Prime Minister of South Korea Kim Min-seok: "If Samsung Electronics goes on strike, we will consider all measures, including emergency arbitration"

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[Financial News] Prime Minister of South Korea Kim Min-seok said on the 17th, "If a situation arises in which a strike is expected to cause massive damage to the national economy, the government has no choice but to consider every possible response, including emergency arbitration, to protect the economy."
\r\nIn a public address on the Samsung Electronics strike delivered at Government Complex Seoul that day, Kim said, "I once again urge both labor and management to work together to find a path of mutual growth for the future of the Korean economy and companies."
Kim explained, "So far, the government has repeatedly urged both sides to reach an agreement through voluntary dialogue, and has sought a solution through active mediation by the National Labor Relations Commission. The Minister of Employment and Labor met directly with the union and then with Samsung Electronics management in succession, doing his utmost to narrow the gap between the two sides." He added, "As a result, labor and management at Samsung Electronics have agreed to resume negotiations on the 18th."
Kim also said, "The government sincerely welcomes this. But let me be clear as well. The negotiations on the 18th are, in effect, the last chance to prevent a strike. Both sides must never take the weight of this moment lightly."
Kim noted, "A disruption in Samsung Electronics' semiconductor production would go beyond losses for a single company. It would leave deep scars across the national economy, including lower exports, instability in the financial markets, worsening business conditions and employment at countless partner firms, and a slowdown in domestic investment." He added, "If this strike becomes a reality, the economic losses we face will be beyond imagination."
In particular, Kim said, "At a time when countries around the world are fiercely competing through investment to gain market share in semiconductors, a market and competitiveness once lost may be difficult to recover." He added, "At this critical moment, a strike at Samsung Electronics would dampen large-scale facility and R&D investment for the future, and would lead not only to a loss of competitiveness for one company but also to the decline of the semiconductor industry, a core strategic asset of the Republic of Korea."
Kim stated, "The solution to labor-management issues should be found not through confrontation and conflict, but through dialogue based on trust and responsible consultation." He added, "I strongly and once again ask both sides at Samsung Electronics. I ask the union to seek an agreement through dialogue and compromise rather than insisting on a strike. I also ask management to approach the negotiations responsibly, listen to the union's voice, and make every effort to find a win-win solution for labor and management."
Kim went on to say, "The government will actively support dialogue between labor and management until the very end so that it does not lead to a strike under any circumstances." He added, "Together with the entire public, I earnestly ask both sides to achieve results in tomorrow's post-mediation session, which is effectively the last chance."
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syj@fnnews.com Seo Young-joon Reporter