Seoul, Nov 16 (IANS) President Lee Jae Myung on Sunday pledged utmost efforts to help minimise barriers for corporate activities as he met with leaders of key conglomerates to discuss follow-up measures after the release of a joint fact sheet on bilateral trade and security agreements with the United States.
The meeting came two days after Seoul and Washington released the joint document outlining agreements reached in their recent summit talks, including Seoul’s US$350 billion investment plans in the U.S. in exchange for reducing U.S. tariffs from 25 percent to 15 percent, reports Yonhap news agency.
“The government’s key role is to ensure that companies can conduct activities in a free and creative manner across the globe,” Lee told participants during the meeting held at the presidential office, according to the presidential office.
The meeting was attended by Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and several other chief executives of conglomerates, including HD Hyundai and Hanwha.
Addressing the outcome of the tariff talks, Lee said it was a “very difficult process,” given that the talks were inevitable in the face of a changing international order. Lee insisted the government did a very good job in dealing with it.
He asked companies to swiftly adjust to the new situation and utilize it as an opportunity going forward.
“What is more important is the future. There is nothing more important than the livelihood of the people and companies are the spearhead in resolving economic issues,” he was quoted as saying.
Against such a backdrop, Lee vowed to provide various support measures for companies, including deregulation, and promised to swiftly resolve issues that may arise for the corporate sector.
The president also asked companies to ensure domestic investments remain strong, noting concerns over an increase in U.S. investments possibly affecting investments at home, the presidential office said.
The business leaders on hand introduced plans for domestic investments and recruitment, affirming their commitment to contribute to the local economy.
Samsung’s Lee said the company plans to hire 60,000 new employees in the domestic market for the next five years, and expand facility investment, including research and development.
“While there may be concerns over domestic investment, we will make sure there are not any,” he said. “Samsung will make further efforts to increase investment, create more jobs for the younger generations and work together with smaller and venture companies.”
Chey of SK Group said SK’s Yongin semiconductor complex will see a tentative 600 trillion-won (US$412.2 billion) investment over the next few years.
Hyundai Motor Group is pushing to invest 125 trillion won through 2030 and plans to hire some 10,000 new employees next year, up from this year’s 7,200, its chairman Chung said at the meeting.
Hanwha Vice Chairman Yeo Seung-joo said its 7 trillion-won investment plan for Hanwha’s shipyard in the U.S. city of Philadelphia is expected to create new markets for local shipbuilding and related component makers.
—IANS
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