The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    PHOTOSTrapped along borders

  • 3

    Korea wins gold in League of Legends competition; Faker tops podium

  • 5

    Trailblazing nonagenarian artist honored for redefining Korean fiber art

  • 7

    Pentagon's CWMD strategy document calls N. Korea 'persistent threat'

  • 9

    Builders vie for leadership in modular construction

  • 11

    Are 'finfluencers' helping or harming investment community?

  • 13

    Apple, China met to discuss Beijing's crackdown on western apps: WSJ

  • 15

    Swimmer Kim Woo-min captures 3rd gold in Hangzhou

  • 17

    What to know and what's next for Travis King, the American soldier who ran into North Korea

  • 19

    S. Korea eliminates N. Korea in women's table tennis doubles

  • 2

    BTS' Jungkook to drop 2nd solo single

  • 4

    VIDEOBustling Chuseok: Namsan Hanok Village immerses visitors in Korea's rich traditions

  • 6

    Opposition leader Lee again proposes talks with President Yoon

  • 8

    BTS' Jungkook drops 2nd solo single

  • 10

    Yoon hosts Chuseok luncheon for Korean atomic bomb victims in Hiroshima

  • 12

    Korea fails to be included on FTSE Russell's global bond index

  • 14

    Poll shows 79% of young Koreans agree on need to improve ties with Japan

  • 16

    INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director

  • 18

    Second release of Fukushima wastewater to start next week

  • 20

    S. Korea cruises past N. Korea in women's basketball

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, October 1, 2023 | 19:02
Economy
Finance minister faces dilemma over Samsung
Posted : 2018-08-05 16:21
Updated : 2018-08-05 17:37
Yoon Ja-young
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Yoon Ja-young

Economy and Finance Minister Kim Dong-yeon is in a dilemma over his scheduled visit to Samsung Electronics today.

Kim's planned visit to the nation's largest conglomerate may illustrate his sense of urgency about falling corporate investment but this is seemingly not shared by Cheong Wa Dae and the ruling party.

While conservatives are criticizing that the government is pressuring conglomerates for investment, supporters of the administration who are pushing for chaebol reform are concerned that this might lose momentum.

The presidential office's inconsistent policy on conglomerates is also adding to the confusion

The country's top economic policymaker is scheduled to visit the company's site to listen to business difficulties and regulatory issues onsite, according to the finance ministry.

The visit is drawing much attention as it is Kim's first visit to the country's top chaebol since his inauguration in June last year.

He has met four tycoons so far _ LG Group Vice Chairman Koo Bon-joon, Hyundai Motor Group Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won, and Shinsegae Group Vice Chairman Chung Yong-jin.

As each conglomerate announced massive investment and hiring plans following Kim's visits, there have been estimates that Samsung will present a 100 trillion won investment plan at the minister's meeting with Vice Chairman Lee Jae-yong.

Kim has been looking into ways to encourage businesses as worsening economic indices mean that their investment and job creation efforts are more necessary than ever.

The central bank recently lowered its economic growth outlook for the year to 2.9 percent from the previous 3 percent, but most private think tanks say even 2.9 percent will be hard to attain. Facility investment has faltered for four consecutive months, while youth unemployment has soared to a record-high.

Cheong Wa Dae, however, is reportedly putting a brake on Kim's move.

The progressive local Hankyoreh newspaper reported that the presidential office told Kim that it was undesirable for the government to appear to be "begging" Samsung to increase investment and employment. It added that Samsung Electronics would not reveal its investment and hiring plans as the other chaebol did.

"Some suspect that the administration might be stepping back from its chaebol reform efforts. They seem to be especially sensitive about Samsung," said Choi Pae-kun, an economics professor at Konkuk University.

The sensitive reaction by Cheong Wa Dae, however, is contradictory since President Moon Jae-in has also urged Samsung Electronics Vice Chairman Lee to invest and hire more in Korea when visiting the company's new smartphone plant in India last month. Lee responded that he would make more efforts to do so.

Prof. Choi said that the fuss over the meeting reflects Korea's peculiar chaebol-dependent economy.

"I haven't heard of an economic control tower visiting a specific company in developed countries. Businesses invest and hire when they need to, not because of request by the government,"

Regarding the Hankyoreh article, the finance minister issued a statement expressing discontent on the recent controversy over his meeting with chaebol leaders.

"I have continued efforts to communicate with the market, including holding about 40 onsite meetings. I mostly met with SMEs and startups. This is aimed at listening to what economic players have to say."

Kim stressed that he never "interfered" with the investment or employment plans during meetings with the four conglomerate heads.

"I want to make it clear that the government has no intention or plan to resort to the conglomerates for investment or employment as it did in the past. Such decisions are left in the hands of the businesses."

He added that the government will continue to push for chaebol reform.

"Regardless of investment or jobs, the government will continue efforts to improve the governance structure and stop unfair trading by conglomerates."


Emailyjy@ktimes.com Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
2Koreans adapt to soaring food prices Koreans adapt to soaring food prices
3[PHOTOS] Trapped along borders PHOTOSTrapped along borders
4Education ministry prohibits parents from recording classes Education ministry prohibits parents from recording classes
5[VIDEO] Bustling Chuseok: Namsan Hanok Village immerses visitors in Korea's rich traditions VIDEOBustling Chuseok: Namsan Hanok Village immerses visitors in Korea's rich traditions
6Builders vie for leadership in modular construction Builders vie for leadership in modular construction
7Value, consumer goods, financial stocks expected to gain momentum after Chuseok holiday Value, consumer goods, financial stocks expected to gain momentum after Chuseok holiday
8Are 'finfluencers' helping or harming investment community? Are 'finfluencers' helping or harming investment community?
9[INTERVIEW] ROK-US alliance is win-win partnership: KUSAF chief INTERVIEWROK-US alliance is win-win partnership: KUSAF chief
10Over 30,000 protesters march for climate actions Over 30,000 protesters march for climate actions
Top 5 Entertainment News
1[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
2M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub
3Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
4[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
5Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group