Yoon: "Allow Companies to Make Decisions and Invest Freely"... Six Economic Group Leaders "Expect Regulatory Innovation"

KCCI, FKI, KEF,
SME Central Association, Korea Federation of Mid-sized Enterprises, Korea International Trade Association, etc.

Lunchbox Luncheon with Heads of Six Economic Organizations
at Tongui-dong Transition Committee

President-elect Yoon Suk-yeol (center) is having a luncheon meeting with the heads of six economic organizations on the 21st at the Presidential Transition Committee office in Tongui-dong, Jongno-gu, Seoul.
[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] President-elect Yoon Seok-yeol emphasized guaranteeing freedom for corporate activities during a meeting with the heads of six economic organizations.

On the 21st, President-elect Yoon met with economic organization leaders at the Presidential Transition Committee office in Tongui-dong, Seoul, stating, "The government’s role is to remove institutional obstacles so that companies can make decisions more freely, invest freely, and grow."

That day, he had lunch with Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry, Chairman Heo Chang-soo of the Federation of Korean Industries, Chairman Kim Ki-moon of the Korea Federation of Small and Medium Business, Chairman Sohn Kyung-shik of the Korea Employers Federation, Chairman Koo Ja-yeol of the Korea International Trade Association, and Chairman Choi Jin-sik of the Korea Association of Mid-sized Enterprises.

President-elect Yoon said, "Changes are already underway, but our country’s economy must now transform from government-led to private sector-led," adding, "I have strong faith in the free market economy." He continued, "The government builds infrastructure and supports from behind, while companies take the lead in creating jobs and investing; as companies grow, the country grows. Simply put, from an economic perspective, rising income means economic growth, and corporate growth is economic growth."

He reiterated, "Isn’t it the government’s role to remove factors that hinder companies from operating freely?" and requested, "Since businesspeople are well aware of what these obstacles are, please continue to provide advice."

[Image source=Yonhap News]

Heads of Six Economic Organizations: "Expectations for Yoon Government’s Regulatory Innovation"

The heads of economic organizations expressed anticipation for the new government’s regulatory reforms. This aligns with President-elect Yoon’s consistent message to the market and industry to increase corporate freedom during the industrial upheaval in sectors such as digital, mobility, and bio, thereby leading private sector-driven growth.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, said, "While revitalizing the market economy is important, South Korea must also compete with other countries," emphasizing, "We are initiating and developing strategic industries such as semiconductors, batteries, and bio, but there are areas that require bold and strategic thinking."

He added, "If the private sector is involved in building future infrastructure and industrial innovation strategies, each can contribute ideas." Chairman Choi proposed collaboration between private communication platforms like the 'KCCI Communication Platform' and the government. He said, "(Through the chamber’s platform) we have received about 20,000 suggestions for the president-elect," adding, "We will categorize all proposals and deliver them to the transition committee. There is no need to create separate communication platforms for the government and private sector; we can develop a progressive platform that facilitates smooth communication."

Sohn Kyung-shik, Chairman of the Korea Employers Federation, said, "The world is rapidly advancing, and digital technological innovation is driving growth and change in various new industries," adding, "To survive these rapid changes, it is urgent to create an environment where companies can engage in dynamic economic activities." He also stated, "South Korea has too many corporate regulations that act as obstacles," demanding, "Regulatory reforms are urgently needed to activate domestic investment and remove barriers to entry for new industries."

Heo Chang-soo, Chairman of the Federation of Korean Industries, added, "Market economic vitality is important to sustain growth and prosperity," and said, "Regulatory reforms are necessary to allow companies, creativity, and innovation DNA to be fully expressed." He also requested, "Please improve regulations that do not meet global standards so that we can compete."

"Supplementation Needed for the Serious Accident Punishment Act"

Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, commented on the 'Serious Accident Punishment Act,' saying, "It barely applies to large corporations but affects small and medium enterprises subcontracted by large companies," adding, "This part needs improvement."

Chairman Sohn also said, "Recently, the importance of industrial safety has been emphasized, and companies are making great efforts to prevent accidents," but noted, "The enforcement of the punishment-centered Serious Accident Corporate Punishment Act causes much concern among businesspeople. The Serious Accident Act should be revised to fit reality, and accident prevention activities must be significantly strengthened."

Choi Jin-sik, Chairman of the Korea Association of Mid-sized Enterprises, said, "300 to 400 mid-sized companies are newly established each year, and our goal is to nurture them into large corporations like those in the Federation of Korean Industries," advising, "During the growth phase, new technologies, personnel, and perspectives are needed, so it is important to collaborate with small companies and young entrepreneurs with vision."

Koo Ja-yeol, Chairman of the Korea International Trade Association, raised urgent issues facing the trade sector. He said, "The logistics market, which was stagnant due to COVID-19, has rapidly rebounded, facing difficult situations," and requested, "We ask for support to ensure stable operation of national logistics infrastructure such as shipping and aviation." He added, "Global supply chain issues are also a major threat to the trade sector," and requested, "Please pay special attention and provide support for global supply chain problems that companies find difficult to handle individually."

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