S. Korean President Calls for More Investment by Conglomerates

South Korean President Park Geun Hye called on the heads of the country’s biggest industrial companies to increase investment and promised she would prevent regulations from obstructing their business activities.

Park met today with Lee Kun Hee of Samsung Group, Chung Mong Koo of Hyundai Motor Co. and the heads of eight other large industrial groups, according to an e-mailed statement from the president’s office.

Park said she sees signs of an economic recovery and told the executives that “aggressive and pre-emptive investment” has increased corporate competitiveness and helped improve the national economy in the past, according to the e-mail.

Huh Chang Soo, head of GS Group, acknowledged investment by the top 30 conglomerates in the country fell short of their initial plan and told Park that they would increase investment to 6 trillion won ($5.4 billion) to 155 trillion won this year, according to the statement.

To contact the reporter on this story: Sam Kim in Seoul at skim609@bloomberg.net

To contact the editor responsible for this story: Rosalind Mathieson at rmathieson3@bloomberg.net

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