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(LEAD) Finance minister calls for corporate support in job creation, innovative growth

All News 11:44 August 06, 2018

(ATTN: ADDS more details in paras 3-5; REPLACES photo)

PYEONGTAEK, South Korea, Aug. 6 (Yonhap) -- South Korea's top economic policymaker on Monday urged Samsung Group, the country's leading conglomerate, to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's job-first policy.

In a meeting with Lee Jae-yong, the de facto chief of Samsung Group, and other top executives in Pyeongtaek, south of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private sector and the government to usher in innovative growth for the company and job creation.

"Samsung is a leading player for our economy and has contributed much to our growth," Kim said during the meeting. "At a time when we are in the process of changing our economic paradigm, Samsung's role, as a leading player, is very important."

The minister stressed that his economic team will mobilize all its energy to boost economic vitality.

"The government will create an ecosystem where corporate investment is made and provide support to the underprivileged," he said.

The policymaker also said Samsung should continue its efforts to support shared growth with its subcontractors.

The Moon Jae-in government is preaching growth centered on innovation, which it claims will help Asia's fourth-largest economy secure potential growth and allow for a sustainable expansion that can benefit everyone.

The latest gathering is the fifth round of such meetings between the minister and heads of major South Korean business conglomerates.

Kim has met with Hyundai Motor Vice Chairman Chung Eui-sun, LG Group Vice Chairman Koo Bon-joon and SK Group Chairman Chey Tae-won in a series of meetings to seek their support in the creation of good jobs.

Samsung Electronics Vice Chairman Lee has been serving as the top decision maker of the group since the hospitalization of his father in 2014.

Lee was released from prison in February after serving around a year on his alleged connection to a political scandal that led to the impeachment of former President Park Geun-hye.

Samsung may soon announce a massive investment plan centering on employment and social contributions, in response to the request made by President Moon Jae-in during his visit to India in early July, where the two met for the first time at the opening ceremony of a Samsung Electronics' production line.

During the meeting in India, Moon asked Lee to invest more in South Korea and create more jobs for people.

Finance Minister Kim Dong-yeon (2nd from R) talks with Samsung Electronics Vice Chairman Lee Jae-yong while moving into a room for talks at the tech giant's chipmaking line in Pyeongtaek, south of Seoul, on Aug. 6, 2018. (Yonhap)


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