Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry, met with Minister of Trade, Industry and Energy Kim Jeong-kwan on the 4th and said, "It is still hasty to regard the (U.S.-Korea tariff) negotiations as concluded," adding, "We need a little more detail."
On the 4th, Chairman Chey and Minister Kim had a meeting at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, where they discussed recent issues, including U.S.-Korea tariffs. Officials present included Park Dong-il, director of the manufacturing industry policy, Nam Kyung-mo, head of the industry policy department, Park Il-jun, vice chairman of KORCHAM, and Lee Hyung-hee, vice chairman of the Seoul Chamber of Commerce.
Chairman Chey noted, "Many people have been very worried about the tariff issue, so I'm relieved that it's been resolved," while also requesting, "Please align our industrial strategy with the U.S. tariffs and trade environment as much as possible. I hope you will help create new industrial mapping and environment."
Minister Kim said, "The tariff issue has been a major challenge for corporations, and I think it helps that we have alleviated some of the major uncertainties," adding, "I think this is just the beginning." He compared the situation to a patient who has just finished surgery, stating, "There are various issues, and it is important that we work well with our corporations to ensure we do not suffer any harm."
Minister Kim also met in the afternoon with Sohn Kyung-shik, chairman of the Korea Enterprises Federation. Chairman Sohn remarked, "Given the unfavorable domestic and international business environment, I hope we can communicate often and collaborate closely to resolve management issues that the industry is facing."
Regarding the amendments to the labor union law and commercial law, which have raised significant concerns in the business community, Minister Kim stated, "In the short term, it may pose a burden on corporations, but in the long run, it can become an opportunity for establishing a reasonable, cooperative labor-management culture and restoring trust in the capital market," while also noting that "it should not become a burden on our corporations' competitiveness and job creation."
Minister Kim added, "With six months remaining for the labor union law and one year for the commercial law's implementation preparation period, I will communicate with the industry to minimize the burden on corporations during the subsequent discussions, including legislative revisions and the task force for economic punishment mitigation, and will prepare reasonable alternatives." He also mentioned that he would establish and operate a "corporate environment team" dedicated to responding to economic issues.