Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Why Yoon looks to ex-Samsung CEO as head of public-private joint committee
By Baek Byung-yeul
Kwon Oh-hyun, former CEO of Samsung Electronics / Courtesy of Samsung Electronics
By Baek Byung-yeul
Former Samsung Electronics CEO Kwon Oh-hyun is reportedly being considered for the role of chairman of the Yoon Suk-yeol administration's proposed public-private joint committee.
This is seen as an attempt by the new government to establish strategies to foster tech industries by utilizing the experience of the ex-CEO, who led the tech giant's semiconductor business until 2017, according to industry officials, Wednesday.
The public-private joint committee is a presidential committee under which private experts and government officials will work together to enact policies on major issues.
President Yoon has been saying since he was running as a presidential candidate that he would establish the joint committee, to act as a bridge between government departments and the private sector as well as to reduce the much-criticized excessive power of the presidency.
The president, who officially took office on Tuesday, seems likely to appoint the ex-CEO due to his deep knowledge of the global situation, so he can discover promising new business sectors that the government should support and develop the capabilities of domestic companies further, said Kim Dae-jong, a business professor at Sejong University.
“People from companies know better than government officials about how the actual business procedures work in the field. Therefore, appointing Kwon would be a positive move as he has a lot of actual business experience,” the professor said. “It is also seen as an expression of willingness to create a business-friendly environment for companies by appointing him as head of the committee.”
An official from a local IT company also said, “The new president seems to expect Kwon to play a role in discovering policy directions that can enhance the competitiveness of Korea's semiconductor industry as well as other businesses.”
Kwon is regarded as having led Samsung to become the world's top memory chipmaker by implementing a super-gap strategy to widen the gap with rivals through continuous technological development. After joining Samsung in 1985, he spent more than 30 years in its semiconductor business.
After he stepped down as head of Samsung's semiconductor division, Kwon has continued giving advice to the local business community, emphasizing the need for improving the technological capabilities of companies.
In an interview with the Korea Semiconductor Industry Association in November 2021, he said, “The U.S. government inviting Samsung or TSMC to semiconductor meetings or requesting investment in the U.S. is solely due to the technological capabilities of Samsung and TSMC.”