Son Kyung-sik: "Yoon Seok-yeol Government Will Be Good for Businesses... Labor Reform and Deregulation Urgent"

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[Asia Economy New York=Special Correspondent Joselgina] "The Yoon Suk-yeol administration will be a very good government for companies." Sohn Kyung-shik, Chairman of CJ Group, expressed his expectations for the Yoon Suk-yeol administration launching next month and emphasized the need for labor reform and deregulation.

According to the Korea Society on the 19th (local time), Chairman Sohn made these remarks in an interview last week in New York with Tom Byrne, Chairman of the Korea Society.

In the interview video released by the Korea Society that afternoon, Chairman Sohn responded to a recent survey result stating "more than 7 out of 10 companies expect improved business conditions under the next government" by saying, "A good government has emerged," and "The Yoon Suk-yeol administration will be a very good government for companies."

Chairman Sohn said, "I think there are two goals," first mentioning labor reform. He emphasized, "Korea's labor issues are very serious and sometimes caused by labor unions," adding, "Company competitiveness is also declining, so I hope labor reform will be achieved." However, he noted that legal amendments are necessary and not easy, so he plans to focus on labor reform through administrative decisions by the government instead.

Additionally, Chairman Sohn urged deregulation, saying, "Korea has too many regulations." He stated, "Deregulation is very important for Korea. We are making great efforts for deregulation," and added, "This will help enhance the competitiveness of all companies."

Tom Byrne, who conducted the interview, also evaluated that "deregulation is very important for promoting potential growth in any economy," and that labor reform will be a key method for long-term potential growth.

On the day, Chairman Sohn said, "I am very pleased that CJ has become a respected corporate group in Korea and has earned the label of a global company." Regarding the success factors behind CJ Group's growth into a global company employing more than 60,000 people worldwide, he replied, "CJ decided to invest in new businesses and has worked hard. We wanted to work in the global market. Globalization is one of CJ's major goals, and so far, I think it has been successful."

He cited the United States as the most attractive overseas market at this point. Chairman Sohn said, "The U.S. provides a good environment and atmosphere for free business." Regarding the Korea-U.S. FTA, which marks its 10th anniversary this year, he positively evaluated, "It helped through tax cuts, etc. The FTA allowed Korean and American companies to expand their businesses."

Along with this, Chairman Sohn reflected on the COVID-19 pandemic, saying, "Some parts were positive, some parts were negative," and recalled, "(In the food business) demand for home meal replacements surged, 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."

The interview was pre-recorded on the 12th in New York as part of the newly launched 'President Interview Series' by the U.S. nonprofit organization Korea Society.

Chairman Byrne introduced Chairman Sohn, who is also the Chairman of the Korea Employers Federation, as "a leader who has greatly contributed to Korea-U.S. solidarity and is widely respected in the Korean business community." Chairman Sohn previously received the 'Van Fleet Award' from the Korea Society in 2018 for his contributions to leading the global Korean Wave and pioneering market development across the content industries including K-pop, movies, and Korean cuisine.

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