South Korea’s Deputy Prime Minister and Finance Minister Kim Dong-yeon on Monday urged Samsung for further efforts in improving governance and discarding unfair trade, while working for job creation and innovative growth, in his first visit to the plant run by the conglomerate.

Heir to the group and Vice Chairman of Samsung Electronics Lee Jae-yong was on hand to accompany Kim on his visit, which came on the heels of a meeting between Lee and President Moon Jae-in at the company’s Indian plant on July 9.

Contrary to widespread speculations, however, Samsung held off on the announcement of a massive investment and employment program, as news reports have suggested the minister and Cheong Wa Dae were allegedly at odds over how to deal with Samsung’s investment offers.

“As a leading player of our economy, Samsung should improve the governance structure and practices of unfair trade in order to spread mutual growth,” Kim said during his visit to the Pyeongtaek Campus of Samsung Electronics to browse the semiconductor production line.

He also underlined that the country‘s economy is currently facing a paradigm shift, urging the top conglomerate to play a pivotal role in the process.

The minister’s Pyeongtaek tour took place as part of a government program to strengthen ties with local businesses and encourage their involvement in job creation and innovative growth -- the largely underachieved economic agendas of the Moon Jae-in administration.

Starting December last year, Kim has so far visited LG Group, Hyundai Motor, SK Group and Shinsegae Group consecutively. During each event, the conglomerates respectively announced a multitrillion-won investment plan which is to trigger a massive employment effect.

According to data compiled by Statistics Korea, equipment investment in the domestic market remained on a downtrend from March to June this year, marking a fall for four consecutive months for the first time in 17 years and six months.

While pledging to create a substantial number of jobs in the software sector, the Samsung chief also requested for deregulations in the biotechnology industry. according to the minister.

“Though details may not be disclosed due to trade secret issues, there were talks on some of the regulations in the bio industry, as well as proposals concerning the electricity supply of the Pyeongtaek plant and foreign investment,” Kim told reporters, after his close-door meeting with Lee.

“While some issues may be solved relatively swiftly, others required more in-depth consideration.”

Meanwhile, Samsung withheld the largely anticipated announcement of a mid-term investment program amounting up to 100 trillion won ($88.9 billion). President Moon earlier asked Lee for further investment and job creation in the domestic market, while attending the opening ceremony of Samsung Electronics’ new local plant during his state visit to India in early July.

The timeline delay came in the wake of a latest news report which claimed that the Blue House allegedly gestured disapproval over Minister Kim’s pressure upon private businesses for job creation.

Despite constant denial, the presidential office -- especially Chief of Staff for Policy Jang Ha-sung -- has been pictured as being at odds with Kim over key economic affairs, including the pace of the legal minimum wage hike.

“Reports suggest that (Cheong Wa Dae) told (Kim) not to ‘beg for job creation’ but this is not true,” said presidential spokesperson Kim Eui-kyeom in a regular briefing.

Minister Kim also explained that the suspension of the investment plan was due to the lack of time, as Lee had just returned from his trip to Europe.

“I expect that (Samsung) will reveal (the details) within the near future, but it is entirely up to Samsung to decide,” Kim said.

By Bae Hyun-jung (tellme@heraldcorp.com)