Lee and Lee meeting needs to be more than mere show

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Lee and Lee meeting needs to be more than mere show

Published: 21 Mar. 2025, 00:00

Audio report: written by reporters, read by AI

Samsung Electonics Chairman Lee Jae-yong (left) greets Party leader Lee Jae-myung at Samsung Software Academy Youth on March 20. [KIM SUNG-RYONG]

Democratic Party (DP) leader Lee Jae-myung met with Samsung Electronics Chairman Lee Jae-yong Thursday. Following his recent economic discussions with Ryu Jin, chairman of the Federation of Korean Industries, Lee visited the Samsung Youth Software Academy in Seoul’s Yeoksam district. While this may be part of his broader strategy to appeal to centrist voters ahead of a potential early presidential election and to assert his leadership in economic discourse, it remains significant that the leader of the main opposition party and a major presidential contender is engaging directly with the corporate sector. This is particularly noteworthy given the DP’s past moves on legislative measures perceived as restrictive to business activities.

During the meeting, Lee Jae-myung underscored the importance of a symbiotic relationship between national prosperity and corporate success, stating, “For the nation to prosper, businesses must thrive, and for Samsung to succeed, its investors must also benefit.” He urged Samsung to continue driving economic growth and emphasized the need to strengthen the global competitiveness of major corporations in an increasingly competitive world. Expressing hope that Samsung would overcome its current challenges, he advocated for fostering an economic ecosystem where success is more broadly shared.

However, the meeting failed to address key regulatory concerns affecting the business sector, including the Semiconductor Special Act and amendments to the Commercial Act. The DP is currently advocating for a Semiconductor Special Act that omits provisions for exceptions to the 52-hour workweek despite industry demands for greater flexibility. Additionally, the party has pushed through an amendment to the Commercial Act that introduces a fiduciary duty clause for corporate boards of directors, which has drawn strong opposition from the business community. Notably, industry leaders have called on acting President Choi Sang-mok to veto the Commercial Act amendment, citing potential negative impacts on corporate governance and investment.

The broader business environment remains fraught with challenges, from escalating global trade tensions and U.S. tariffs to increasingly complex regulatory hurdles. Samsung, in particular, is navigating fierce competition in the semiconductor sector. Chairman Lee Jae-yong has openly acknowledged the severity of the situation, urging executives to adopt a "do-or-die" crisis mindset, while Vice Chairman Han Jong-hee recently assured shareholders of the company’s relentless commitment to achieving tangible results.

At a time when businesses are striving to innovate and remain competitive, the political sphere must play a supportive role rather than imposing additional constraints. Politicians cannot merely pay lip service to corporate success while simultaneously advancing regulations that stifle growth under pressure from labor unions. Lee Jae-myung has recently positioned himself as a proponent of "pragmatism," yet his wavering stance on crucial issues, such as flexibility in semiconductor labor regulations, raises doubts about the sincerity of his approach. Without substantive legislative and policy actions to back his rhetoric, Lee’s outreach to the business sector risks being dismissed as an election-driven maneuver rather than a genuine commitment to economic progress.

Translated using generative AI and edited by Korea JoongAng Daily staff.