Emergency Economic Inspection TF → Growth Strategy TF First Meeting "We will place companies at the center of the Korean economy"

[Financial News] The 'Growth Strategy Task Force (TF)', a breakthrough to escape the 0% growth rate trap this year, has taken its first step. The TF will be operated as a platform for improving corporate regulations, discussing mid- to long-term strategies such as AI transformation and resolving the SME Peter Pan syndrome. Thematic working groups such as the Economic Penal Rationalization TF to mitigate the criminal punishment risk of CEO breach of trust will also be operated.
 Goo Yoon-cheol, Deputy Prime Minister and Minister of Strategy and Finance, presided over the first meeting of the Growth Strategy TF at the Korea Chamber of Commerce and Industry in Seoul on the 5th.
 The meeting was attended by Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Son Kyung-sik, Chairman of the Korea Employers Federation, Yoon Jin-sik, Chairman of the Korea International Trade Association, Kim Ki-moon, Chairman of the Korea Federation of SMEs, Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises, and Kim Chang-beom, Vice Chairman of the Korea Economic Association. Han Sung-sook, Minister of SMEs and Startups, Han Ki-jung, Chairman of the Fair Trade Commission, and Kwon Dae-young, Vice Chairman of the Financial Services Commission, also attended.
 The meeting was held to prepare Lee Jae-myung's 'real growth strategy' to overcome the low growth phase due to potential growth rate decline and consumption stagnation. Currently, major domestic and international institutions such as the Bank of Korea and the Korea Development Institute (KDI) forecast an economic growth rate of 0.8% this year. 
 Deputy Prime Minister Goo said, "The next five years are the last golden time for Korea to transition to a super-innovative economy," and "We will fully support companies to achieve global No. 1 competitiveness." He continued, "We must pursue an AI transformation with the goal of becoming the No. 1 physical AI country" and "We will comprehensively review Korea's Galapagos corporate regulations."
 Chairman Choi said, "Our economy has entered a growth stagnation phase, and the existing growth formula has effectively reached its lifespan," adding, "A new approach is needed, such as designing systems to ensure corporate activity, freedom, and creativity." He also mentioned the Korea-US tariff negotiations, saying, "We need to consider new capital procurement methods such as AI and advanced industries, and a $350 billion US investment fund," while requesting continued coordination of details with the US side and communication on the progress.
 The Growth Strategy TF will be operated as a platform to hear corporate field opinions and publicize them. Companies, economic associations, research institutions, and related ministries will focus on discussing ways to foster new industries such as AI and data, and resolve investment difficulties. Regulations by company size, such as resolving the so-called 'Peter Pan syndrome' of SMEs suffering from growth refusal, will also be comprehensively reviewed.
 In addition, thematic working groups such as the Economic Penal Rationalization TF will be operated, and tasks requiring double publicization will be discussed in-depth at the Growth Strategy TF. The government plans to include the TF discussions in the 'New Government Economic Growth Strategy' and next year's budget proposal to be announced this month.
 Meanwhile, the Growth Strategy TF is a meeting body converted from the Emergency Economic Inspection TF. Previously, on June 4th, the President ordered the operation of the Emergency Economic Inspection TF as the first administrative order on the first day of taking office and presided over the meeting that day. The President has presided over the Emergency Economic Inspection TF three times so far. On the 30th of last month, the President announced that the Emergency Economic Inspection TF would be converted to the Growth Strategy TF presided over by Deputy Prime Minister Goo.


junjun@fnnews.com Choi Yong-jun, Hong Ye-ji, Jo Eun-hyo reporters