KIAF "Yoon Administration Must Foster Entrepreneurial Spirit"

[Asia Economy Reporter Hyunseok Yoo] The Korea Industrial Alliance Forum (KIAF) congratulated the inauguration of the Yoon Suk-yeol administration on the 9th and suggested that "the creativity and entrepreneurial spirit of companies must be revitalized."

In a statement released that day, KIAF said, "To restore South Korea's growth engine, the newly established presidential-led 'Regulatory Innovation Strategy Meeting' and 'Industrial Innovation Strategy Meeting' under the Yoon Suk-yeol administration should serve as control towers for regulatory and industrial innovation."

KIAF emphasized, "Amid the worst economic conditions led by the 'new three highs' of high inflation, high interest rates, and high exchange rates, a new economic situation different from the past is unfolding," adding, "Externally, the global supply chain is being reorganized due to the US-China hegemony war and the advent of a new Cold War following Russia's invasion of Ukraine. Internally, South Korea faces a decline in potential growth rate and an era of digital and green transition."

It continued, "The Yoon Suk-yeol administration has declared its intention to shift the economic focus to 'companies' and 'citizens,' aiming for a 'dynamic economy led by the private sector and supported by the government' and to 'restore the free market economy.' Despite the worst economic conditions, the industrial sector's expectations for the new government's launch to create a business-friendly environment and build a 'Korea that leaps forward again' are greater than for any previous administration."

Furthermore, KIAF stressed, "A bold regulatory innovation system, such as the US two-for-one rule where one new regulation requires the elimination of two existing ones, must be institutionalized," and "the government must provide full support to strengthen international competitiveness through the advancement of key industries and to foster future growth engines and strategic industries."

Alongside this, it also called for the advancement of the labor market. KIAF explained, "It is urgent to realistically readjust labor market and tax system modernization, energy policies, and the carbon neutrality roadmap, considering global standards and economic conditions, so that growth and welfare, as well as growth and environment, can harmoniously circulate in a virtuous cycle."

Finally, KIAF stated, "We expect the Yoon Suk-yeol administration to maintain its original intention, remain undaunted, and consistently pursue early-stage economic revitalization policies," adding, "The industrial sector will actively participate in building a 'Korea that leaps forward again, a nation where citizens prosper together' through innovative growth and job creation."

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