State and business must work together to beat crisis: Yoon

President Yoon Suk Yeol said the challenges of 2023 can be an opportunity for business in Korea and called on the state and the private sector to work together to ensure performance in 2023.

From left: Daegu Chamber of Commerce & Industry Chairman Lee Jae-ha, Minister of Economy and Finance Choo Kyung-ho, Federation of Middle Market Enterprises of Korea Chairman Choi Jin-sik, Korea Enterprises Federation Chairman Sohn Kyung-shik, Korea International Trade Association Chairman Christopher Koo, Federation of Korean Industries Chairman Huh Chang-soo, SK Chairman Chey Tae-won, President Yoon Suk Yeol, KBIZ Chairman Kim Ki-mun, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung, LG Corporation Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Minister of SMEs and Startups Lee Young [KOREA CHAMBER OF COMMERCE and INDUSTRY]

President Yoon Suk Yeol said the challenges of 2023 can be an opportunity for business in Korea and called on the state and the private sector to work together to ensure performance in 2023.

“Though Korea’s economy will continue to face difficulties this year, we will be able to turn this crisis into opportunities if the government and the businesses come together,” said Yoon during a New Year's event hosted by the Korea Chamber of Commerce and Industry (KCCI) at COEX.

Yoon emphasized that the economy will be at the center of Korea’s foreign policy, while citing labor reform and regulation improvements as priorities this year.

The president has been taking a hard-line stance on labor issues. During a 16-day trucker strike that started on Nov. 24, Yoon came down hard to compel the drivers back to work as a part of his labor reform plans.

Local business leaders also have been calling for reform in the labor market to facilitate flexible employment.

As former President Moon Jae-in did not attend the event during his five-year term, it was the first time in seven years that the president made an appearance at the annual new year’s greeting event.

Chaebol leaders — including Samsung Electronics Chairman Lee Jae-yong, SK Chairman Chey Tae-won and Hyundai Group Executive Chair Euisun Chung — attended event, along with representatives from small companies.

This is the first time that business leaders from both small and large companies attended the new year’s greeting event together.

The event was jointly organized by the KCCI and the Korea Federation of Small and Medium Business (KBIZ) for the first time. It has been hosted by the KCCI since 1962, and KBIZ used to hold a separate event for smaller companies.

“The private sector and the government should work together to expand exports, first and foremost,” said Chey of SK, who doubles as the KCCI chairman. "I wish 2023 to be the year when Korea once again increases its foothold as an exporter."

KBIZ Chairman Kim Ki-mun called for deregulation and labor reform during his opening remarks.

About 500 attendees representing companies and the government joined the event Monday, including Choo Kyung-ho, minister of Economy and Finance, and Lee Chang-yang, minister of Trade, Industry and Energy.

Also attending were LG Corporation Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Hanwha Solutions CEO and Vice Chairman Kim Dong-kwan, GS Group Chairman Huh Tae-soo, HD Hyundai Chairman Kwon Oh-gap, Shinsegae Vice Chairman Chung Yong-jin, and Doosan Chairman Park Jeong-won.

Heads of the business lobbying groups, including Huh Chang-soo, chairman of the Federation of Korean Industries, and Sohn Kyung-shik, chairman of the Korea Enterprises Federation and CJ Group chairman, attended the event as well.

Korea is facing a wide range of economic challenges in 2023.

The Finance Ministry expects a 1.6 percent growth in 2023, after last year’s 2.5 percent growth forecast. If the projection holds, this year will likely be the second year of decelerating growth.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]