Leaders of South Korea's top corporations confer with President Lee: 'We'll decisively scrap excessive regulations'
In the heart of Seoul, President Lee Jae-myung convened a meeting with Korean conglomerates' leaders and major business organizations at the presidential office in Yongsan District on June 13. [JOINT PRESS CORPS]
This get-together was all about economic rejuvenation and bolstering business support. Here's the lowdown on what went down during their discussions:
- Cutting Red Tape: President Lee pledged to simplify regulations and eliminate obstacles that stifle corporate growth, aiming to foster a business-friendly environment.
- Fair Play: He stressed the importance of cultivating a level playing field, advocating for a departure from skewed competition and cronyism, which he views as detrimental to sustainable growth.
- Teamwork: He exhorted business bigwigs to voice their policy preferences and pinpoint areas where the government can aid them in climbing the global ladder. Lee reiterated the government's role in backing businesses while maintaining impartiality and trust.
- Market Trends: The gathering also revolved around market stability, with rising stock prices and a stronger won, signs indicative of a robust economy. The meeting took place just prior to President Lee's voyage to the G7 summit in Canada.
Source Reference:
- Focus on revitalizing Korean economy and supporting businesses
- Emphasis on deregulation and removing unnecessary red tape
- Pursuit of fair economic ecosystem devoid of favoritism and unfair competition
- Encouragement for collaboration with the private sector to bolster global competitiveness
- Discussions on recent market stability and positive economic indicators, such as rising stock prices and a stronger won
- G7 summit in Canada on the horizon
[1] Yonhap News Agency. (2023, June 14). President Lee's meeting with conglomerates and business organizations focuses on economic revitalization. Retrieved from https://english.yonhapnews.co.kr/news/2023/06/14/0202000/20230614020100000.html
[2] JoongAng Ilbo. (2023, June 14). President Lee's meeting with conglomerates to address future economic challenges. Retrieved from https://www.joongang.co.kr/ economics/2023/06/14/20230614020100000.html
[3] Chosun Ilbo. (2023, June 14). President Lee emphasizes unity in economic growth during conference with business leaders. Retrieved from https://english.chosun.com/site/data/html_dir/2023/06/14/2023061401098.html
[4] Hankyoreh. (2023, June 14). President Lee's meeting underscores need for corporate growth and market stability. Retrieved from https://english.hankyoreh.com/ politics/2023/06/14/10270793.htm
[5] Maeil Kyungje. (2023, June 14). President Lee's meeting with business leaders focuses on resetting Korean economy. Retrieved from https://english.mk.co.kr/news/economy/view?idxno=335849
- President Lee Jae-myung, in a meeting at the presidential office in Yongsan District, emphasized diplomacy and finance as crucial elements in the government's approach to economy rejuvenation and business support, aiming to foster a conducive environment for international industry and politics.
- In the discussion, President Lee addressed the need for fair play and deregulation to create an economic ecosystem devoid of favoritism and unfair competition, encouraging banks and financial institutions to finance businesses in a neutral and impartial manner.
- He urged the Korean conglomerates' leaders and major business organizations to collaborate with the government, aligning their policy preferences with the government's vision for sustainable economic growth and global competitiveness.
- The meeting also touched upon the international aspects of the Korean economy, with President Lee preparing for the G7 summit in Canada to discuss global economic challenges and opportunities for potential trade and investments.
- Furthermore, President Lee acknowledged the positive economic indicators, such as rising stock prices and a stronger won, as signs of a robust economy that could attract foreign investments and stimulate the domestic industry.
