President Park delivers a statement to the nation at Cheong Wa Dae on Jan. 13 in which she called for the National Assembly to approve top four reform bills, including the one on labor affairs, as well as measures designed to rejuvenate the sagging national economy. (Photos on courtesy of Cheong Wa Dae,KCCI)

President Park Geun-hye said everyone in government and the business community is expected to do their duty to help overcome the economic crisis facing the nation this year. She made the remarks at a New Year’s Event for the business community at Coex in southern Seoul on Jan. 6. It was hosted by the Korea Chamber of Commerce and Industry( KCCI) with some 1,300 key government officials, legislative members and business leaders attending.

The chief executive of the nation said 2016 is the last year of the Three-Year Economic Reform and we should wrap up four major targets including public sector reforms, labor, finance and education sectors.

In his speech, Chairman Park Yong-maan of the KCCI said he hopes the business community does its best to overcome final challenges in the reform plan. 

The president said the business community should trust the government. She said they should help stabilize the market, despite the North Korean claim that it conducted an H-bomb test on Jan. 6. Park added that said the government intends to cooperate with other countries to deal with the situation.

The business community should work on creating jobs this year by revitalizing the economy and investing in new business sectors, especially those with high added-value. Big and small firms should work together in a new ecological system for mutual benefit to pick up the economy. They should work together so that many jobs will be created for youths around the country to create an economic resurgence, she added.

The KCCI chairman said the business community will follow the reform plan the government laid out this year, as it is the last chance for them to do so. “We will select our own agenda for boosting the economy a step up in development and take care of it one by one,” Park said.

Also present were Chairman Huh Chang-soo of the Federation of the Korean Industries; Chairman Park Byung-won of the Korea Employer’s Association; Chairman Kim In-ho of the Korea International Trade Association; Chairman Park Seong-taik of the Korea Federation of Small and Medium Business; and other heads of business associations. Private business leaders included Chairman Shin Dong-bin of the Lotte Group; Chairman Kwon Oh-joon of POSCO; Chairman Cho Yang-ho of the Hanjin Group; Chairman Sohn Kyung-shik of CJ Group; Vice Chairman Chung Yong-jin of the Shinsegye Group; Chairman Suh Kyung-bae of AmorePacific; and Chairman Kim Yoon of Samyang Group.

The government officials were led by DPM Choi Kyung-hwan; Minister Yoon Sang-jick of the Ministry of Trade, Industry and Energy; Minister Lee Ki-kwon of the Ministry of Labor and Employment; Minister Kim Hyun-woong of the Ministry of Justice; and Chairman Kim Dae-hwan of the Economic and Social Development Commission, among others.

Those from political circles included Chairman Rep. Kim Moo-sung of the Saenuri Party; Rep. Ahn Chul-soo; Vice Speaker Lee Seok-hyun of the National Assembly; Floor Leader Rep. Won Yoo-chul of Saenuri Party; Rep. Chung Woo-taek, chairman of the  National Policy  Committee of the National Assembly; Rep. Hong Moon-jong, chairman of the Science, ICT, Future Planning, Broadcasting and Communication Committee of the National Assembly; Rep. Kim Eul-dong, member of the Central Committee of the Saenuri Party; and Rep. Lee Ju-young, among others.

 Foreign diplomats at the event included Amb. Rolf Mafael of Germany; Amb. Chairles Hay of Great Britain; Amb. Bessho Koro of Japan; and Amb. Jose Vernal of Mexico, among others.

 Most business leaders at the event felt that this year’s financial crisis has been made worse by the North Korean claim that it conducted an H-bomb test, coupled with the slowdown of the Chinese economy, but they will try to overcome the crisis by restructuring their business firms to improve their businesses and reform of their technologies. 

Chairman Huh Chang-soo of FKI said the business community will not be shaken by the North Korean situation and would continue to focus overcoming the crisis by fostering growth and making new investments to create jobs. They also asked for Parliament to pass key bills such as those on labor reform and the special law in order to boost business activities in the country.

President Park Geun-hye sits together with heads of the nation’s legislative, judicial and administrative branches at the head table at a New Year’s gathering that took place at Cheong Wa Dae on Jan. 4 with some 200 people in attendance.

President Park Geun-hye applauds, along with top business leaders at the New Year's Event hosted by the Korea Chamber of Commerce and IndustryKCCI) at the Coex Ballroom in southern Seoul on Jan. 6. To her left is Chairman Park Yong-maan of the KCCI and to her right is Chairman Huh Chang-soo of the Federation of Korean Industries. Also present were Deputy Prime Minister as well as Minister of Strategy and Finance Choi Kyung-hwan (1st from left), Chairman Kim Moo-sung of the ruling Saenuri Party (2nd from right) and Lotte Group Chairman Sin Dong-bin ( far right)..

President Park Gov’t Tries to Ensure Creative Economy Initiatives Take Firm Root

The following is the full text of the New Year’s message to the Nation President Park Geun-hye issued on Jan. 1. 

In the Year of the Red Monkey, a symbol of creativity and wisdom, I hope every one of us will pool our creative enthusiasm and wisdom to make the New Year full of hope and vitality.

Notwithstanding many difficulties and challenges during the past year, Korea has been able to lay the groundwork for moving ahead toward a time of change and hope, thanks to your confidence and support.

Based on this, the Government will continue to exert its best efforts to lead the country to take a vigorous leap forward and to make sure that all our fellow citizens will be able to reap the fruits of progress. 

The Government will also endeavor to successfully complete the Three-year Plan for Economic Innovation and ensure that the initiatives for a creative economy and cultural enrichment take firm root, thereby adding to the vitality in the nation`s economy and creating more job opportunities. 

By carrying out reforms in the four key areas of the public sector, labor, finance, and education, the Government will lay a solid foundation for growth in the next 30 years. 

Strong security is the most fundamental basis of national development. 

We will resolutely deal with any North Korean provocation with a watertight defense posture while keeping the door for dialogue open, moving closer to an era of a peacefully united Korean Peninsula. 

I ask all of you to join us to make a leap forward in the journey towards changes and innovation. I wish you and your families good health and happiness.