Ryu Jin, chairman of Poongsan Group, has dismissed rumors regarding the potential sale of the company's defense division. During a press conference held on July 17 in Seogwipo, Jeju, as part of the Korea Economic Association's summer forum, Ryu stated, "We considered it, but we have decided not to sell at this time."
Ryu is planning to expand the revenue generated from the defense sector into service areas such as golf courses, hotels, and senior living communities.
He is also pursuing a plan to relocate the Poongsan Busan facility from Haeundae District to Gijang County. He noted, "With the local elections changing the mayor, we need to discuss this again," adding, "A blueprint will likely emerge soon."
As the president of the Korea Economic Association, Ryu emphasized the need for regulatory innovation to secure future industrial competitiveness. He advocates for the active introduction of American-style negative regulation in the fields of new technology and new industries to promote corporate innovation.
Using examples from the U.S., he explained, "Global innovative companies like Google, Apple, Meta, NVIDIA, Tesla, Netflix, and OpenAI have grown under a system where 'everything is allowed except what is prohibited.'"
Ryu acknowledged that fully adopting American-style negative regulation may be challenging, but he believes it is feasible if limited to new technologies, new industries, and special zones. He stressed, "We must redesign the regulatory system before it is too late to avoid restricting future industries with outdated standards."
On the same day, Ryu introduced the 'New K-Industry' strategy, which aims to fundamentally change industrial structures and growth methods through AI transformation, service innovation, and institutional and infrastructure reform.
Regarding the recent controversy over high bonuses at SK Hynix and Samsung Electronics, he expressed, "While I agree with the concept of performance bonuses, it is advisable to discuss them thoroughly before distribution," adding, "This could have a domino effect on small and medium-sized enterprises, so it is better to consult adequately before payment."
As Ryu approaches the end of his second term in February next year, he has left the door open for a possible third term as president of the Korea Economic Association. He remarked, "It would be better not to seek a third term, but I don't know if that will be possible," and added, "I hope to step down while things are good at the top, but it will depend on the situation."
* This article has been translated by AI.
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