"President's 'Will for Economic Recovery' Welcomed... Regulatory Reform Needed for Private Economy"

[Asia Economy Reporter Ki-min Lee] The Federation of Korean Industries (FKI) stated on the 11th that it "welcomes President Moon Jae-in's New Year's address, in which he expressed a strong commitment to full restoration of daily life and rapid, robust economic recovery through COVID-19 vaccination and the Korean New Deal."

The FKI mentioned, "Given that large-scale fiscal spending is inevitable this year due to uncertainties caused by COVID-19, we urge the government to make further efforts to enhance the efficiency of fiscal policies."

It also emphasized, "In the long term, for our economy to return to the pre-COVID growth trajectory, it is important to keep in mind the need to restore vitality in the private sector beyond government-led economic stimulus, and we hope economic policies will be pursued accordingly."

Furthermore, it suggested, "Especially, to enable our companies to compete on equal footing with foreign firms in the global market, there is a need to focus policy efforts on a bold shift in corporate policies that worsen the business environment and on active regulatory reforms."

Additionally, it pledged, "The business community will also dedicate itself to expanding investment and creating jobs, actively striving to make this year a year of recovery, leap forward, and inclusion for the Korean economy."

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