[New Year's Address] Chairman Park Yong-man: "Time to Consider the Economic Aftereffects of COVID-19"

"Structural Vulnerabilities Such as Private Debt Must Be Addressed"
"All Windows of Opportunity Leading to the Future Must Be Opened"

Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry

[Asia Economy Reporter Dongwoo Lee] Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, stated on the 30th, "The new year calls for reflection on the 'economic aftereffects' caused by the COVID-19 pandemic."

In his 2021 New Year's address, Chairman Park said, "We must begin to find solutions to the accumulated structural vulnerabilities such as private debt, asset market imbalances, and polarization in the labor market."

He expressed concern that "the post-COVID era might become a 'league of major countries' led by the digital and bio sectors," emphasizing the need to restore economic dynamism by saying, "Before the gap with these countries widens further, we must also open 'all windows of opportunity' to move toward the future."

He added, "Above all, we need to innovate outdated laws and systems first to boost the metabolism of companies and industries," and said, "We hope to review the 'regulatory sandbox' system introduced two years ago to alleviate companies' concerns about business suspension due to the expiration of special periods and to further spread startups' innovative efforts."

He also called for strengthened efforts toward harmonious development of the economy and society. Chairman Park explained, "While actively utilizing the non-face-to-face and online trends triggered by COVID-19 as means to strengthen industrial competitiveness, our society must also consider the polarization and human resource mismatches brought about by digital acceleration."

He stated, "The business community agrees with the broad direction of expanding social safety nets to the level of advanced countries," adding, "When discussing new welfare programs, it is important to determine beneficiaries and amounts, but it would be better if discussions aimed at enhancing the virtuous cycle effect of growth and welfare through such expenditures increase in our society."

He also hoped for progress in policy predictability and the formation of advanced economic norms. Chairman Park said, "Recently, discussions on laws and policies related to 'industrial safety,' 'class action lawsuits,' and 'carbon neutrality by 2050' have been active, and I hope that acceptable alternatives and practical solutions will be sought through communication with the business community."

He continued, "For the economy and society to mature, it would be more desirable to solve problems through autonomous norms rather than by regulation and enforcement through laws," and said, "Companies should strive to establish and practice norms higher than the law, and it would be good if our society offers much advice and encouragement to allow autonomous norms to form rather than imposing excessive legal standards."

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