Acting President Choi Sang-mok and Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry (KCCI) pose for a photo session as they participated in the 2025New Year’s gathering at KCCI Building in Namdaemun-ro, Seoul, on Jan. 3. Participants included Chmn. Choi Jin-shik of the Korea Middle Market Enterprises of Korea, Chmn. Sohn Kyung-shik of the Korea Enterprises Federation, Minister Ahn Dukgeun of the Ministry of Trade, Industry and Energy, Yoon Jin-sik of the Korea International Trade Association, Chmn. Jin Roy Ryu of the Federation of Korean Industries, Acting President Choi, KCCI Chmn. Chey, Chmn. Lee Jay-yong of Samsung Electronics, Chmn. Chung Eui-sun of Hyundai Motor Group, Chmn. Koo Kwang-mo of LG Group, Vice Chmn. Kim Dong-gwan of Hanwha Group. , Executive Vice Chmn. Chung Ki-sun of HD Hyundai Group; Chmn. Hur Tae-soo of GS Group, Chmn. Chung Yong-jin of Shinsegae Group, Chmn. Jang In-wha of POSCO Group, President Kim Young-shub of KT, Chmn. Cho Won-tae of Hanjin Group, Chmn. Yang Jong-hee of KB Financial Group, Chmn. Jin Ok-dong of Shinhan Financial Group. (Photos on the courtesy of MOEF)
The Korea Chamber of Commerce and Industry (KCCI) hosted the 2025 New Year’s gathering, the 63rd rendition, at KCCI Building in Namdaemun-ro, Seoul, on Jan. 3. Business leaders converged at the event and took time to vow their determination to revive the Korean economy amid uncertainties.
KCCI has held the annual event since 1962, with the only exception being in 1973.
The latest event started with a silent tribute to offer condolences to those who were killed in the recent plane crash at Muan Airport.
Among some 600 people from business, government and political circles, as well as foreign diplomatic missions in Korea, were KCCI Chairman Chey Tae-won, Acting President Choi Sang-mok, Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy.
The participating business leaders included Chmn. Lee Jay-yong of Samsung Electronics; Chmn. Chung Eui-sun of Hyundai Motor Group; Chmn. Koo Kwang-mo of LG Group; Vice Chmn. Kim Dong-kwan of Hanwha Group; Executive Vice Chmn. Chung Ki-sun of HD Hyundai Group; Chmn. Hur Tae-soo of GS Group; Chmn. Chung Yong-jin of Shinsegae Group; Chmn. Jang In-wha of POSCO Group; President Kim Young-shub of KT; Chmn. Cho Won-tae of Hanjin Group; Chmn. Hyun Jung-eun of Hyundai Group; and Chmn. Jin Ok-dong of Shinhan Financial Group.
Major business leaders were expected not to be present amid the political unrest, caused by the impeachment of President Yoon Suk-yeol.
But most business leaders participated in the event against expectations. KCCI sent invitations to major group leaders. KCCI Chairman Chey called them himself to persuade them to participate in the event.
In his speech, KCCI Chairman Chey said, “Even though the current situation is not in a mood of exchanging words of well-wishing and greetings, today’s event has taken place as planned, and the business community’s New Year’s gathering has been held annually for the past 60 years since 1962, except once and the reason is that Korea’s national economy cannot be stopped despite any crisis.”
“Growth formulas of the past are no longer effective and now is the time of courage and determination to reinvent and streamline all things,” Chmn. Chey said.
The KCCI chairman said seeds of innovation can’t grow in a stiff labor market. He said a positive regulatory environment and massive support for next-generation growth engines are necessary to comply with global paradigm shifts, in addition to flexible and dramatic institutional reform.
“We will build up future growth foundation through reform of overall management and destructive innovation, redouble corporate social responsibility and demonstrate new entrepreneurship by communicating with more people to find corporate features people wish and solving social issues through innovation,” he said.
KCCI and Korea Federation of SMEs (KBIZ) held a joint New Year’s gathering since President Yoon took office. KCCI and KBIZ hosted their separate New Year’s events. KCCI’s New Year’s gathering for the year 2025 was attended by Acting President Choi Sang-mok, since President Yoon and Prime Minister Han Duck-soo were impeached.
Foreign Minister Cho Tae-yeol, Minister Kim Moon-soo of the Ministry of Labor and Employment, Minster Oh Young-joo of the Ministry of SMEs and Startups and Chmn. Kim Byoung-hwan of the Financial Services Commission participated in the event.
Chmn. Ryu Jin of the Federation of Korean Industries, Chmn. Yoon Jin-sik of the Korea International Trade Association, Chmn. Sohn Kyung-shik of the Korea Enterprises Federation and Chmn. Choi Jin-shik of the Korea Middle Market Enterprises of Korea were also present.
KEF Chmn. Sohn said business leaders were making strenuous efforts to solve uncertainties following the inauguration of U.S. President Donald Trump administration, and attempted to contact the new U.S. administration officials.
Economic organization heads shared the view Korea has the DNA to transform hardships into miracles and if all economic entities join forces with one accord, current difficulties can be overcome.
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