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| Park Yong-man, chairman of the Korean Chamber of Commerce and Industry, answers the reporter’s inquiries at the ‘2020 Year-end Interview’ held at the Daehan Sang Hall in Jung-gu, Seoul on the 23rd. |
Park Yong-man, chairman of the Korean Chamber of Commerce and Industry, cited the timing of the Corona 19 vaccine supply and expanded debt as the main variables that will affect the economy next year, and ordered appropriate responses from the government and other major economic actors.
At the ‘2020 year-end interview’ held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 23rd, Chairman Park asked reporters about their economic outlook for next year, saying, “The speed of recovery is likely to vary from country to country depending on how quickly the Corona 19 vaccine is distributed. “He expressed his concern indirectly about Korea’s vaccine supply plan, which is evaluated to be relatively slow compared to major countries such as the United States, the European Union and Japan.
He said, “In the era of supply chains that are connected worldwide (due to differences in vaccine supply timing), recovery will also be affected. If we do our best to deal with them from now on, our country has been successful in quarantine until now. “I don’t think it’s a crisis situation enough to go back to nothing overnight. We need to deal with it calmly.”
Since the outbreak of Corona 19, it has also ordered a close response to the expansion of national and private debt due to low interest rates and increased fiscal spending.
Chairman Park said, “Korea still has a lower (debt ratio) compared to other countries, but most countries have high debt ratios and the currency is expanding.” We are also concerned about what kind of impact it will have on us in the process.”
He said, “The highest level of private debt is in the same form, and the fact that there is a lot of private debt means that deleveraging will begin as the economy recovers,” he said. “We need to be very careful about what will happen in this process.” Pointed out.
Chairman Park predicted, “It is unlikely that the financial situation of companies will improve.” We look forward to being reviewed.” This means that the government and others should take preemptive measures against the mass unemployment situation caused by corporate restructuring.
Regarding the inauguration of the US administration, Joe Biden said, “It is unlikely that the US and China will suddenly go into reconciliation mode, and I think that the relationship between Korea and the US will return to a predictable relationship.”
Regarding the relations between Korea and Japan, he said, “I hope that the political and economic division will be separated first. Is there anything that the two countries have gained from the conflict between Korea and Japan (due to export regulations, etc.),” and said, “I think it should be restored normally.”
Regarding the 3 Economic Act (Commercial Law, Fair Trade Act, Financial Complex Enterprise Group Supervision Act), which was recently passed by the National Assembly, he said, “I was very sad about the process of processing as well as the contents, whether I had to deal with the political bill?” Rather than continuing the exhausting controversy, we should take a preemptive response to side effects that will occur within the boundaries of the law. I hope that measures to prevent side effects such as sub-enforcement rules will be put in place.”
Regarding the point that the unified voice of economic organizations in the process of legislating the 3rd Economic Act was regrettable, he explained that “the composition of member companies is different for each economic group, and the purpose of establishment is different.” He said, “The confrontation between the economy and the government and the legislature versus the economy is created, and the issue itself is uncomfortable as it seems to be divided into whether or not they participated in the confrontation.” It’s more uncomfortable,” he added.
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| Park Yong-man, chairman of the Korean Chamber of Commerce and Industry, answers the reporter’s inquiries at the ‘2020 Year-end Interview’ held at the Daehan Sang Hall in Jung-gu, Seoul on the 23rd. |
Chairman Park replied to a query asking for his opinion as the head of a major economic group, while the rechargeable battery litigation battle between LG Chem and SK Innovation is ongoing, with the effect that’the mediation will be possible after a decision within the legal framework is made’. He said, “There were a lot of talks, such as asking me to mediate with me, and to solve it on a global scale, but I know that between the chairmen, but I think that the eyes that look at the company need to be advanced.” “I think mediation will be possible based on this.”
Regarding the plan after retirement, he said, “I haven’t thought about it yet,” and “I have to think about what to do now.”
Doosan Infracore Chairman Park Yong-man was elected as Chairman of the Daehan Award in August 2013, succeeding Chairman Sohn Kyung-sik, and succeeded in reappointing, leading the consultation for the 7th year, and is about to resign in March next year.
Regarding the question of’Is there any discussions in the presidency or sharing rapport with respect to the election of the next president?’, he spared, saying, “Because there are endless numbers of speculations, I will not answer them.” At the same time, Chairman Park said, “Considering that the election should be held in the fourth week of February next year, we must gather the suspension of the presidency within a month or so from now. It will be revealed then.”
When asked about Sohoe, who has been working for Sangsang for 7 years and 5 months, he said, “The first inauguration and today’s chairman of the Council seem to be the same without any change.” “The problem, the expected phenomenon, hasn’t changed.” He said, “If it’s a small meeting, I’m sorry that I couldn’t change things that need to be changed, but I thought I kept the things that should be kept consistently.”
Chairman Park said in a remark before the reporter group’s inquiry that day, “I feel like I’m riding a’roller coaster’ when I look back on the economy this year. I was very worried, but fortunately, the government’s support measures came out quite quickly and took a big sigh. “I said.
“The private debt problem, the asset market imbalance, and the job market polarization are not only a problem in Korea but a global problem,” he said. “It doesn’t seem like a situation that you would like to just get out of the crisis in the short term, a time when thinking is too complex.” Mentioned.
Chairman Park emphasized, “I continued to talk about’the frog in the pot’ throughout my tenure.” “The legal and institutional devices that support the economy are quite lagging. Correcting them quickly will open the door to new industries and keep up with international competition.” did.
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| Park Yong-man, chairman of the Korean Chamber of Commerce and Industry, answers the reporter’s inquiries at the ‘2020 Year-end Interview’ held at the Daehan Sang Hall in Jung-gu, Seoul on the 23rd. |