Lee Hyung-il Holds Meeting with Six Major Economic Organizations... Emphasizes Communication and Youth Policies

Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il met with the heads of six major economic organizations today (the 7th) to discuss economic trends and policy directions, while emphasizing the importance of communication with the business community.

Speaking at the meeting with the heads of the six major economic organizations and the public-private council for supporting corporate innovation held at the Korea Chamber of Commerce and Industry this morning, Deputy Prime Minister Lee stated, "Actual changes felt by businesses begin with voices from the field, and policies can lead to tangible results when the government and the private sector ponder and find solutions together on the ground."

The meeting was attended by Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Federation of Korean Industries Chairman Ryu Jin, Korea International Trade Association Chairman Yoon Jin-sil, Korea Federation of SMEs Chairman Kim Ki-mun, Federation of Korean Middle Market Enterprises Chairman Choi Jin-sil, and Korea Enterprises Federation Executive Vice Chairman Lee Dong-g근.

Lee mentioned that the government recently decided, based on corporate proposals, to permit integrated bidding for electrical and communication construction when installing semiconductor fabrication plants, and to shorten administrative procedures for converting internal combustion engine vehicle plants into electric vehicle-focused facilities.

"Despite difficult economic conditions, our economy is seeing an expansion in growth driven by a global semiconductor boom," Lee said. "At the same time, structural problems still remain, such as a declining working-age population, a drop in potential growth rates due to stagnant productivity, and polarization across different sectors, while burdens on people's livelihoods such as inflation persist."

He added that the government will strengthen policy efforts to rebound potential growth rates and alleviate polarization, pursue large-scale future investments through three major mega-projects, and resolve on-the-ground bottlenecks hindering corporate investment.

He stated plans to mobilize all available financial resources and policy instruments for three core social policy areas—housing, jobs, and livelihood finance—and emphasized that particular focus will be placed on support for young people.

In response, the heads of the economic organizations requested that the government cooperate to ensure that licensing, infrastructure, and necessary support are swiftly provided in alignment with corporate investment schedules.

They also noted that customized artificial intelligence (AI) support for small and medium-sized enterprises (SMEs) is necessary to reduce the polarization between large corporations and SMEs.

Regarding the extension of the retirement age, they proposed flexible approaches that can utilize the accumulated experience of older workers, such as re-employment after retirement, while securing job opportunities for the younger generation.

The heads of the economic organizations stated, "We hope the launch of the new economic team will serve as an opportunity to open the inaugural year of a growth rebound," adding that they will continue to convey voices from the field through public-private councils and other channels.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.