'No major difficulties for Korean companies if Trump is elected'

"Even if candidate Trump is elected, South Korea and its companies will not face insurmountable challenges," Ryu Jin, chairman of the Korea Business Association, reassured during a press conference of the KBA Forum in Jeju last Friday. He clarified that the election of former President Donald Trump, the Republican candidate in the U.S. presidential election, would not pose a significant burden for Korean companies.

Chairman Ryu Jin explained, "U.S. President Joe Biden prioritized companies related to labor unions, but Korean companies have primarily entered U.S. states without unions. Former President Trump will treat companies investing in the United States the same as American companies, so there could be a beneficial relationship with South Korea." He noted that contrary to concerns about the Republican administration strengthening protectionism by abolishing subsidies for foreign companies, more opportunities may open up for Korean companies that have increased investment in the United States.

"If the U.S., South Korea, and Japan cooperate, candidate Trump will likely be cooperative as well," the chairman said. He emphasized that the issues of the Korean economy should be addressed first. He defined the fundamental problem of the Korean economy as 'OLD,' an acronym for 'Outdated systems, Low birth rate, and Dormant industrial structure.'

"There are too many regulations that do not exist in other developed countries, making it seem as if Korean companies are running with sandbags tied to their ankles," he said. “To maintain the population, immigration from countries with similar religions or adoption should be considered.”


제주=변종국 기자 bjk@donga.com