Kim Jeonggwan Apologizes Over KCCI "Fake News" Uproar: "My Deep Apologies... I Will Tighten the Reins"

Kim Jeonggwan, Minister of Trade, Industry and Energy, is responding to a question from Yoon Youngseok, a member of the People Power Party, during a government questioning session on economic affairs held at the plenary session of the National Assembly on the 10th. 2026.2.10 Photo by Kim Hyunmin

Kim Jeonggwan, Minister of Trade, Industry and Energy, repeatedly apologized on the 10th and pledged to prevent a recurrence regarding the recent "fake news" controversy involving the Korea Chamber of Commerce and Industry, a statutory economic organization supervised by the ministry.

During a parliamentary question session on economic affairs held at the National Assembly in the afternoon of the same day, Minister Kim stated, "I would like to offer my deepest apology," and made these remarks.

Regarding questions raised about the credibility of a recent press release issued by the Korea Chamber of Commerce and Industry on the topic of "outflow of high-net-worth individuals from Korea," he said, "We have launched an audit over the fact that an organization that should be grounded in public trust released distorted and untrue information without any verification procedure."

He added, "We will once again tighten the reins of reform so that the Korea Chamber of Commerce and Industry can become an organization that earns the trust of the people and is respected by market participants."

He drew a line under the possibility that the issue of non-tariff barriers could affect future renegotiations of tariffs between South Korea and the United States.

Regarding the remarks made the previous day during a parliamentary question session by Minister of Foreign Affairs Cho Hyun that "if there is no progress in negotiations with South Korea on non-tariff barriers, the United States will seek to reduce its trade deficit by raising tariffs on South Korea," he answered, "There are various issues between South Korea and the United States, but I believe they are manageable."

Noting that he had recently spoken with his counterpart, U.S. Secretary of Commerce Howard Lutnick, he said, "The Secretary of Commerce also said that 'it would be good if the Special Act on Investment in the United States is enacted in South Korea, and if it is enacted, there will be a way for tariffs to return to normal.'"

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