Business leaders pin high hopes on Yoon government

Samsung Electronics Vice Chairman Lee Jae-yong, from right in the second row, Lotte Group Chairman Shin Dong-bin, Hanjin Group Chairman Cho Won-tae, Shinsegae Group Vice Chairman Chung Yong-jin, LG Group Chairman Koo Kwang-mo, Doosan Group Chairman Park Jeong-won and Hyundai Motor Group Chairman Chung Euisun, are seen during President Yoon Suk-yeol's inauguration ceremony held at the National Assembly in Seoul, Tuesday. Yonhap

Chiefs of major business groups, some foreign CEOs attend Yoon's inauguration ceremony

By Baek Byung-yeul

Leaders of domestic conglomerates and overseas business executives attended the inauguration ceremony of President Yoon Suk-yeol, Tuesday, pinning high hopes on the new administration to create a more business-friendly environment to help them overcome both internal and external risks.

Leaders of the country's five major conglomerates ― Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin ― attended the inaugural ceremony, held in front of the National Assembly in Yeouido, Seoul.

The heads of conglomerates and business lobby groups were also invited to a dinner prepared after the inauguration ceremony.

President Yoon Suk-yeol shakes hands with Khaldoon Khalifa Al Mubarak, the chairman of the Executive Affairs Authority of the Abu Dhabi government, during the first day of his term as president, at the presidential office in Yongsan District, Seoul, Tuesday. Yonhap

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Not only domestic businesspeople, but also some overseas business executives joined the ceremony, including Yasir bin Othman Al-Rumayyan, the governor of the Public Investment Fund of Saudi Arabia and chairman of Saudi Aramco, as well as Khaldoon Khalifa Al Mubarak, the chairman of the Executive Affairs Authority of the Abu Dhabi government.

It was the first time in nine years that conglomerate chiefs took part in a presidential inauguration ceremony, since the Park Geun-hye administration was inaugurated in February 2013.

When President Moon Jae-in took office in May 2017, there were no guests invited, as he started his term just a day after being elected after his predecessor, Park Geun-hye, was impeached over various corruption and other charges.

Though there were no official comments from the business leaders, business lobby groups representing them expressed their expectations for the launch of the new government as President Yoon has emphasized he would create a business-friendly environment and ease regulations.

During the inauguration, the president stressed the need to achieve economic growth, saying, "We will rebuild this country as a country where the people are the true owners based on free democracy and market economy."

Yoon already promised the business community here he would improve regulations during a meeting with the heads of six business lobby groups in March. "If public officials try to regulate nonsense and abuse their power, call me right away. I will answer the phone immediately," he told the leaders of the business groups at that time.

In line with Yoon's move, business leaders seem to expect the new president to push quickly for fully pardoning Samsung Vice Chairman Lee.

The de facto leader of Samsung Electronics is currently not eligible to return to the job until 2027 due to a five-year employment ban imposed by the Ministry of Justice. He was convicted of offering bribes to former President Park but was released by the Ministry of Justice on parole in August 2021.

As a presidential pardon is the only legal way for Lee to lead the company again, business lobby groups including the Korea Chamber of Commerce and Industry, the Korea International Trade Association and an association of Samsung's collaborating vendors submitted pleas to the presidential office asking former President Moon to grant a full presidential pardon, but he was only released on parole.

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