South Korean entrepreneurs met with President Moon Jae-in on July 27 and asked the government to take a more active role in dealing with economic retaliation from China, trade pressure from the United States, etc.
At the meeting, the president expressed his gratitude to Korea Chamber of Commerce & Industry Chairman Park Yong-man for acting as a bridge between the government and the business community. Then, the president talked about car sales in China with Hyundai Motor Company Vice Chairman Chung Eui-sun.
Shinsegae Group Vice Chairman Chung Yong-jin said that the economic retaliation from China has led to a drastic drop in the number of inbound tourists from China and it has negatively affected the group’s hotels and duty free stores. Likewise, LG Group Vice Chairman Koo Bon-joon said his company’s electric vehicle batteries are being unfairly discriminated against in China.
POSCO Chairman Kwon Oh-joon, in the meantime, mentioned that his company is planning to give up on steel exports to the U.S. for the time being due to trade protectionism in the country. President Moon Jae-in also had some talks with Hanwha Vice Chairman Keum Chun-soo about the group’s photovoltaic power generation projects. The vice chairman appreciated the government for its support and asked it to remove more regulations.