President Yoon vows to 'reform the labor market' at New Year's greeting event

President Yoon Suk Yeol and other business leaders encouraged the public and private sectors to move forward as one at a New Year's greeting event Tuesday.

From right, Korea Enterprises Federation Chairman Sohn Kyung-shik, Hyundai Motor Group Executive Chair Euisun Chung, Korea Chamber of Commerce and Industry Chairman Chey Tae-won, President Yoon Suk Yeol, Korea Federation of Small and Medium Business Chairman Kim Ki-mun, Samsung Electronics Executive Chairman Lee Jae-yong and Federation of Korean Industries Chairman Ryu Jin clap during a New Year's greeting event in western Seoul on Tuesday. [PRESIDENTIAL OFFICE]

Some 400 business leaders attended a New Year's greeting event on Tuesday morning, where speakers encouraged Korea's public and private sectors to pursue a “one team” spirit in 2024.

The attendees included President Yoon Suk Yeol, Samsung Electronics Executive Chairman Lee Jae-yong, SK Group and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo. The gathering was co-hosted by the KCCI and Korea Federation of Small and Medium Business (KBIZ).

President Yoon promised the government's full-fledged support to industries that cater to young people and add value to content, finance and travel industries.

“Me and the government will break through regulations and reform the labor markets so that justice and the rule of law can be established in Korea,” Yoon said.

“Let's leap forward together, the business circle and the government, in the New Year as well, as 'One Team Korea.'”

KBIZ Chairman Kim Ki-mun echoed the view.

“Economic research institutes from home and abroad pointed to enhanced productivity in Korea as the country's economic breakthrough this year and diagnosed that Korea should step up as the world's seventh largest economy through bold policies that add value," he said.

“If Korea's big and small companies innovate together, the overall competitiveness of the industry will fortify all together. Through regulation ease and labor reform, we will be able to achieve 'One Team Korea' for sure.”

KCCI Chairman Chey spoke about Korea's export recovery in the latter half of 2023 on the back of economic diplomacy and said new potential had been uncovered in the defense and K-culture industries.

Chey emphasized that such recovery should be achieved at a similar pace through “fortified partnerships between big and medium-sized companies as well as the small ones, and between laborers as well as between the private and public sectors.”

“Like defense and economy go together, economic and social issues cannot be separated from each other,” Chey said.

“Low birthrate and a diminishing working population stand right in front of us. Every single one is intricately linked to each other. They cannot be solved individually, but require a solution package.”

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]