Business leaders promised in a meeting with President Lee Jae-myung that they would undertake large-scale investments to revive regional economies and increase youth employment.
Ryu Jin, chairman of The Federation of Korean Industries (FKI), said at the "corporations roundtable to expand youth jobs and regional investment" held at the Blue House on the 4th, "The top 10 conglomerates are planning regional investments of about 270 trillion won over five years," adding, "Including those beyond the top 10, we think total investment could reach around 300 trillion won."
Ryu said, "Youth unemployment is a problem in itself, but I believe it is also a serious issue deeply tied to the difficulties of regional economies," adding, "Young people are moving to the greater Seoul area in search of jobs, and regions are worried about extinction as their populations decline."
He added, "Breaking this vicious cycle is more important and urgent than anything else, so the business community will respond with active investment."
Ryu said, "Bold investments will breathe life into regions and provide job opportunities for young people in marginalized areas," adding, "Along with increasing new hires, we will also expand education and training programs and actively push ahead with job and work training, including artificial intelligence (AI), internships, and on-site tailored training."
He also stressed that government support is needed. Ryu said, "We ask the government for extraordinary support so that corporations' hiring plans can proceed without setbacks," requesting, "Given heightened concerns that manufacturing jobs will decline with the spread of AI and robots, please focus on nurturing the service industry, which has strong employment effects."