Economic Circle "Create Changes Like Tangible Regulatory Reforms" Welcomes Moon's New Year's Address

[Asia Economy Reporter Kim Hyewon] The business community welcomed President Moon Jae-in's New Year's address on the 7th, expressing hopes for "creating tangible changes such as regulatory reforms that can be felt firsthand."

The Korea Employers Federation (KEF) issued a statement on the same day, evaluating that "the economic policy direction in the President's New Year's address, which aims to rebound exports and facility investments and create a better investment environment for companies to restore vitality to our economy, will send a positive message to the market."

The KEF stated, "To advance the economy and enhance future growth engines, it is necessary to ensure a policy environment where the private real economy strengthens its competitiveness compared to other competitors and the market economy system operates vigorously," adding, "We hope the government and the business community will communicate more strategically and join forces to drive economic growth."

Regarding the 'fair economy' emphasized by President Moon, the KEF suggested, "While a fair economy is an important national agenda, strengthening the stewardship code and revising the Commercial Act and the Fair Trade Act should be carefully reviewed considering the management conditions of our companies."

In his New Year's address, President Moon stated, "We will restore the vitality of our economy and ensure that people feel a 'definite change' with an improved economy," and "We will spread the spirit of innovation throughout the economy." To this end, he pledged to create a corporate investment environment through ▲ regulatory improvements and tailored adjustment bodies for social compromise ▲ investment projects and incentives.

Lee Kyungsang, Head of the Economic Research Division at the Korea Chamber of Commerce and Industry, said, "(President Moon) declared that people will feel definite changes in inclusion, innovation, and fairness, and that efforts will focus on enhancing private sector vitality through regulatory innovation and strengthening investment incentives, which is an appropriate direction."

Lee further pointed out, "For the vision and policy direction of national governance to translate into tangible results, it is very important to establish and implement policies that fundamentally strengthen mechanisms and incentives to promote private consumption, investment, and exports." He also expressed concern that "these policy directions and structural reform tasks may be influenced by short-term issues and political schedules," urging, "Please devote special will and effort to making changes felt through revitalizing private sector vitality."

A representative from the Federation of Korean Industries also welcomed the policy direction, saying, "Innovation growth, regulatory reform, and expansion of investment incentives are desirable directions for Korea to take the lead in the era of the 4th Industrial Revolution," and added, "The mention of solving job issues in the manufacturing sector for those in their 40s is also highly noteworthy." The representative added, "We hope for more bold and proactive regulatory reforms and innovation growth to achieve tangible results that can be felt on the ground."

This content was produced with the assistance of AI translation services.