South Korean President Yoon Suk-yeol emphasized the importance of fostering a cooperative ecosystem between large and small businesses during a meeting with business leaders on the first day of the implementation of the revised labor law facilitating direct negotiations between primary and subcontractor unions.
On the first day of the 'Yellow Envelope Law' implementation, which allows for direct negotiations between labor unions of primary and subcontractors, President Yoon Suk-yeol met with corporate leaders to stress that cooperation between large and small businesses is essential, viewing it as an investment in survival rather than a handout. He articulated that creating a cooperative ecosystem is a strategic investment that helps build capable partners and ultimately assures long-term success for businesses.
President Yoon specifically criticized the outdated strategy of concentrating resources on a limited segment of the economy, often referred to as 'all-in.' He noted that while this strategy may have been effective in the past, it is now widely seen as a barrier to growth. In his remarks, he emphasized the need for a fundamental shift in the economic and industrial landscape to foster sustainable growth, highlighting that a balanced ecosystem is necessary for thriving enterprises. He illustrated this point by suggesting that just as a tiger needs a grassland to survive, businesses require a healthy, diverse economic environment to flourish.
Furthermore, President Yoon pointed out that adopting ESG (Environmental, Social, and Governance) practices has become crucial for attracting investments. He provided a successful example of Hanwha Ocean, which allocated approximately 89 billion won to ensure equal bonus payouts for subcontract employees. He expressed the government’s intent to promote this cooperative culture across various industries and pledged support for establishing cooperation in sectors such as platforms, defense, and finance to create a more inclusive economic environment.
