Ruling Democratic Party of Korea presidential candidate Lee Jae-myung, front row center, bumps fists with French-Korean Chamber of Commerce and Industry Chairman David-Pierre Jalicon, during an event at the Conrad Seoul, Tuesday. Yonhap

By Park Jae-hyuk

Lee Jae-myung, presidential candidate of the ruling Democratic Party of Korea, told representatives of foreign firms in Korea on Tuesday that he supports economic sanctions against Russia, despite the possibility of the measures affecting Korean companies adversely.

"Although Korea has been close to Russia economically and geographically, the government should join the international community in imposing sanctions against Russia, which has harmed the global market economy and violated the U.N. Charter," he said. "The government should join the sanctions, but at the same time, it needs delicate handling for problems related to the safety and profits of Korean companies and Korean nationals overseas."

Lee made the remarks during an event, hosted jointly by the French-Korean Chamber of Commerce and Industry (FKCCI) and the Korea-German Chamber of Commerce and Industry (KGCCI) to hear his views on global trade and investment, as well as on challenges of economic and social policy, green growth and innovation in the post-pandemic era.

The event was attended by more than 100 representatives of foreign and Korean companies, as well as diplomats from the European Union, France, Germany and Australia.

The presidential candidate, who apologized for describing Ukrainian President Volodymyr Zelenskyy recently as a "novice politician" and blaming him for Russia's invasion, started his keynote speech with a condemnation of Russia's invasion of Ukraine.

"First of all, I hope for an immediate end to the war, which is taking lives, property and peaceful everyday life away from the people," he said. "I respect Ukraine's sovereignty and territory, and strongly condemn Russia's invasion."

In addition, Lee proposed his "10 New Economic Strategies" to expand foreign investment, promising to support small- and medium-sized enterprises here and ease unreasonable regulations on foreign firms.

"The biggest mission for Korea's next president is to turn the crisis into an opportunity and revitalize the economy," he said. "Foreign investment is contributing tremendously to Korea's economic growth and job creation."

FKCCI Chairman David-Pierre Jalicon said in his speech that foreign firms still face issues regarding market access and trade, although he believes there is a promising partnership between Korea and France in the digital, green and healthcare sectors.

KGCCI Chairperson Park Hyun-nam said that foreign companies are convinced that much can be done in the coming years to strengthen business cooperation and links with Korea, mentioning a recent survey which showed that being active in the Korean market has become more important for 62 percent of European companies doing business here.