President Yoon Suk Yeol has vowed to improve policies so that more companies can withstand time as younger generations smoothly succeed family businesses, allowing for stable employment and sustainable economic growth.

Yoon made the pledge on Wednesday during a special lecture in Seoul marking the 51st Commerce and Industry Day. 

The president said the issue of family business inheritance, which is a serious challenge for many South Korean companies, should be examined by taking into account a company’s survival and sustainability in the global market. 

Yoon said many family businesses that are about to be led by their third generation don’t dare to pursue value-up schemes or improve conditions for workers, let alone seek innovation, due to the burden of paying inheritance taxes, adding that such a situation is extremely ineffective. 

The president vowed continuous efforts to do away with “vested cartels” that unduly benefit from monopoly as he urged South Korean businesses to break free from complacency within monopolist structures. 

Yoon stressed the need for financial industries to pursue more aggressive innovation as he stated that there are no South Korean banks in the list of the world’s top 50 banks.

On labor reform, Yoon stressed that he will transform the labor market to be more flexible in line with changes in the nation's industrial structure.