64th Economic Reception: Leaders Urge Growth Focus Amid Tariffs, Regulations Without President Lee
The ‘2026 New Year’s Reception for the Economic Community,’ the largest annual New Year’s event in South Korea’s economic sector, was held on the 2nd at the Korea Chamber of Commerce and Industry (KCCI) building in Jung-gu, Seoul. This year’s 64th edition was attended by Prime Minister Kim Min-seok, major conglomerate leaders, representatives from the four ruling and opposition parties, and around 500 figures from politics and business. While it has been customary for the president to attend, President Lee Jae-myung did not participate this year.
The keyword for this year’s event was ‘recovery and leap.’ Despite facing challenges such as the Trump administration’s tariff hikes, a $350 billion (approximately 506 trillion Korean won) burden from U.S. investments, and regulatory risks like the revised Commercial Act and the ‘yellow envelope bill’ (union law revision), attendees reaffirmed their resolve to overcome these obstacles.
Chey Tae-won, chairman of the KCCI and SK Group, stated in his opening address, “South Korea’s growth rate was 8% in 1996, but it has fallen by 1.2 percentage points every five years, dropping to 0.9% today.” He added, “2026 is the final period to decide whether we will enter an era of negative growth or mark the beginning of new growth.” Chey expressed hope that “all government policies should focus on growth.” Son Kyung-shik, chairman of the Korea Enterprises Federation, said, “If an environment is created where companies can invest promptly and lead market vitality through innovative growth centered on advanced industries, our economy can achieve a major transformation and leap forward once again.”
Prime Minister Kim Min-seok remarked, “The cooperation between the government and businesses, prioritizing national interests, has been the driving force behind South Korea’s development and the success of tariff negotiations.” He added, “I hope today’s reception becomes an opportunity for businesses and the government to work together again, restoring and driving growth.”
The event was attended by five major economic organization leaders, including Chey Tae-won, Ryu Jin (Federation of Korean Industries), Yoon Jin-sik (Korea International Trade Association), Son Kyung-shik (Korea Enterprises Federation), and Kim Ki-mun (Korea Federation of SMEs). Corporate representatives such as Park Seung-hee (Samsung Electronics), Lee Hyung-hee (SK Group), Sung Kim (Hyundai Motor), and Ha Beom-jong (LG Group), as well as conglomerate leaders like Chang In-hwa (POSCO Group), Koo Ja-eun (LS Group), Lee Hee-bum (Booyoung Group), Kim Sun-kyu (Hoban Group), Kim Yoon (Samyang Holdings), and Hyun Jeong-eun (Hyundai Group), were also present.
From the government, seven ministers attended, including Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, Minister of Trade, Industry and Resources Kim Jung-kwan, Minister of Climate, Energy and Environment Kim Sung-whan, Minister of Employment and Labor Kim Young-hoon, Minister of SMEs and Startups Han Seong-sook, Financial Services Commission Chairperson Lee Eog-weon, and Fair Trade Commission Chairperson Ju Biung-ghi. Leaders from the four parties — Democratic Party of Korea’s Jung Chung-rae, People Power Party’s Jang Dong-hyeok, Rebuilding Korea Party’s Cho Kuk, and Reform Party’s Lee Jun-seok — also participated. Jung Chung-rae praised President Lee Jae-myung’s diplomatic efforts, stating, “It is reassuring for the economic community,” and urged applause for businesses.
Meanwhile, on the 4th, a 200-member KCCI economic delegation led by Lee Jae-yong (Samsung Electronics), Chey Tae-won, Chung Eui-sun (Hyundai Motor Group), and Koo Kwang-mo (LG Group) is scheduled to accompany President Lee on his state visit to China. This marks the first dispatch of a KCCI economic delegation to China in seven years since 2019. A source from the business community commented, “Although the president did not attend today’s event, the participation of seven government ministers and four party leaders demonstrated the government and political circles’ commitment to supporting the economic sector.”
