The government has said it will speed up administrative procedures to ensure quick implementation of major corporate investments worth 6 trillion won ($5.3 billion), including a 3.7 trillion-won project by Hyundai Motor Group to build a 105-story building in southern Seoul.

In 2014, Hyundai Motor Group, the world's fifth-largest carmaker by sales, purchased the land for its landmark building, though no significant progress has been made yet.

Hong also called for a social compromise on a number of unspecified issues, calling it a shortcut to inclusive growth.

South Korea has been divided on such issues as a minimum wage, working hours and deregulation.

The country's minimum wage is set to rise to 8,350 won next year, up 10.9 percent from 7,530 won in 2018, as part of President Moon Jae-in's income-led, or consumption-led, economic growth strategy. The wage jumped 16.4 percent on-year in 2018. (Yonhap)