Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, third from left, and acting President Choi Sang-mok, second from left, applaud with participants of a New Year gathering of businesses at the KCCI headquarters in central Seoul, Friday. From left are Federation of Korean Industries Chairman Ryu Jin, Choi, Chey, Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo. Yonhap

Business leaders in Korea reaffirmed their commitment to the country's economic rebound in 2025 during a New Year gathering hosted by the Korea Chamber of Commerce and Industry (KCCI), pledging to transform the current challenges into opportunities through entrepreneurship.

According to the KCCI, Friday, approximately 600 CEOs, top executives and ranking officials of businesses, government and foreign embassies here attended the gathering at the KCCI headquarters in central Seoul.

The gathering, marking its 63rd edition this year, has been held annually since 1962, except for 1973. Most sitting presidents have attended the event, with the notable exception of former President Moon Jae-in, who was absent throughout his five-year presidency. President Yoon Suk Yeol also attended the 2023 and 2024 editions but missed this year's gathering due to his suspension from office following impeachment.

Since the event took place during a national mourning period following the deadly Jeju Air plane crash on Dec. 29, the gathering began with a moment of silence for the victims and was held in a solemn atmosphere.

"Despite the challenging circumstances, we proceeded with today's event as planned," KCCI Chairman Chey Tae-won said during his opening remarks. "Since 1962, the New Year gathering has been held every year, except for one instance. This reflects our belief that, no matter the crisis, Korea's economy must not come to a standstill. I reiterate today that our efforts for the economy must never stop."

He added that if the current uncertainties persist, it will be difficult to predict the full extent of their impact, urging the government and politicians to support political stability. Chey pledged that businesses would make greater efforts to lay the foundation for future growth through fundamental innovation, enabling them to "exercise entrepreneurship by solving social problems through innovation."

More than 600 people attended the event, including Chey, acting President Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun.

Among the business leaders in attendance were Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, Hanwha Group Vice Chairman Kim Dong-kwan, along with other top executives from the country's leading conglomerates.

Along with the KCCI, other heads of domestic economic federations attended, including Federation of Korean Industries Chairman Ryu Jin, Korea International Trade Association (KITA) Chairman Yoon Jin-sik, and Korea Enterprises Federation Chairman Sohn Kyung-shik.

From the foreign community, American Chamber of Commerce in Korea Chairman James Kim and delegations from more than 50 embassies in Korea joined the event. From the labor community, Federation of Korean Trade Unions President Kim Dong-myeong attended.

In a statement, business federation heads emphasized that the key to overcoming the crisis and achieving recovery lies within businesses. They added, "If all economic entities unite and work together with a shared purpose, we can overcome the current difficulties."

Acting President Choi Sang-mok speaks during a New Year gathering between small- and medium-sized enterprises (SMEs) hosted by the Korea Federation of SMEs on Yeouido, Seoul, Friday. Yonhap

Meanwhile, the Korea Federation of Small- and Medium-sized Enterprises (SMEs) also held a separate New Year gathering in Yeouido, Seoul, urging the National Assembly to legislate laws to improve public livelihood and calling for the government to maintain an unwavering stance in implementing policies.