Chairman Park Yong-maan of the Korea Chamber of  Commerce and Industry (KCCI) at the 40th Summer Jeju Forum that took place at Shilla Hotel on Jeju Island, from July 22-25.(Photo:KCCI)

The 40th Summer Jeju Forum of the Korea Chamber of Commerce and Industry (KCCI) took place at Shilla Hotel on Jeju Island for three nights and four days. Some 700 representatives of member firms, including Chairman Park Yong-maan and those of 50 firms representing regional chapters attended, the KCCI said July 27.

The KCCI summer forum was held with the major theme of “Insight and Healing Meeting on Jeju.” It was led by Chairman Park Yong-maan; Chairman Cho Seong-jei of the Busan Chamber of Commerce and Industry; Chairman Kim Dong-koo of the Daegu Chamber of Commerce and Industry; Chairman Lee Kang-shin of the Incheon Chamber of Commerce and Industry; Chairman Kim Sang-yeol of the Gwangju Chamber of Commerce and Industry; Chairman Park Hee-won of the Daejeon Chamber of Commerce and Industry; and Chairman Jeon Young-do of the Ulsan Chamber of Commerce and Industry. Also present were heads of major member firms such as President Park Sang-jin of Samsung Electronics, Chairman Han Joon-ho of Samchulli Co., Vice Chairman and CEO Chang Sae-wook of Dongguk Steel, Chairman Hong Jae-seong of JS Corp.

In his opening speech at the forum, Chairman Park said a long-term agenda of the state should include regulatory reform, advancement of the labor union, and the development of the service industry, among others. He said they should be undertaken, not shaken, by political and social situations. 

He continued to say that the economic recovery will occur regardless, but it could be what they call the “new normal one” — not an explosive recovery. It will be marked by low-growth low-birth rates and an aging society. He noted two conditions for the economic reform and structural renovation in the age of the “new normal” with regulatory reform, the labor market advancement and the development of the service industry taking up the main areas for reform without being hindered by the political and social situations.

The KCCI chairman said he feels sorry that the state’s major agenda items sometimes face roadblocks due to short-term issues and conflicts, reminding that overcoming such unexpected occurrences as MERS happens when everyone comes together in one mind.  

Park continued with his speech by saying that government policies should be pushed continuously without changes so that major players in the economy can make their actions with trust in those policies, quoting Finn Kydland, an economics professor who won the Nobel Memorial Prize in Economic Sciences. The professor was quoted as saying that the state’s core agenda should be separated from short-term issues and promoted without hindrance from political and social situations to lead households and businesses to spur their economic activities.

Park noted his second measure to overcome low economic growth: boost the competitive power of all corners of society, although an advanced economic system is very important still. “We should find out whether our society is ready to accept an advanced economic system as it is as important as the economic system itself,” he said. “We have to find out whether our systems, practices, understanding and culture are further help slowing down the already slowed down economic growth further down.”

Guest speakers at the forum included DPM and Strategy and Finance Minister Choi Kyung-hwan and Chang Ha-joon, economics professor at the University of Cambridge. They spoke about the Korean economy and various corporate issues.

Futurist Thomas Frey of the U.S.-based Da Vinci Institute also delivered a speech about what the future society will be like.

Several self-made businessmen, including Hwang Chul-joo, CEO of the semiconductor equipment maker Jusung Engineering, spoke about what has driven them to success.