FKI "Actively Responding to the New Government's Economic Policies... Expanding Investment and Jobs"

Huh Chang-soo, Chairman of the Federation of Korean Industries, is delivering the opening remarks at the special dialogue with former Finance Ministers titled "Economic Policy Directions Desired by the New Government," held on the 9th at the FKI Conference Center in Yeouido, Seoul. Photo by Kim Hyun-min kimhyun81@

The Federation of Korean Industries (FKI) stated on the 16th regarding the announcement of the new government under President Yoon Seok-yeol's economic policy direction, "We will actively support by expanding investment and creating quality jobs."

In a statement released that day, the FKI said, "We view the government's announced economic management based on a free market economy centered on the private sector, enterprises, and markets as an appropriate policy direction to overcome the current economic crisis," emphasizing that "improving productivity and expanding investment through innovation in the private sector is the most efficient solution."

The FKI also expressed expectations that many regulations that have caused difficulties in corporate management will be abolished by introducing innovative regulatory relaxation systems such as the regulatory cost reduction system and the one-shot regulatory resolution system. They advocated for significant improvements in corporate tax systems, including lowering corporate tax rates and abolishing tax incentives for investment and win-win cooperation, as well as reforms to working hours and wage systems to respond to the changed labor environment.

They added, "This could lead to enhanced corporate competitiveness and serve as an opportunity to further strengthen the fundamentals of our economy."

The FKI concluded, "The business community will do its utmost to respond to the government's economic management direction by expanding investment and creating quality jobs."

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