[Yoon Seok-yeol Elected] FKI: "Need to Create Environment for Corporate Investment and Job Creation"

Request to Establish a Growth Paradigm Led by the Private Sector

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] The Federation of Korean Industries (FKI) on the 10th urged Yoon Seok-yeol, the president-elect of the 20th Republic of Korea, to establish a private sector-led growth paradigm that would create an environment where companies can focus on investment and job creation.

In a statement following the confirmation of Yoon Seok-yeol's election, the FKI conveyed its congratulatory message, saying, "The election of Candidate Yoon is the result of the public's desire to overcome the economic crisis caused by the prolonged COVID-19 pandemic and to see fairness and common sense take root in our society."

It noted that the Korean economy is currently in a very difficult situation due to sluggish domestic demand, low birth rates, and aging population, making the leadership of the president-elect more important than ever. It added, "The business community hopes that President-elect Yoon will do his best to unify our society and help South Korea emerge as a leading country in the global economy in the post-COVID era."

In particular, it stated, "We expect the establishment of a private sector-led growth paradigm by increasing labor market flexibility and deregulation reforms, creating an environment where our companies can invest with confidence and generate quality jobs."

Furthermore, it emphasized that it is time for the government, businesses, and the public to unite their efforts for the leap forward of the Korean economy. The FKI pledged, "Our business community will also devote itself to its core role, such as active investment and job creation, for a bright future of the Korean economy."

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