Economic Sector: "Maximum Guarantee of Corporate Autonomy Needed"... Statement on Overcoming the COVID-19 Crisis

Headquarters of the Korea Federation of Small and Medium Business

[Asia Economy Reporter Kim Daeseop] Domestic economic organizations, including the Korea Federation of Small and Medium Business (KOSME), issued a statement on the 23rd, conveying their voices to the government and the National Assembly to save key industries and protect jobs.

On this day, KOSME, the Korea Association of Mid-sized Enterprises, the Korea Chamber of Commerce and Industry, the Korea International Trade Association, and the Korea Employers Federation stated in their joint statement, "We welcome the support measures for key industries prepared at the 5th Emergency Economic Meeting."

The business community also said, "Since liquidity at the corporate site is urgently needed on a daily basis, we urge that follow-up measures such as the revision of the Korea Development Bank Act and the approval of the national guarantee for fund bonds be promptly processed in this 20th National Assembly."

They emphasized that no matter how good the support measures are, they are useless if the golden time is missed. The business community argued, "The crisis in key industries is spreading to the entire industry, including related small and medium enterprises and service industries, as well as upstream and downstream industries such as machinery, steel, and electronics," adding, "This crisis in key industries not only shakes the foundation of our country's manufacturing industry but also threatens more than hundreds of thousands of jobs."

The business community stressed flexible policy operation. In particular, regarding the target industries and the scale of support, they recommended that the government and the National Assembly comprehensively consider domestic and international economic conditions and industrial characteristics, ensuring that companies essential to the national economy are not excluded from support.

The business community said, "Since the current management crisis is proceeding under an external force majeure situation caused by the novel coronavirus disease (COVID-19) global pandemic, not due to internal fault of the companies, detailed measures should be prepared later in a way that maximizes corporate autonomy and policy effectiveness."

They also reaffirmed companies' determination to overcome the COVID-19 crisis. The business community said, "If key industries cannot endure this crisis and collapse, recovery will be impossible, and our economy will lose future competitiveness. On the other hand, if we overcome this crisis well, our manufacturing industry will face new opportunities."

They continued, "Our business community will do its best to respond to the government's and National Assembly's efforts to stabilize companies, including support for key industries, to save companies and create current and future jobs, thereby contributing to the national economy."

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