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Biz lobbies call for innovation from management, unity from labor in New Year's addresses

Published: 29 Dec. 2024, 17:57

CHO YONG-JUN
[email protected]

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won [YONHAP]

The heads of Korea's business associations urged the country's people and businesses to come together and innovate for the Korean economy to be reborn and overcome the unfolding political and economic crises in their New Year's messages.

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who is also the chief of SK Group, called for a mindset of boldly "renovating the old and adopting innovation" as a low growth rate could become the "new normal" of the future.

“We should not remain stuck in the success of the past but build a foundation for future growth through bold innovation,” Chey said on Sunday through the KCCI's New Year's message.

“The year of the Blue Snake [2025] should be the year when the Korean economy is reborn, just like how a snake slips out of its old skin,” Chey said.

The KCCI chairman also emphasized the need for the “fast stabilization of the current affairs of the state" so that businesses can focus fully on their management affairs.

“Policies related to the livelihood of the public and the economy should be pursued regardless of external distress,” Chey said. “The AI-led paradigm shift in industry and the fast change in the global trade environment does not allow even the slightest amount of hesitation.”

“Corporations should, instead of only focusing on simple cost-cutting and improving efficiency, be seeking fundamental radical reform in the entirety of its management […],” Chey said. “Companies should set long-term goals based on core corporate values and actively invest in and foster human resources as a measure to be competitive in the future cutting-edge business.”

Chey said the KCCI will be listening to the industry and offering reasonable alternative solutions to the government and the National Assembly while also communicating with different parties to “reduce social conflicts.”

“We have experience in overcoming unprecedented crises," Chey said. “Trusting the global No. 1 navigational skills of [Korean] businesses and everyone trying their best, I hope 2025 to be the year when we can escape from the current crisis and leap to a better future.”

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik similarly called for the cooperation of enterprises and laborers in the new year to overcome the current crisis.

“Corporations should try their best for an economic recovery while labor groups, as responsible members of the economy, should refrain from going on strikes that cause social instability and come together to overcome the crisis,” Sohn, who is also the chairman of CJ Group, said through the KEF’s New Year's message on Sunday.

The KEF chairman also called for changes in old laws and policies to help “ensure the free economic activities of enterprises” and “allow workers to choose” their working hours to flexibly adapt to their professions.

“The lack of enterprises' countermeasures to the rights provided to labor unions has been identified as a key reason for the instability in labor-management relations,” Sohn said, asking for changes in labor-related laws and policies.

“Korea is a country with potential,” he said. “If everyone comes together and shares their wisdom, we can definitely overcome the tough time we are going through now.”

Korea International Trade Association (KITA) Chairman Yoon Jin-sik also emphasized the severity of the economic situation the country is facing, saying that the organization will work together with the trade industry.

KITA will be analyzing and providing relevant information regarding international affairs and the “ever-changing trading environment,” while also establishing new overseas KITA outposts to aid the businesses.

“The DNA of overcoming crisis and innovation that we have accumulated over the years is the driving force of Korean trade,” said KITA Chairman Yoon, who previously served as trade minister.

“Let’s bring together the wisdom and the ability of the country and write a new history for the Korean economy.”

BY CHO YONG-JUN [[email protected]]