President Lee Meets Business Leaders: "Concern Over Weakened Domestic Investment Due to Increased US Investment"... Urges Efforts for 'Grand Labor-Management Compromise'

Meeting with Business Leaders After Fact Sheet Announcement: "We Will Do Everything Possible"
"Please Ensure Domestic Investment Does Not Decrease" ... "Labor and Management Are Complementary"
"Swiftly Streamlining Regulations ... Fiscal Support Possible for Venture Investments"
Attendees Included Lee Jaeyong, Chey Taewon, Chung Euisun, Koo Kwangmo

President Lee Jaemyung, following the announcement of the 'Joint Fact Sheet (JFS)' outlining the results of the Korea-US trade and security negotiations, met with major business leaders and urged them to turn external crises into opportunities for expanding domestic investment, job creation, and industrial advancement.

Yonhap News Agency

He specifically stated that the government would focus on swiftly eliminating regulations that hinder business activities, while also actively introducing new methods such as injecting fiscal resources into subordinated bonds for research and development (R&D) and venture investments. Regarding labor-management issues, he emphasized that he does not view labor and management as fundamentally adversarial, and ultimately called for a grand social compromise.

On the afternoon of the 16th, during the 'Korea-US Tariff Negotiation Follow-up Public-Private Joint Meeting' held at the presidential office in Yongsan, President Lee said, "This Korea-US tariff negotiation was not a proactive negotiation to gain something new, but rather a very difficult process where the best outcome was to avoid creating a bad situation. Nevertheless, if the result is something others did not expect, I believe we have successfully defended our interests."

Attendees at the meeting included Lee Jaeyong, Chairman of Samsung Electronics; Chey Taewon, Chairman of SK Group; Chung Euisun, Chairman of Hyundai Motor Group; Koo Kwangmo, Chairman of LG Group; Chung Kisun, Chairman of HD Hyundai; Seo Jungjin, Chairman of Celltrion; and Yeo Seungjoo, Vice Chairman of Hanwha Group. From the government, Kim Jeong-Kag, Minister of Trade, Industry and Energy, as well as Wi Sunglak, Director of National Security, and Ha Junkyung, Chief Secretary for Economic Growth, from the presidential office, were present.

President Lee stated that, regarding the tariff increases, there has been no significant change in the objective conditions and called for these circumstances to be turned into opportunities. He said, "Although tariffs have gone up, this is something that is happening to everyone around the world, so the objective conditions have not changed much. Just because the college entrance exam gets harder, it does not mean the scores change. If things get harder, it is hard for everyone; if they get easier, it is easy for everyone." He added, "If we quickly adapt to the changed circumstances and turn these changes into opportunities, a favorable situation will come to us as well."

He also asked for greater attention to be paid to domestic investment and balanced regional development. President Lee said, "Nothing is more important than the issues of people's livelihoods, and companies are at the forefront of solving economic problems. The government's main role is to enable companies to operate freely, creatively, and powerfully on the global stage." He particularly emphasized, "There are concerns that as investment in the United States increases, domestic investment may decrease. If the conditions are similar, please prioritize domestic investment as much as possible, and pay special attention to revitalizing local industries and balanced regional development."

He also announced plans to swiftly eliminate regulations that hinder business activities and to actively inject fiscal resources into venture investments. President Lee said, "Whether the government is pro-business or anti-business is not very meaningful. If you have to cut taxes just to do business, that suggests there is a problem with international competitiveness."

President Lee continued, "If you can specifically and practically identify which regulations are obstacles to business activities and can be eased, lifted, or abolished, we will address them promptly. If necessary, the government will also introduce new measures to support venture investments, such as purchasing subordinated bonds and bearing losses first."

He also called for joint efforts to achieve a grand social compromise regarding labor-management issues. President Lee said, "I do not believe that labor and management are fundamentally adversarial. International competitiveness cannot be achieved by reducing labor costs to the point of being accused of wage exploitation. Especially in high-tech industries, capability is far more important than the amount of labor costs." He added, "Both labor and management should engage in open debate and discussion, without hiding anything, to achieve a grand social dialogue and compromise."