President Lee Jae-myung vowed to streamline regulations and support pro-business policies during his first formal meeting with the heads of South Korea’s five largest conglomerates, saying his administration would focus on eliminating red tape that hampers corporate growth.

“The core of the economy is business,” Lee said on June 13 during a lunch meeting at the presidential office in Yongsan, according to a statement from his office. “We will boldly remove unnecessary regulations created for administrative convenience.”

The two-hour meeting brought together the leaders of Samsung, SK, Hyundai Motor, LG, and Lotte, as well as the heads of six major business associations. It marked Lee’s first official engagement with the business community since taking office and came just days before his departure for the G7 summit.

President Lee Jae-myung speaks during a meeting with business leaders and economic organizations at the presidential office in Yongsan, Seoul, on June 13, 2025./Yonhap

Lee used the occasion to lay out his economic priorities. “Aside from public safety and national security, the government’s most important duty is ensuring the livelihood of the people,” he said. He added that market conditions had improved following recent elections, noting, “The market has stabilized, stock prices are up—and I’m relieved.”

The president outlined a two-pronged economic strategy: support for corporate-led growth, coupled with efforts to create a fairer economic environment by addressing labor and small business issues. “We cannot rely on unfair competition or exploitative practices as we did in the past,” he said. “That era is over.”

Lee acknowledged lingering distrust between the public and private sectors and said he hopes to ease those tensions. He added that he had consulted with industry leaders on key economic appointments and intended to reflect their views in personnel decisions.

He also pledged to pursue a flexible and pragmatic trade policy, particularly in response to heightened global trade uncertainty. Presidential spokesperson Kang Yu-jung said the administration would “prioritize national interest” in addressing key trade challenges, including the expanded U.S. tariffs on steel and related goods.

President Lee Jae-myung shakes hands with Samsung Electronics Executive Chairman Lee Jae-yong during a meeting with business leaders and economic organizations at the presidential office in Yongsan, Seoul, on June 13, 2025./Yonhap

Lee said he discussed the matter with U.S. President Donald Trump during a June 6 phone call and the two leaders agreed to accelerate working-level talks aimed at reaching a mutually acceptable resolution.

“He emphasized a ‘One Team’ spirit between government and business, vowing to actively support Korean companies in growing and competing globally,” Kang said.

Attendees included Samsung Electronics Executive Chairman Lee Jae-yong; SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry; Hyundai Motor Group Chairman Chung Eui-sun; LG Group Chairman Koo Kwang-mo; and Lotte Group Chairman Shin Dong-bin.

Also present were Ryoo Jin, chairman of the Federation of Korean Industries; Sohn Kyung-shik of the Korea Enterprises Federation; Yoon Jin-sik of the Korea International Trade Association; Kim Ki-moon of the Korea Federation of SMEs; and Choi Jin-sik of the Federation of Middle Market Enterprises of Korea.