President Lee meets business leaders, vows smarter regulations

Staying with the president's agenda.

President Lee Jae-myung has vowed for what he called a "rationalization of business regulations" through the cutting of red tape.

Such intentions were shared during a meeting earlier on this Friday at the Yongsan Presidential Office with leaders of Korea's conglomerates including Samsung, Hyundai Motors, LG, SK, and Lotte as well as the chairs of top business organizations.

The president highlighted the use of the word "rationalization" instead of "easing" or "loosening" given the need for regulation to promote fair competition.

He also stressed that the government and private sector need to work together to overcome the current economic challenges including U.S. tariffs.