Park Yong-man Visits National Assembly: "Support Measures Must Be Activated for Companies Facing Financial Difficulties"

Afternoon of the 16th, Visit by National Assembly Speaker Park Byeong-seok
"The Business Sector Is Indeed in a Hurry"

Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry (left), visited Park Byeong-seok, Speaker of the National Assembly (right), on the 16th to urge prompt support for companies facing urgent financial difficulties due to the COVID-19 pandemic.

[Asia Economy Reporter Dongwoo Lee] Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, met with National Assembly Speaker Park Byeong-seok on the 16th to urge prompt support for companies facing urgent financial difficulties due to the COVID-19 pandemic.

On that day, Park visited the National Assembly in Yeouido in the afternoon and said during his meeting with Speaker Park, "From the perspective of the business community, time is of the essence," adding, "We strongly hope the National Assembly session will open soon."

Park explained, "By the end of June, a large number of non-investment grade bonds will mature. Since many maturities are concentrated at that time, measures that can provide quick support must be activated."

Earlier, the Korea Chamber of Commerce and Industry requested the government to promptly establish a Special Purpose Vehicle (SPV) to purchase corporate bonds, commercial papers (CP), and short-term bonds, including low-credit ones, so that companies facing financial difficulties amid the concentration of non-investment grade bond maturities in June and September this year can receive swift support.

Park also said, "We have decided to use the term 'innovation in laws and systems' rather than 'regulation' now," adding, "In that regard, if the National Assembly shows special interest and broadens the scope of immunity for those implementing policies, the economic recovery will accelerate."

In response, Speaker Park said, "I understand well that the public wants the National Assembly to convene quickly and establish measures for those facing difficulties and worrying about their livelihoods," and added, "I will do my best to carry out legislative activities going forward."

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