Global Economic Leaders Urge Countries to Ensure Business Mobility and Financial Stability (Comprehensive)

Economic Organizations from 16 Countries Urge for COVID-19 Response Measures

Huh Chang-soo, Chairman of the Federation of Korean Industries, is announcing the 'Urgent Economic Proposal' in response to the spread of COVID-19 at the Federation of Korean Industries building in Yeouido, Seoul, on the 25th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Changhwan Lee and Dongwoo Lee] The Global Business Coalition (GBC), comprising major economic organizations from 16 countries including the Federation of Korean Industries (FKI), has proposed economic revitalization measures to countries worldwide to overcome the COVID-19 crisis, including ensuring the mobility of businesspeople and strengthening economic stimulus measures.

On the 26th, FKI announced that the GBC issued a joint statement containing recommendations to prevent the spread of COVID-19 and minimize market impact, focusing on securing the movement of business personnel, boosting economic vitality, and stabilizing financial markets.

The GBC is a global pure private-sector economic organization coalition involving 16 countries worldwide, including South Korea’s FKI, the United States, the United Kingdom, France, and Germany, established in 2012 to promote free trade and investment environments. This joint statement was proposed by FKI and agreed upon by member organizations.

In the joint statement, the GBC emphasized, "The world is closely connected through trade, investment, and business activities, and the lives of 7.8 billion people depend on the global economic system," adding, "A collective effort to minimize the negative impact of the current health crisis on the global economy is urgently needed." In particular, the GBC requested that governments recognize exceptions to movement restrictions for businesspeople entering and exiting countries for trade and investment purposes.

While acknowledging that "it is reasonable for countries to restrict cross-border movement to prevent the spread of COVID-19," the statement also stressed, "We want to emphasize that maintaining international trade and investment will reduce the negative impact on the economy."

Furthermore, the GBC recommended taking appropriate economic stimulus measures tailored to the situation and coordinating them internationally. Specific examples included temporary tax credits, financial and liquidity support for small and medium-sized enterprises, and fiscal and monetary policies to stabilize financial markets.

Meanwhile, FKI urged the South Korean government to implement innovative measures such as deregulation of businesses, expansion of the Corporate Vitality Act, and improvement of stock investment conditions to strengthen economic vitality.

On the previous day, FKI held an emergency press briefing in Yeouido, Seoul, chaired by Chairman Huh Chang-soo, asserting that the current economy is facing a complex crisis involving both real and financial sectors and that all available means must be mobilized to respond.

Chairman Huh stated, "Our economy is currently at the center of a perfect storm, a complex crisis of real and financial sectors caused by fear of COVID-19," adding, "Extraordinary measures are needed in the economic sector as much as in quarantine efforts."

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