New industry minister meets KCCI chairman to discuss private-led growth

Lee Chang-yang, left, minister of trade, industry and energy, poses with Chey Tae-won, chairman of Korea Chamber of Commerce and Industry (KCCI) during a meeting at the KCCI's headquarters in Seoul, Wednesday. Joint Press Corps

By Baek Byung-yeul

The government will pursue private sector-led economic growth strategies by modifying regulations that hinder corporate growth and offering incentives to let companies invest more, Lee Chang-yang, new minister of trade, industry and energy, said in a meeting with the head of one of the country's major business lobby groups, Wednesday.

"In addition to the continued low-growth trend, the high interest rates, high inflation rates and high exchange rate have added difficulties to our companies," Lee said during a meeting with Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), at the lobby group's headquarters in Seoul.

"To recover the dynamism of the industry, it is essential to overcome the low growth trend and lay the foundation for creating quality jobs. We plan to prepare measures to support facility investment, such as expanding various incentives, in cooperation with related ministries," he said.

The industry ministry said the meeting with the chairman was Lee's first official meeting scheduled since he took office on May 13, adding that the minister decided to visit the KCCI as he considers the chamber a partner in creating the growth strategy for the new government.

In response, Chey welcomed the new minister on behalf of the business community, praising both his expertise and experience to serve as an industry minister.

"Our economy is undergoing changes that we have not experienced in the past in the face of a major transition, and this transition may involve costs and pain, but it is the way to go, so the government, companies and the people should think and actively deal with it all together," Chey said.

"As the government's new policy motto of 'private-led and government-supported' has become more important, we expect the new industry minister will play a big role in the new government."

Starting with his visit to the KCCI, the industry ministry said the minister plans to discuss growth-oriented industrial strategies through relay meetings with the country's business and economic organizations.

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