On the 13th, the heads of the five largest corporations met with President Lee Jae-myung to express their shared intention to join forces between the public and private sectors to overcome the economic crisis.
On that day, President Lee held a meeting in the Yongsan Presidential Office with the heads of the five major groups and leaders of six economic organizations.
Lee Jae-yong, chairman of Samsung Electronics, stated at the meeting, “The practical market-oriented national philosophy that you advocate will be a great strength not only for Samsung but for all corporations in our country.”
He continued, “However, we are currently in a precarious and complex crisis situation that some describe as a 'national calamity period' comparable to the IMF crisis. However, our country has overcome numerous crises to reach this point, and I believe this crisis can also be overcome if the public and private sectors join forces around the President's leadership.”
Chairman Lee said, “Samsung will diligently carry out the planned domestic investments and employment to navigate the difficult economic situation,” adding, “It is also important to prepare food for the next generation, 20 or 30 years ahead.”
He remarked, “Samsung is increasing investments in artificial intelligence (AI), semiconductors, and biotechnology,” and added, “We will strive to incorporate AI into traditional industries to enhance productivity and create higher-paying jobs.”
He also added, “We believe we are making efforts in our way to coexist with small and medium-sized enterprises mentioned by the President. I think stability in the industrial sector is a principle that must be upheld.”
Chairman Lee also said, “To add one thing, since you became President, I have read your autobiography,” eliciting laughter.
The autobiography mentioned by Chairman Lee appears to be the book “I Came This Far Because I Had That Dream,” published by President Lee in February 2022.
This book includes President Lee’s life journey and political philosophy from his childhood experience as a young worker to passing the bar exam, labor movements, serving as the mayor of Seongnam, the governor of Gyeonggi Province, and then becoming a presidential candidate.
Chairman Lee said, “We need to give dreams to the youth in our country,” adding, “All of Samsung's social contribution activities are focused on how young people can adapt to society more quickly. We will work harder.”
Earlier, Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, congratulated President Lee on his inauguration and expressed his will to seek solutions together with the government to overcome national hardships.
Chairman Chey noted, “The business community has quite high expectations for the interest shown by corporate leaders,” adding, “However, domestic conditions are not very favorable. There are structural issues such as internal sluggishness, a decline in investment sentiment, and low birth rates coupled with an aging population, and externally, the U.S.-China power struggle and geopolitical conflicts are exacerbating difficulties.”
He stated, “This year, especially, we are facing considerable difficulties due to the imposition of reciprocal tariffs by the United States. It would be nice if decisions could be made clearly, but since there is ambiguity, it has become an unstable time with no resolution, which makes it quite challenging for business leaders to make decisions or invest.”
He also mentioned that corporations are continuously monitoring external variables while traveling between countries. Chairman Chey explained, “Since the launch of the second administration of Trump, we created a public-private outreach delegation to visit Washington,” and shared that they proposed collaboration plans to create synergy with six strategic industries: shipbuilding, energy, nuclear power, AI, semiconductors, and mobility.
He added, “We explained how our corporations have meaningfully contributed to the U.S. economy, and not only the Korea Chamber of Commerce and Industry but also trade associations and other economic organizations are continuing these efforts.”
Chairman Chey recounted, “Last month, I visited Japan and met with Prime Minister Kishida, requesting the Japanese government’s interest and support for corporate activities between Korea and Japan, which face common challenges, in order to cooperate to overcome the crisis.” He continued, “I believe this aligns with the practical diplomacy centered on national interests emphasized by the President.”
Additionally, he conveyed plans to attract 1,700 foreign corporations to the Asia-Pacific Economic Cooperation (APEC) summit to be held in Korea in November.
Chairman Chey remarked, “This is a very good platform for the public and private sectors to cooperate with one voice,” adding, “As President Lee has recently requested attendance at the APEC meeting while communicating with leaders from the U.S., China, and Japan, we will also strive to invite the significant 'big shot corporations.'”
He added, “To enhance the prestige and outcomes of the event, it is essential for the government to actively invite and support the event, and the economic community will mobilize its global network to contribute to the success of the summit and enhance the country's stature.”