[Viewpoint] Ruling and Opposition Parties Must Urgently Support Korean Companies

An acquaintance working at Samsung Electronics shared some heartfelt stories. The technological prowess that Samsung Electronics once prided itself on as ‘Tech Samsung’ has already fallen behind competitors, and a large number of talented employees are defecting to rival companies. Several testimonials from employees who received scouting offers have been posted in internal communication communities. Hundreds of former Samsung Electronics employees are already working at Nvidia, and many are contemplating a move to Micron. There is growing concern that capable employees are leaving for global competitors, leaving only ‘Sammu-won’ behind at the company. ‘Sammu-won’ is a term combining Samsung and government employees, indicating that the innovation that was once Samsung’s strength has disappeared, leaving only bureaucracy. The decline of Samsung Electronics does not look much different from the current state of the Korean economy.

The driving force behind Korea’s economic development originated from the innovation of founders of large conglomerates such as Samsung, Hyundai, SK, and LG. There are many criticisms that as these companies have passed to the second and third generations of their founders, they have become complacent with the status quo. Elon Musk, who leads Tesla, and Jensen Huang, who founded Nvidia, are all founders themselves, and Korean businesspeople should ask themselves whether they are competitive enough to rival them.

Is the fading entrepreneurial spirit in Korean companies solely a problem of businesspeople? The fault of Korean politics is even greater. Although the distorted perception of politicians toward businesses has diminished considerably, they still tend to break the wrists of businesspeople once they gain power. They cozy up to those aligned with power and exert all kinds of pressure and harassment on uncooperative companies. A typical example is summoning businesspeople to annual parliamentary audits without any clear reason.

Among the bills discussed in the National Assembly in recent years, it is hard to find any that have been welcomed by businesses. While competing countries such as the United States, China, and Japan have launched full-scale support for advanced industries like artificial intelligence (AI), biotechnology, quantum computing, and semiconductors, the Korean National Assembly is neglecting businesses. Numerous business-related bills remain pending in the National Assembly without review, including the Commercial Act, the Semiconductor Special Act, and the Power Grid Expansion Act.

The Korean economy is truly at a critical juncture. It must overcome challenges such as declining corporate competitiveness, government and household debt burdens, and stagnation in the real estate and stock markets. It is already difficult enough to resolve structural problems caused by low birth rates and an aging population, and now the second Trump administration is about to begin. Moreover, with the impeachment crisis triggered by the December 3 martial law incident, domestic and international uncertainties have reached their highest levels.

The key to solving these pressing problems lies with businesses. When companies grow, jobs increase, and securing finances becomes easier. More good jobs lead to higher household incomes, which in turn boosts consumption. When businesses thrive, foreign talent flows into Korea, naturally helping to address the low birth rate issue. This is why countries around the world pour support into advanced companies and industries.

The first meeting of the ruling and opposition parties and government consultative body will be held on the 26th. At this meeting, the ruling and opposition parties are expected to continue their political battles over current issues. Regardless of political strife, bills related to business support must be promptly passed. Political forces that neglect the economy, no matter how righteous they appear, must remember that they will ultimately fail to gain the people’s support.

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