South Korea's Lee pledges trade support in meeting with top conglomerates
South Korean President Lee Jae-myung, a liberal, was elected on June 3 with promises to become business-friendly. (EPA Images pic)
SEOUL : South Korean President Lee Jae-myung said today that his government would focus on easing regulations and accelerate working-level tariff talks with Washington as part of its broader support for companies on trade issues.
He made the comments at a meeting with heads of top conglomerates and other business leaders, where he sat between Samsung Electronics chairman Jay Y Lee and Hyundai Motor Group executive chair Euisun Chung.
SK Group chairman Chey Tae-won also attended the meeting, according to the president's office.
Chey, who also leads the Korea Chamber of Commerce, told Lee that Korean companies found it difficult to make decisions such as investments amid the uncertainty around US tariffs.
The future of South Korea's export-orientated economy, with key sectors from chips to vehicles and shipbuilding heavily exposed to global trade, may hinge on the kind of deal Lee can strike on tariffs with US President Donald Trump.
Lee, a liberal, was elected on June 3 with promises to become business-friendly.
Lee and Trump last week agreed to work towards a swift deal in their first phone call since Lee took office.
Lee said he would put national interests first based on his 'pragmatic, flexible' trade policy, and accelerate working-level tariff talks with Washington, spokeswoman Kang Yu-jung said at a briefing.
'Companies are currently having difficulties in international competition, and we will focus on minimising the difficulties they are experiencing in international competition and expanding their economic territory,' Lee said at the meeting.
'Please tell us what we should do regarding overseas trade situations, and we will do our best to align with those,' he told the executives.
Samsung's Lee said he hoped the government-private partnership could help South Korea weather 'multi-dimensional crisis'.
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