Korean biz leaders vow efforts to tackle market uncertainties in 2026

From left, Democratic Party of Korea leader Jung Cheong-rae, SK Group Chairman and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Prime Minister Kim Min-seok, and People Power Party leader Jang Dong-hyuk cut a rice cake during the 2026 business community New Year reception at the KCCI building in Seoul. Korea Times photo by Shim Hyun-chul

Leading business figures in Korea pledged Friday to make joint efforts to address economic uncertainties in 2026 in close cooperation with the government, according to industry officials.

Representatives from major business lobbies, companies, government ministries and political parties attended a New Year's event in Seoul organized by the Korea Chamber of Commerce and Industry (KCCI) to discuss economic strategies for the year.

Key participants included Prime Minister Kim Min-seok and SK Group Chairman Chey Tae-won, who doubles as the KCCI chief.

Other attendees included Samsung Electronics President Park Seung-hee, Hyundai Motor President Sung Kim and American Chamber of Commerce in Korea Chairman James Kim, according to the KCCI.

"The New Year's event marking the Year of the Red Horse was organized to reaffirm our commitment to revitalizing the economy with key officials from the business community, the government and parliament," said Park Il-jun, executive vice chairman of the KCCI.

"We ask the government and parliament to make the best efforts to improve laws and policies so businesses can take bold challenges and pursue innovation to overcome crises and grow."

Ryu Jin, chairman of the Federation of Korean Industries, said the Korean economy needs to usher in the era of the "New K-Industry" amid rapid changes in the global market driven by the artificial intelligence (AI) boom.

"If we create an environment that enables businesses to make timely investments and revitalize the market through innovative growth in cutting-edge industries, the Korean economy can undergo a major transformation and take a leap forward," said Sohn Kyung-shik, chairman of the Korea Enterprises Federation.