about working hard on investments," adding that the government discussed institutional reforms. Ha Beom-jong, President of LG, explained, "The meeting ran long because we had good discussions," and "All participating companies spoke."

Yoon Yong-chul, Vice Chairman of SK Supex Council, also highlighted that the main discussion was "Although the situation is tough, it is expected to improve in the second half, so let’s work hard going forward." He added, "It is by our efforts that the situation will improve in the second half."

Deputy Prime Minister for Economy Choo Kyung-ho (sixth from the left in the front row) and key business leaders are attending a meeting held at the Federation of Korean Industries Conference Center on the 20th and taking a commemorative photo. / Photo by Federation of Korean Industries

In his opening remarks, Deputy Prime Minister Choo said, "Exports and investments are what support the economy, and those present here are the leaders driving Korea’s export investments," urging, "I hope you will invest actively."

He further stated, "The government plans to actively support activities through improvements in R&D, tax, finance, and various regulations, so I hope companies will take the lead," and repeatedly requested, "Please make efforts to overcome these difficult times."

The meeting was attended by six officials from the Ministry of Economy and Finance, including Deputy Prime Minister Choo. From the business sector, 17 representatives participated: ▲ Kim Wan-pyo, President of Samsung ▲ Yoon Yong-chul, Vice Chairman of SK ▲ Choi Jun-young, Vice Chairman of Hyundai Motor Group ▲ Ha Beom-jong, President of LG ▲ Lee Si-woo, President of POSCO ▲ Ko Jung-wook, Vice Chairman of Lotte ▲ Lee Sung-soo, President of Hanwha ▲ Hong Soon-ki, President of GS ▲ Geum Seok-ho, Vice Chairman of HD Hyundai ▲ Kang Seung-hyeop, Vice Chairman of Shinsegae ▲ Ryu Kyung-pyo, President of Hanjin KAL ▲ Baek Seung-am, Vice Chairman of Doosan ▲ Kim Young-beom, President of Kolon ▲ Park Woo-dong, Vice Chairman of Poongsan ▲ Eom Tae-woong, President of Samyang ▲ Yang Seung-joo, Vice Chairman of DB ▲ and Bae Sang-geun, Executive Director of the Federation of Korean Industries.

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