Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
President Moon urges firms to embrace ESG values
President Moon Jae-in and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, also SK Group chairman, join a ceremony hosted by the KCCI to mark the 48th Commerce Day at the KCCI headquarters in downtown Seoul, Wednesday. Yonhap
By Yi Whan-woo
By Yi Whan-woo
President Moon Jae-in urged business circles to embrace environmental, social and corporate governance (ESG) values, Wednesday, saying the corporate role is crucial in redefining the business environment.
Speaking at a ceremony hosted by the Korea Chamber of Commerce and Industry (KCCI) to mark the 48th Commerce Day, the President also said the time has come for an economic rebound and asked for support from businesses to “take a leap toward a leading nation” in the post-pandemic era.
Korean society faces inequality, polarization, labor issues, environmental issues and other problems that need corporate support.
Accordingly, Moon lauded businesses for setting up strategies that stress ESG for the past couple of years. The strategies range from Renewable Energy 100 (RE100) to carbon-neutral initiatives, education for the young and disabled people and industrial hazard prevention efforts.
The President viewed all of these efforts to coincide with his Korean New Deal initiative aimed at bolstering digitization and a carbon-free economy.
“The government will make 2021 the starting year of ESG management and a corporate spirit that embraces everyone and will help more firms get involved,” he said, promising to introduce criteria for ESG and launch a presidential committee for carbon neutrality, among others.
Moon was the first President since 2003 to join a Commerce Day celebration.
This was seen as a move to woo chaebol and other corporate members of the KCCI, and dispel perceptions that his administration was hostile to businesses.
On the economy, the President said, “The time has come for an economic rebound thanks to entrepreneurs and business owners who protected our industries and trade.”
He noted that the International Monetary Fund (IMF) sharply raised Korea's 2021 growth outlook from 3.1 percent to 3.6 percent in less than two months in March. The OECD and the Bank of Korea also made similar forecasts.
“And this was made possible due to the efforts of businesspeople together with a successful COVID-19 response,” Moon said.
He congratulated KCCI Chairman Chey Tae-won for becoming the chamber chief this month, expressing hopes that the organization will be “a dependable communication channel between the government and business circles.”
Chey, who is also SK Group's chairman, was among the 60 dignitaries including Cheong Wa Dae officials, ministers as well as the new vice chairmen of the Seoul Chamber of Commerce and Industry who serve Chey at the KCCI.
The vice chairmen come from a wide range of businesses, including IT, gaming and investment. Moon expressed hope that the KCCI will raise expectations to better represent the voices of different industries.