Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won delivers a speech during a New Year greeting session hosted by the KCCI in central Seoul, Tuesday. Yonhap

By Yi Whan-woo

Korea's corporate world was urged to capitalize on the new opportunities created by the pandemic in relation to the concept of a contact-free society, during a New Year's greeting session hosted by the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Tuesday.

The session at the KCCI headquarters brought up the term, the "metaverse," a virtual environment where users interact through digital avatars, as a "space where businesses can innovative themselves" and therefore requested that firms begin taking the relevant steps to realize it.

Businesses were also advised to build greater resilience against the current disrupted global supply chain, to strengthen fair competition ― a value especially emphasized by Millennials and Generation Z ― and to play a role to prevent a decline in Korea's population.

"We're facing a great transition in virtually every field, with tricky challenges that we have never experienced before," KCCI Chairman Chey Tae-won said in his address. "And now is the time for companies to understand what society really wants and manage it in the right way."

Chey, who is also SK Group chairman, emphasized the need to "newly define" the roles of firms and create opportunities in relation to the Fourth Industrial Revolution (4IR), climate change, the global supply chain crisis and other factors that are leading to a rapidly changing business environment.

"Such roles are critical for the sustainability of corporations as a whole and also for the nation's economy," he said.

He requested the government to support companies by motivating them to use their expertise in national projects concerning new technologies and industries.

Accordingly, he called for "upgrading private-public partnership" in which the government and private sector help each other to meet mutual interests.

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, front right, speaks with Prime Minister Kim Boo-kyum, front left, as other participants listen during a New Year's greeting session hosted by the KCCI in central Seoul, Tuesday. Yonhap

The annual session was attended by more than 100 participants, including businesspeople, high-ranking officials, lawmakers, members of the diplomatic corps and representatives from activist groups, academia and journalism.

Among them were Prime Minister Kim Boo-kyum, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, ruling Democratic Party of Korea Chairman Song Young-gil, main opposition People Power Party Chairman Lee Jun-seok, American Chamber of Commerce in Korea Chairman James Kim and Andrew Herrup, the acting deputy chief of mission at the U.S. Embassy in Korea.

In a separate speech, Prime Minister Kim attributed Korea's record exports and the elevation of its status as a developed economy by the U.N. Conference on Trade and Development (UNCTAD) to "ceaseless efforts for innovation" by entrepreneurs.

"We should fully use our potential as a foothold to become what I call a 'first mover,' after being a 'fast follower,' in the past," Kim said.

Kim explained that government management in 2022 is directed at fully normalizing the economy and consolidating the groundwork for "pacesetting leadership" in the world.

To fulfill this goal, he promised to make "full-pledged support" for the self-employed and small- and medium-sized enterprises (SMEs) that have been severely hit by the COVID-19 pandemic.

Job creation is also at the center of the government's focus, and he said that it appreciates the country's six largest conglomerates ― Samsung, Hyundai Motor, SK, LG, POSCO and KT ― for their pledges last year to create 179,000 jobs collectively by 2024.

Regarding regulations that businesses find "obstacles," the prime minister said the government "is ready to roll up its sleeves and remove them."