The Ministry of Trade, Industry and Energy held an inauguration ceremony and meeting for the Sixth Business Restructuring Committee at the Lotte Hotel in Seoul on November 6.
This newly formed committee takes into account changes in the business restructuring environment, including the AI transformation and supply chain threats, as well as the revised Corporate Vitality Act. It comprises experts from various fields such as technology, management, law, and finance. The members expressed their commitment to the intent of the Corporate Vitality Act and pledged to work diligently to promote business restructuring.
Following the inauguration ceremony, a workshop was held to review changes to the business restructuring system and discuss the challenges faced by companies amid shifting domestic and international economic conditions, highlighting the need to strengthen support systems for business restructuring.
Newly appointed co-chair Yoo Jeong-yeol, a senior advisor at law firm Sejong, stated, "We will faithfully reflect the voices from the field to enable companies to proactively respond to changes. Together with the committee members, we will enhance support for companies to successfully pursue business restructuring."
Park Dong-il, Deputy Minister of the Ministry of Trade, Industry and Energy, emphasized, "In the face of changes in the industrial environment, such as the AI transformation and supply chain restructuring, the key strategy for companies to survive is proactive business restructuring. We will expand policy support in areas such as research and development and finance to ensure that the revised Corporate Vitality Act operates effectively on the ground and broadens growth opportunities for businesses."
* This article has been translated by AI.
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