Yoon encourages global businesses to invest in Korea
President Yoon Suk Yeol offers a seat to IBM Chairman Arvind Krishna, left, during a luncheon with global companies' CEOs at a hotel in Davos, Switzerland, Wednesday (local time). Yonhap
By Nam Hyun-woo
DAVOS ― President Yoon Suk Yeol asked the CEOs of leading global companies, including IBM, Qualcomm, Intel and Blackstone, to invest in Korea, Wednesday (local time).
Yoon made the request during a luncheon with 15 CEOs of global companies and the heads of six major Korean businesses at a hotel in Davos, Switzerland, where they shared opinions on stable supply chains and the digital transition.
Yoon is in the alpine town to attend the World Economic Forum.
Among the CEOs of global firms were IBM Chairman Arvind Krishna, Qualcomm President Christiano Amon and Intel CEO Patrick Gelsinger. Along with the chiefs of the tech giants, big names from the financial sector were also present, including Blackstone Chairman Stephen Schwarzman, JP Morgan Chairman Jamie Dimon, Mubadala Investment CEO Khaldoon Al Mubarak and Bank of America International President Bernard Mensah.
On the Korean side, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chairman Chung Euisun, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and Hanwha Solutions President Kim Dong-kwan were present.
The luncheon was held as part of Yoon's pledge to use his overseas trips as opportunities to assist Korean companies' export aims and attract foreign investments. During dinner with Korean CEOs in the United Arab Emirates on Monday, Yoon described himself as “a salesman for Korea.”
“To address the complex crisis that we are facing these days, solidarity and cooperation between countries and companies are essential,” Yoon said. “While companies are pursuing sustainable growth and technological innovation to address global problems, the government should also assist them by making the market operate fairly and effectively.”
Yoon also noted that his administration's policies are aimed at allowing the private sector to lead economic growth due to Korea possessing a top-level free trade agreement network, industrial capacity and a talented workforce.
Samsung Electronics Chairman Lee Jae-yong, second from left, introduces Qualcomm President Christiano Amon, right, to President Yoon Suk Yeol during a luncheon with global companies' CEOs at a hotel in Davos, Switzerland, Wednesday (local time). Yonhap
During the luncheon, Yoon reportedly expressed the Korean government's determination to reform its rigid labor market, which is one of the most often mentioned issues that cause foreign companies to hesitate to invest in Korea.
“Global companies are evaluating Korea's competence in its network, advanced industries and talented human resources, but at the same time, they have doubts due to the country's strict and inflexible labor market and militant labor unions,” a senior presidential official said.
“President Yoon has already said that he will establish rules of order in labor-management relations and announced his reform ideas on the labor market to make it more flexible.”
As part of his labor reform initiative, Yoon pledged to improve large labor unions' financial transparency, and the government is exploring measures to address unfair practices and customs between employers and labor unions.