Contrast with past ministers who visited first in the mid-term
Emphasis on supporting industry efforts for growth
Minister of Trade, Industry and Energy Lee Chang-yang visited the Korea Chamber of Commerce and Industry on the 18th as his first step since taking office. Minister Lee met with Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, and asked him to propose a business regulatory reform plan. Previous industry ministers usually started their schedule by visiting small and medium-sized enterprises (SMEs) and listening to their concerns.
In a meeting with Chairman Choi in the followingnoon of the same day, Minister Lee emphasized communication with the industry and said, “We will promote policies that strongly support the industry’s efforts for growth and entrepreneurship.” He also said, “I will take the lead in reflecting corporate policy demands in the government’s policy-making process.” He mainly mentioned regulatory reform, investment revitalization, innovation and enhancement of competitiveness rather than win-win growth of SMEs.
It is interpreted that Minister Lee’s visit to the Korea Chamber of Commerce and Industry clearly shows the policy stance of the Yun Seok-yeol administration.
Professor Changmin Lee of Hanyang University said, “The fact that he mainly mentioned regulatory reform, which has interests with large corporations, rather than shared growth with small and medium-sized enterprises or ESG-oriented management, is a clear indication of the current government’s large corporation-centered growth strategy. You can see it in action,” he said.
Minister Lee also said to Chairman Choi, “The Korea Chamber of Commerce and Industry would like to propose specific regulatory reform proposals by collecting opinions from the industry.”
The establishment of the Industrial Innovation Strategy Council is included in the 110 national tasks of the Yun Seok-yeol government, and the government plans to actively discover regulatory difficulties of companies through this.
It is unusual for the Minister of Trade, Industry and Energy to visit Korea on his first site visit. Moon Seung-wook, the last Minister of Industry under the Moon Jae-in administration, visited Silicon Mitus, a semiconductor fabless company, skipping his inauguration ceremony.
Starting with the visit of the Korean Chamber of Commerce, Minister Lee plans to discuss growth-oriented industrial strategies through interviews with companies and organizations, including the heads of six economic groups such as the Federation of Korean Industries and the Korea Employers’ Federation.
Regarding the selection of the Korea Council for the first on-site visit, an official from the Ministry of Trade, Industry and Energy said, “The purpose of the national project is to hear the opinions of companies as the direction of the national project is to promote private-led and corporate-led growth strategies. It has been postponed for the time being due to the schedule.”
