Bahk Eun-ji has been with The Korea Times since 2012, building a career across multiple desks. She began at the Business Desk, where she conducted in-depth interviews with key figures in Korea's corporate world. Later, she moved to the Politics & City Desk, focusing on education policy and social affairs. She later served as team leader of the digital content team, leading curation efforts on the newspaper’s homepage and reshaping print stories for social media audiences to enhance digital reach. Now back on the Politics Desk, she covers the National Assembly and the Ministry of National Defense, with a renewed focus on political developments.
President signals deregulation drive, aims for policy sync with big businesses
President Lee Jae-myung speaks during a meeting with leaders of Korea’s six major business associations and conglomerates at the presidential office in Yongsan, Seoul, Friday. From left are LG Group Chairman Koo Kwang-mo, Samsung Electronics Chairman Lee Jae-yong, President Lee, Hyundai Motor Group Chairman Chung Euisun and Lotte Group Chairman Shin Dong-bin. Joint Press Corps
By Bahk Eun-ji
President Lee Jae-myung held his first meeting with the heads of Korea’s top business groups, Friday, pledging to eliminate unnecessary regulations and establish a new channel for policy coordination.
Framing his administration as an ally of the private sector, Lee called for mutual trust and emphasized that “support and encouragement — not control — will define the government’s role in the economy.”
Just nine days into his presidency, Lee convened the high-profile meeting that brought together the heads of Korea’s five largest conglomerates — Samsung Electronics Chairman Lee Jae-yong; Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won; LG Group Chairman Koo Kwang-mo; and Lotte Group Chairman Shin Dong-bin.
The gathering also included the leaders of six major business associations: the KCCI, Korea Enterprises Federation (KEF), Federation of Korean Industries (FKI), Korea International Trade Association (KITA), Korea Federation of SMEs (KBIZ), and Korea Federation of Middle Market Enterprises (KOFMME). The meeting was held at the presidential office in Yongsan.
“We will boldly eliminate outdated regulations created for administrative convenience,” Lee said. “At the same time, we will strengthen necessary safeguards that protect public safety and ensure fair competition.”
His comments marked a shift in tone from previous progressive administrations. While reaffirming the importance of fair economic rules, Lee cast the government’s role as one of support rather than control. He also acknowledged the lingering distrust between government and businesses. “There is still some distrust, and I hope we can start to ease that together," he said.
In an unexpected move, Lee invited corporate leaders to recommend candidates for key government posts.
“We are still forming the government, and I want to reflect your voices,” he said. “Feel free to share suggestions — even informal ones.”
He also proposed creating a permanent platform for public-private cooperation — an economic security council aimed at aligning efforts on trade, supply chains and global competitiveness. This initiative is expected to take center stage at the upcoming G7 summit in Canada, where Lee will outline his administration’s economic strategy.
While there were expectations for a bit more clarity on the government's proposed Commercial Act revision, the president notably sidestepped direct comment. The proposed amendments, long debated in Korea, aim to enhance corporate governance and shareholder protections — an effort some see as vital to addressing the so-called "Korea discount" in its capital markets.
However, the business community has voiced concerns that such changes could stifle investments. A presidential aide emphasized the administration's immediate priority is restoring economic momentum and building trust.
Lee’s meeting drew comparisons to his predecessors. Former President Moon Jae-in met with business leaders 49 days after taking office; Roh Moo-hyun did so after three months. By contrast, Lee’s early engagement suggests a deliberate change in both style and substance.
President Lee Jae-myung shakes hands with Samsung Electronics Chairman Lee Jae-yong during a meeting with leaders of major business associations and conglomerates at the presidential office in Yongsan, Seoul, Friday. Joint Press Corps
Samsung Electronics Chairman Lee Jae-yong expressed support for the administration’s direction, stating that the company would proceed with its planned domestic investments and hiring initiatives to help the country weather the current economic climate. His remarks were widely interpreted as a gesture of corporate alignment with the new administration’s priorities.
As the government gears up for domestic reforms and international diplomacy, the meeting could mark a turning point in how Korea’s public and private sectors work together amid rising global uncertainty.
Lee's pro-business message comes as Korea navigates significant economic headwinds. Domestically, tepid consumer demand and lingering effects from last December’s martial law declaration have curbed growth. Internationally, renewed trade tensions, particularly with the United States under President Donald Trump’s protectionist stance, cast a shadow over Korean exports. Against this backdrop, Lee's focus on economic security and industrial competitiveness appears to be a preemptive strategy to shield the nation's interests.
The meeting was widely seen as a shift toward a more cooperative dynamic between government and industry — in contrast to a more top-down approach taken by previous administrations. While no major policy shifts were announced, many welcomed the renewed focus on dialogue.
The atmosphere at the meeting was described as open and engaging. Lee greeted each participant with a smile and exchanged pleasantries before beginning his formal remarks. Referencing recent gains in the Korean stock market, he said the stability had been “reassuring” in the wake of the election.
“Ensuring national security is the government’s core responsibility,” Lee said. “But the most urgent issue is people’s livelihoods. And at the center of that is the economy — driven by our businesses.”
He encouraged executives to offer both cooperation and honest feedback.
“We value your partnership, your insights — and, when needed, your constructive criticism,” he said.
Samsung Chairman Lee complimented the president’s economic vision and broke the ice by joking that he had read Lee’s autobiography — a comment that drew laughter and helped set a collaborative tone.
Later, during a closed-door session, business leaders and officials reportedly exchanged views on Korea’s role in the global supply chain. Government aides said these insights will shape the administration’s strategy for the G7 summit and lay the groundwork for a formalized economic security framework and regular dialogue between government and industry.