April 26, 2024

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[THE INVESTOR] WASHINGTON -- The Moon Jae-in administration’s economic reform drive is aimed at aiding fair competition and creating a good environment for businesses, President Moon said Wednesday.

Addressing business leaders accompanying him on a trip to the US, Moon said that his reform drive is aimed at improving conditions for both businesses and workers, contrary to the concerns raised by some.

Moon is accompanied by 52 leaders of big and small businesses, including Hyundai Motor Group Vice Chairman Chung Eui-sun, CJ Group Chairman Sohn Kyung-shik, and GS Group chief Huh Chang-soo. Along with the businesspeople, Federation of Korean Trade Unions President Kim Ju-young also attended the meeting. 

President Moon Jae-in (front row, right) addresses Korean business leaders.

“The core is to create a transparent environment for competition. That will raise the economy’s potential growth rate and establish an environment in which business leaders can make investments unhindered,” Moon said.

“Trust in the new government’s economic policies, and invest and create jobs.”

In addition to Moon’s liberal political views, his picks for top economy-related posts had fueled speculations that tough business regulations were in store.

Moon picked Kim Sang-jo to lead the Fair Trade Commission, and Chang Ha-sung as his top economic adviser. Both are reformists, and Kim’s views have earned him the moniker “chaebol sniper,” referring to his views on family-led conglomerates that dominate the Korean economy.

“Business leaders consider me ‘pro-labor,’ and that is right. I have long worked as a labor lawyer. However, another part of me is ‘pro-business,’” he said, highlighting that he had also served as a law adviser to corporations.

He went on to say that he envisions a society that supports both businesses and labor activism, adding that unions and corporations need to work together.

By Choi He-suk/The Korea Herald (cheesuk@heraldcorp.com)