Task force on growth strategy kicks off with gov't officials and major business leaders

A new task force made up of top government officials and corporate leaders launched its first meeting on this Tuesday. to chart a strategic map to tangible economic growth.

Our economic correspondent Kim Do-yeon has more.

Deputy Prime Minister for Economy and Finance Koo Yun-cheol says businesses are at the core of the Lee Jae Myung administration's growth vision which seeks "real growth."

He was speaking Tuesday as the new Growth Strategy Task Force held its first meeting with Koo leading, joined by top officials and business leaders, including SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce.

"We now need to focus on more fundamental economic growth. I believe the next five years are Korea's last real opportunity to transition into a super-innovative economy."

One key agenda item was easing legal risks for companies.

The government plans to reduce criminal liability for CEOs including in breach of trust cases and shift toward fines and civil compensation.

Minor violations without intent or gross negligence could be exempt from criminal charges altogether.

But penalties for serious offenses, such as unfair trading or safety violations, will be strengthened.

The task force also reviewed the outcome of the recent Korea-U.S. tariff deal.

Industry Minister Kim Jung-kwan said the agreement eased uncertainty for exporters especially in autos, semiconductors, and pharmaceuticals and helped preserve Korea's competitiveness in the U.S. market, which accounts for nearly 20 percent of Korean exports.

Even if new tariffs are introduced, Korea will retain Most Favored Nation treatment ensuring it's not disadvantaged compared to Japan or the EU.

Officials also again confirmed no new concessions were made on beef or rice, though future talks could address quarantine procedures such as for U.S. apples.

Chairman Chey Tae-won welcomed the deal but urged the government to follow through on the details and ensure both sides maximize investment synergy.

Kim Do-yeon, Arirang News.