President Lee meets with heads of Korea's biggest firms: 'We will boldly eliminate unnecessary regulation'

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President Lee meets with heads of Korea's biggest firms: 'We will boldly eliminate unnecessary regulation'

Published: 13 Jun. 2025, 18:35

Audio report: written by reporters, read by AI

President Lee Jae-myung speaks to the heads of Korea’s five largest conglomerates and six major business organizations during a meeting at the presidential office in Yongsan District, central Seoul on June 13. [JOINT PRESS CORPS]

President Lee Jae-myung held a meeting Friday with the heads of Korea’s five largest conglomerates and six major business organizations to discuss economic revitalization measures.

In the meeting, held just nine days after his inauguration, Lee promised the government's active support for businesses while also emphasizing the importance of creating a fair economic ecosystem.

“In the end, the most important issue is how people make a living — at the center of that is the economy, and at the center of the economy are businesses,” said Lee in his opening remarks. “I believe the most crucial role of government is to actively support and cooperate so that companies can contribute to economic growth and conduct their business smoothly.”

Noting that the financial markets have stabilized and stock prices have risen following the recent election, Lee added, “Just as safeguarding lives and safety is a government responsibility, so is revitalizing the economy.”

The president also underscored the need for a fair economic ecosystem.

“It is very important to form a fair structure among economic players, such as within corporate labor relations and in dealings with small- and medium-sized enterprises,” Lee said. “Sustainable growth is impossible under outdated practices of unfair competition, favoritism or exploitation.

“There is still some distrust remaining, and I hope companies will work to ease that,” he added.

Lee asked for feedback on industrial and economic policy.

Heads of conglomerates and government officials in attendance during a meeting with President Lee Jae-myung speak before the meeting at the presidential office in Yongsan District, central Seoul on June 13. [JOINT PRESS CORPS]

“First, we will work to normalize industry and the economy to ease the difficulties companies face in global competition and expand our economic territory and business operations through diplomatic and security initiatives,” he said. “I’d like to hear thoughts from the field on the direction of industry and economic policies. The government will also reflect on any necessary points concerning international trade.”

While promising to streamline regulations, Lee noted that rules needed to ensure fair market order were essential.

“We will boldly eliminate unnecessary regulations or those created for administrative convenience,” he said. “But regulations to maintain fairness in the market are necessary — and those that protect life and safety should even be strengthened.”

He asked business leaders to provide input on regulatory reform.

“The new administration intends to focus on the livelihood economy and people’s daily lives,” said Lee. “As business organizations and major companies are at the center of this, I ask for your cooperation, advice and, if needed, candid criticism.”

In attendance were Samsung Electronics Executive Chairman Lee Jae-yong, SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Chairman Koo Kwang-mo and Lotte Chairman Shin Dong-bin.

Representing business associations were Federation of Korean Industries Chairman Ryu Jin, Korea Enterprises Federation Chairman Sohn Kyung-shik, Korea International Trade Association Chair Yoon Jin-sik, Korea Federation of Small and Medium Business Chairman Kim Ki-mun and Federation of Middle Market Enterprises of Korea Chairman Choi Jin-sik.

From the presidential office, presidential chief of staff Kang Hoon-sik, National security adviser Wi Sung-lac, National Policy Director Kim Yong-beom and Economic Growth Secretary Ha Joon-kyung were present. Government officials included Minister of Trade, Industry and Energy Ahn Duk-geun, First Vice Finance Minister Lee Hyoung-il, Financial Services Commission Chairman Kim Byoung-hwan and Trade Minister Yeo Han-koo.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY JEONG JAE-HONG [[email protected]]