Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Korean business lobbies, companies cancel events after failed martial law bid
Police officers gather outside the National Assembly in Seoul, Wednesday, shortly after President Yoon Suk Yeol declared martial law. Reuters-Yonhap
By Lee Min-hyung
FKI, MBK, Microsoft delay press events due to growing political unrest
Major business lobbies and private companies in Korea are canceling media events and other scheduled external activities as they increase vigilance, following President Yoon Suk Yeol's failed martial law attempt, industry officials said Wednesday.
The Federation of Korean Industries (FKI) was supposed to hold its annual year-end press conference on Friday but notified reporters of its postponement to an unconfirmed date, in an apparent move to keep a low profile amid escalating political turmoil.
The decision came in response to Yoon’s abrupt overnight declaration of emergency martial law, which led to hundreds of troops creating a tense atmosphere around the National Assembly. He ended up lifting the decree shortly after lawmakers rejected the move.
Private companies also took similar steps, postponing their press events. MBK Partners planned to hold a press conference on Wednesday morning to explain its ongoing management rights feud against Korea Zinc, but canceled the event temporarily.
Microsoft decided to suspend its two-day corporate event on its artificial intelligence transformation halfway on Wednesday, citing the aftermath of political unrest triggered by the martial law attempt.
The Korea Chamber of Commerce and Industry was set to hold a policy discussion event regarding a controversial revision to the Commercial Act on the same day. Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea, was scheduled to attend the event for an in-depth discussion on the act’s revision, but the business lobby ended up canceling it for the same reason.
Officials from major companies here said they considered moving their planned media events to 2025, as they preferred not to draw attention as much as possible during this period of political upheaval.
“Most companies are (undergoing an) internal review on rescheduling their promotional events to the following year, as they can expect less attention from the public due to the escalating political uncertainty here,” an official from a conglomerate said.
Instead, the nation’s business circle and companies are stepping up discussions on how the latest political shock will influence them.
According to the Korea International Trade Association, its management held an emergency meeting on Wednesday morning to monitor how the incident will influence the Korean economy and exports.
“Coupled with the botched martial law order, the local economy and private firms need to brace for the upcoming era of U.S. President-elect Donald Trump,” another official from the local manufacturing sector said. “We need to wait and see by coming up with diverse action plans amid the escalating political uncertainty here and abroad.”