Park urges business heads to lead creative economy

President Park Geun-hye on Friday invited 17 business leaders to Cheong Wa Dae to celebrate the completion of creative economy centers nationwide and ask their active support in the future operation. 

As part of a government-led initiative, a total of 17 Centers for Creative Economy and Innovation have been launched over the past year aiming to nurture competitive start-ups across industries in partnership with big conglomerates.

A combined 2 trillion won ($1.7 billion) will be poured into related projects over the next five years, according to the Ministry of Science, ICT and Future Planning. 

Lotte, based in Busan, is the largest investor with 230 billion won, followed by Hyundai Motor in Gwangju with 177.5 billion won; Samsung in Daegu with 150 billion won and Doosan in South Gyeongsang Province with 170 billion won. 

Since the opening of the first Samsung center in September, 68 venture firms have attracted a combined 29.9 billion won in investment. Some 250 companies are currently participating in the incubation programs. 

“Creative ideas of start-ups are supported by big firms, and their success story will also inspire your business,” Park said at the luncheon meeting. “This virtuous circle will help the Korean economy fend off challenges.”

The president also requested attending business leaders to play a leading role in creating new jobs and boosting the sluggish consumption. 

“In order to overcome the current crisis, the most important tasks are making fresh investments and improving consumer sentiment,” she stressed. 

It was the largest gathering with the nation’s top business leaders held at the presidential office. In August 2013, she held a meeting with the heads of the top 10 conglomerates. 

Despite speculation, she didn’t comment on the planned special pardons of some business tycoons on the Aug. 15 Liberation Day. 

The participating business heads at Friday’s presidential meeting included: Samsung Electronics vice chairman Lee Jae-yong; SK Group’s SUPEX Council chairman Kim Chang-keun; Hyosung senior vice president Cho Hyun-sang; POSCO chairman Kwon Oh-joon; Hyundai Motor Group chairman Chung Mong-koo; LG Group chairman Koo Bon-moo; Lotte Group chairman Shin Dong-bin; KT chairman Hwang Chang-kyu; Doosan chairman Park Yong-maan; Naver CEO Kim Sang-hun; Hanwha Group chairman Kim Seung-yeon; GS Group chairman Huh Chang-soo; Daum Kakao chairman Kim Beom-su; AmorePacific chairman Suh Kyung-bae; Hyundai Heavy Industries chairman Choi Kil-seon; CJ Group chairman Sohn Kyung-shik; and Hanjin Group chairman Cho Yang-ho.

By Lee Ji-yoon (jylee@heraldcorp.com)