The economy is one of the important parts of a country. If it slows down, the people in the country will have a hard time. That is why the economy is an important part of our society. Lee Jae-yong, who is the vice president of Samsung, is the most influential figure in South Korea, because his company, Samsung, is the biggest company in South Korea and has the key to the development of the Korean economy.

▲ Samsung ranked 1 in semiconductor part in 2018.

He is important for several reasons. First, he is important for the structure of the Korean economy. The Korean economy is led by major companies such as Samsung, LG, and many more. The profit of major companies possesses over 90 percent of the Korean market. So, if the major companies slow down, the Korean economy will slow down, too. Next, Samsung makes the biggest profit among the major companies. So, when it slows down, many people will be affected. For example, Japanese export was controlled last summer. Japanese imposed economic retaliation to break the Korean economy. So, Samsung could not import the parts of the semiconductor. Also, its rate of growth decreased to 29.1 percent. Because of it, South Korea had a hard time.

▲ Lee Jae-Yong finished his interview.

However, Lee Jae-yong was really smart in his school days. He graduated from Seoul University which is the most famous university in South Korea. Then, he went to Harvard Business School (HBS) to study how to manage a company. He got the highest score as an Asian in HBS. After he graduated, he entered Samsung in 1991, and he became the vice president in 2016. When he became the vice president, people had a question about his job performance. However, now, he is managing Samsung better than their expectation. In 2019, Samsung entered the big five companies in the world. He had an interview with Maeil Business Newspaper about his future plan. He said that he will manage the company as what his father did, and he will make the Korean economy stronger than now.

Last summer, we, Korean people, felt how the economy is important in our society. It gives us the importance of major companies, especially Samsung. Lee Jae-yong has the key to develop the Korean economy. Therefore, South Korea should develop its economy with him and his company.

By Taeho Kim