Mid-sized Enterprises Sector: "21st National Assembly Must Establish Legal and Institutional Environment to Respond to Global Economic Paradigm"

The mid-sized enterprise sector emphasized that the 21st National Assembly must strive to create a legal and institutional environment that not only restores the livelihoods affected by the novel coronavirus disease (COVID-19) crisis but also effectively responds to the paradigm shift in the global economy.

On the 29th, the Korea Federation of Mid-sized Enterprises (hereinafter referred to as KFME) announced "The Wishes of the Mid-sized Enterprise Sector to the 21st National Assembly," stating, "The 21st National Assembly should deeply reflect on the significance of the high voter turnout rate of 66.2% even under COVID-19, and recognize the urgent demands of the people for political and social reform and economic revitalization as a grave historical mandate and a concrete responsibility."

KFME said, "If we take a cold, hard look at the current state of the Korean economy, we can never be confident that the nearly 4,000 regulatory bills proposed by the 20th National Assembly members have led to the growth of companies and other economic actors," adding, "Legislative efforts to innovate industrial structures and enhance economic vitality must be devoted to enacting laws such as the Service Industry Development Act, which was proposed in the 19th National Assembly but ultimately failed to pass the 20th National Assembly, and amendments to the Labor Standards Act including the expanded application of flexible working hours."

Furthermore, KFME added, "We hope that the 21st National Assembly will become a foundation for new growth strategies to overcome the post-COVID era, the Fourth Industrial Revolution, and this period of great transformation by leading innovation and cooperation across all sectors of society, including enterprises."

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