Business Community Urges "Regulatory Easing"... United Voice for Post-Corona Preparedness

[Asia Economy Reporter Dongwoo Lee] Major economic organizations have demanded strong government support measures in the 'post-COVID-19' era. They argue that policy measures such as regulatory relaxation and support for domestic demand recovery are necessary, fearing that corporate management crises will intensify starting from the second quarter of this year.

According to the business community on the 10th, the Korea Employers Federation recently diagnosed at the Federation's Management Development Advisory Committee that South Korea's real economy will be significantly affected by the impact of the novel coronavirus infection (COVID-19) starting from the second quarter of this year.

The Federation emphasized, "Comprehensive and full government support is necessary so that companies can endure the management crisis they have taken on," adding, "Bold and sufficient government support is requested regardless of company size."

Woo Tae-hee, Executive Vice President of the Korea Chamber of Commerce and Industry, also assessed at a recent countermeasure meeting with the industrial sector that "this COVID-19 crisis is causing difficulties for companies as both domestic demand and exports are declining simultaneously." He stated, "Government support is inevitable to prevent the collapse of our country's industrial ecosystem due to this crisis."

The Federation of Korean Industries (FKI) has selected eight promising industrial sectors to focus on in the post-COVID-19 era, including transportation and mobility, edutech, healthcare, networks, and logistics distribution. The FKI pointed out that regulatory relaxation is necessary for these industries to develop.

Yoo Hwan-ik, Director of Corporate Policy at the FKI, explained, "Proactive and broad regulatory reforms are needed for new industries to take root." The FKI also argued that the government should mediate the interests related to new industries rather than leaving conflict resolution to the parties involved.

The Ministry of Trade, Industry and Energy plans to seek solutions for the 'post-COVID-19' era through relay meetings with mid-sized and small and medium enterprises (SMEs). To gather opinions from the mid-sized industry on next year's industrial technology research and development (R&D) planning direction, a total of 18 relay meetings will be held over the next month across various sectors.

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