The law is created with a good intention, but I think there is a problem that it does not always act accordingly.
Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group, said on the 26th at a press conference marking his fourth anniversary in office held at KORCHAM in Jung-gu, Seoul, that several semiconductor manufacturers are struggling due to the 52-hour work week.
Chey emphasized, "Excessive overregulation suppresses everyone’s autonomy and undermines creativity," adding, "It’s my philosophy that it may not aid growth and might not significantly help solve social issues." This reflects a critical view of uniformly applying the 52-hour work week to all corporations.
The semiconductor industry is recently demanding that the political sector allows exceptions to the 52-hour work week for the research and development (R&D) institutional sector. However, the semiconductor special law containing such demands failed to pass the National Assembly due to opposition from the opposition party on the 17th of last month.
Chey also expressed regret over the corporate law amendment pushed forward by the opposition party. The amendment expands the duty of loyalty of directors from "the company" to include "the company and shareholders." He stated, "Corporate law is similar to a constitution in economics," and questioned whether it is the right timing to change it and enter a new phase.
He also explained conversations and outcomes regarding the tariff and trade policies of the Trump administration. Last month, he led a trade outreach delegation consisting of CEOs of 20 major domestic corporations to the United States and had meetings with U.S. Secretary of Commerce Howard Latnick, among others.
Chey stated, "Minister Latnick, who has a background as an entrepreneur, asked us to increase our investments in the U.S.," adding, "We conveyed that we would continue our foreign direct investment (FDI) as we have been, but with the intention of purchasing more U.S. goods, particularly to reduce the trade deficit through increased energy imports."
He added, "We proposed six areas where Korea and the U.S. could create synergistic effects together," and noted that Minister Latnick appreciated it, saying that more than 20 countries have sent delegations, but none were as well-prepared and provided as many new ideas as Korea.
He clarified that the allegations of Minister Latnick’s "neglect controversy" that arose during the delegation’s visit to the U.S. were false. It was reported that Minister Latnick canceled the meeting abruptly before the scheduled discussion and only met with Chey and others after the formal agenda of the delegation had concluded.
Chey said, "The meeting was not initially confirmed due to the Senate confirmation of Minister Latnick being pending." He explained, "Although the confirmation came through in the last minute, several procedures, such as the oath of office, remained, and ultimately, the meeting was canceled," adding, "A personal contact came later at midnight, and the meeting took place, lasting 45 minutes."
He also shared his views on the response strategy regarding the intensifying trade conflict between the U.S. and China since the Trump administration began. Chey stated, "Being forced to choose one side is not a good position," and noted that "objectively speaking, we must figure out whether our current position is profitable and have each adjust their strategies accordingly."