"For Large-Scale Investments to Proceed Smoothly..." Chairman Chey Tae-won Urges Easing of Separation of Industrial and Financial Capital

[Financial News] Chey Tae-won, Chairman of KCCI, met with the leadership of the People Power Party on the 19th and stated, "There is a need to improve existing regulations so that large-scale investments can proceed smoothly." He emphasized the necessity of easing various economic law regulations, including the separation of industrial and financial capital, as well as investment restrictions on holding companies and grandchild companies under the Banking Act, Commercial Act, and Monopoly Regulation and Fair Trade Act (MRFTA).
At the policy roundtable held at the KCCI headquarters in Jung-gu, Seoul, on the morning of the same day, attended by People Power Party leader Jang Dong-hyuk and other opposition leaders, Chey explained, "Global companies are now investing billions of dollars, not by raising funds alone, but by forming funds and securing external capital. The way investments are made is changing." He added, "We also need to adjust our systems so that such fundraising is possible." Chey further noted, "First movers are preparing for the future in unprecedented ways and on an unprecedented scale. Korea must consider what growth strategies it will use to break through this jungle-like market." His remarks were interpreted as a call to ease the separation of industrial and financial capital regulations.
This meeting was organized to listen to the difficulties faced by companies ahead of legislative discussions during the remainder of this year's regular National Assembly session. Chey presented Jang Dong-hyuk with a policy proposal booklet titled 'KCCI Report on Legislative Issues for the 22nd National Assembly,' which included corporate opinions on key legislative issues such as enhancing competitiveness in advanced strategic industries, promoting productive finance, reducing business uncertainty, and supporting restructuring in crisis-hit industries.
Chey remarked, "At the end of last month, during the Asia-Pacific Economic Cooperation (APEC) CEO Summit, I communicated with various global companies and felt that the economic environment surrounding us is changing faster than expected." He continued, "Policies centered entirely on national interests are becoming the norm, and each country is using unprecedented measures to support its own companies." Chey emphasized, "Major big tech firms, in particular, are announcing investments in Artificial Intelligence (AI) ranging from tens of billions to hundreds of billions of dollars, demonstrating a scale unlike anything seen before." He went on to say, "We also need to adjust our systems to enable large-scale fundraising and require legislative support to back corporate activities." Chey added, "I understand that the party is focusing on supplementing the Commercial Act, supporting AI and advanced industries, and addressing inheritance tax issues. I ask for your efforts to ensure these matters are handled well."
Attendees from the People Power Party included leader Jang Dong-hyuk, floor leader Song Eon-seok, policy committee chair Kim Do-eup, political affairs committee chair Yoon Han-hong, planning and finance committee chair Lim Yi-ja, deputy floor policy chair Kim Eun-hye, and chief spokesperson Park Sung-hoon. From the business community, participants included Chey Tae-won, Chairman of KCCI; Park Yoon-kyung, Chairman of Daegu Chamber of Commerce and Industry; Park Joo-bong, Chairman of Incheon Chamber of Commerce and Industry; Lee Yoon-chul, Chairman of Ulsan Chamber of Commerce and Industry; Bae Hae-dong, Chairman of Gyeonggi-do Chamber of Commerce and Industry Association; Lee Hyung-hee, Vice Chairman of SK Group; Ha Beom-jong, President of LG; Lee Tae-gil, President of Hanwha Group; Han Chae-yang, President of Emart; Heo Min-hoe, President of CJ Group; Yoo Seung-woo, President of Doosan Group; Yoo Jae-young, President of GS Power; Choi Seung-hoon, Executive Vice President of Samsung Electronics; Lee Hang-soo, Executive Vice President of Hyundai Motor; Lim Sung-bok, Executive Vice President of Lotte Corporation; Yang Won-jun, Executive Vice President of POSCO Holdings; Song Hee-jun, Executive Vice President of HD Hyundai; and Park Hee-don, Executive Vice President of Korean Air.


ehcho@fnnews.com Jo Eun-hyo Reporter