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Industrial Associations Express Concerns on Samsung after Supreme Court Ruling
Worried about Samsung and Korean Economy
Industrial Associations Express Concerns on Samsung after Supreme Court Ruling
  • By Jung Suk-yee
  • August 30, 2019, 08:41
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Korean business organizations say that the Supreme Court ruling regarding Samsung Electronics vice chairman Lee Jae-yong is likely to add uncertainties to the South Korean economy.

The Federation of Korean Industries (FKI) said on Aug. 29 that the Supreme Court ruling regarding Samsung Electronics vice chairman Lee Jae-yong is likely to add uncertainties to the South Korean economy already going through a lot of difficulties due to the ongoing trade war between the United States and China and Japan’s export restrictions against South Korea.

“We hope the court will take this fact into account in its future rulings and the business community will make even more efforts for investment and job creation so that economic difficulties can be overcome,” the FKI said.

The Korea Employers Federation (KEF) made a similar remark that day. “Above anything else, Samsung Group has to lead the growth of future industries such as non-memory chip production and biotech for South Korea to enhance its industrial competitiveness and reduce its dependence on imported materials, components and technologies,” the KEF mentioned, adding, “However, the recent court ruling can hinder the process by causing more uncertainties on Samsung’s part.”

In addition, the KEF asked the South Korean government to show leniency on the administrative and policy side so that the recent ruling does not adversely affect the business of Samsung Group.