Economic Groups: "New Government to Overcome Crisis with Bold Reforms" (Comprehensive)

Congratulatory Remarks from Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea Employers Federation, Korea International Trade Association, and Korea Federation of SMEs

Seoul Jung-gu Korea Chamber of Commerce and Industry building. (Photo by Korea Chamber of Commerce and Industry)

[Asia Economy Reporter Moon Chaeseok] Major economic organizations issued congratulatory messages on the 9th, a day before Yoon Seok-yeol's inauguration, urging bold reforms to overcome the economic crisis.

The Korea Chamber of Commerce and Industry (KCCI) stated in a commentary released that day, "We sincerely congratulate the launch of the Yoon Seok-yeol administration together with the business community," and added, "We hope the new government will overcome short-term crisis factors such as inflation, exchange rates, and supply chain disruptions, while achieving national and social development and economic revitalization in the mid to long term."

It continued, "Please actively address various reform tasks such as regulations, labor, public sector, and education so that our economy, which shows a structural low-growth trend, can regain growth momentum," and promised, "The business community will also make greater efforts in active investment, job creation, and fulfilling social responsibilities to promote national economic development and improve the quality of life for the people."

The Federation of Korean Industries (FKI) requested full efforts for economic revitalization policies such as regulatory reform. The FKI stated, "As president, we hope you will communicate openly with public sentiment and create a more dynamic Korea through fair opportunities and freedom."

It added, "The Korean economy is facing a complex crisis of internal and external challenges due to prolonged global inflation, worsening export conditions caused by the spread of protectionism, and a decline in potential growth rate due to low birthrate and aging," and pointed out, "Reviving economic vitality through private sector growth is an urgent matter." It further stated, "We hope the new government will devote all efforts to economic revitalization policies such as regulatory reform to discover future growth engines and create quality jobs," and "We expect various investment support measures to be prepared so that companies can make more active investments."

The Korea Employers Federation (KEF) also proposed creating a business-friendly environment through regulatory reforms aligned with global standards and advancement of labor-management relations in its commentary.

The KEF said, "We sympathize with the new government's principle of national governance to restore national competitiveness and improve the quality of life through fair governance," and "We expect the new government to lead Korea's leap forward with harmonious and strong leadership despite difficult domestic and international conditions."

The KEF also urged, "Please make every effort to create a virtuous cycle of corporate investment activation, job creation, and economic growth," and mentioned, "The business community will also overcome the economic crisis and fulfill corporate social responsibility through active investment and quality job creation."

The Korea International Trade Association (KITA) commented that it hopes Korea will leap forward further and become a nation where all citizens prosper together, as envisioned by the new government's national vision.

KITA stated, "Our trade industry is facing simultaneous challenges such as the global supply chain crisis and logistics difficulties in the short term, and the need to respond to carbon neutrality in the long term," and suggested, "To realize the 'dynamic economy led by the private sector' desired by the new government, it is essential to listen carefully to the voices from the trade field and focus capabilities on policy support."

It also urged the establishment and implementation of a meticulous economic diplomacy strategy so that our export industries can secure a favorable position on the global stage. It added, "For companies to respond flexibly and proactively to changes in the international trade order, a balanced and strategic economic security policy by the government is essential," and "We hope communication and cooperation between the public and private sectors will be strengthened so that our companies' global competitiveness is not weakened due to the intensifying protectionism."

The Korea Federation of SMEs emphasized the need to resolve polarization. In its commentary, the federation said, "The new government must devote all capabilities to revive Korea's stagnant growth engine and resolve severe polarization," and stressed, "An institutional foundation such as the establishment of a win-win committee should be prepared to transform the economic structure so that large corporations and SMEs can grow together."

It added, "Excessive regulations that burden SMEs on the ground, such as the minimum wage, the 52-hour workweek system, and the Serious Accidents Punishment Act, should be improved, and support for SME innovation should be provided to revive the dynamism of the private economy."

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