President Lee Jae-myung holds first economic meeting with business leaders

President Lee Jae-myung will meet with business leaders for the first time since taking office to discuss economic issues.

According to the presidential office, President Lee will hold an economic meeting on the morning of the 13th at the Yongsan Presidential Office with the heads of six economic organizations and the leaders of the five major conglomerates, including Samsung, SK, Hyundai Motor, LG, and Lotte.

Major conglomerate leaders, including Lee Jae-yong, chairman of Samsung Electronics; Choi Tae-won, chairman of SK Group; Chung Eui-sun, chairman of Hyundai Motor; Koo Kwang-mo, chairman of LG; and Shin Dong-bin, chairman of Lotte Group, are expected to attend this meeting.

This meeting is significant as it marks President Lee's first official encounter with the economic sector following his visit to the Korea Exchange.

As President Lee focuses on restoring livelihoods and promoting economic growth, in-depth discussions on securing national economic growth drivers are expected to take place during the meeting.

Discussion on expanding domestic investment and strengthening industrial competitiveness

During the meeting, President Lee is likely to urge companies to increase their domestic investments.

This comes in response to the trend of decreasing domestic jobs due to the increasing relocation of production bases overseas.

President Lee has proposed the introduction of a domestic production promotion tax system as a presidential campaign promise. This policy provides corporate tax deductions for up to 10 years based on the proportion of domestically produced and sold items when products are manufactured domestically and sold to domestic consumers.

Additionally, a large-scale investment in the artificial intelligence (AI) industry and a shift towards AI-centered industrial structure are also expected to be key topics of discussion.

Approaches to power supply for semiconductor industrial complexes, such as the Yongin Cluster, are anticipated to be discussed as well.

Discussion on responding to trade risks and amending corporate law

Alongside this, President Lee is expected to seek responses to the tariff policies of former U.S. President Donald Trump's administration.

By receiving reports on the current situation from the business community and listening to their difficulties, this move is interpreted as preparing for bilateral meetings with leaders of various countries at the upcoming G7 summit.

Moreover, there is speculation that President Lee may mention the necessity of amending corporate law to the heads of major conglomerates.

The business community shows a negative stance due to concerns about weakened management rights regarding the proposed corporate law amendment, which stipulates obligations to shareholders, raising anticipation regarding potential alignment of opinions on this matter.

Image Source: President Lee Jae-myung / News1