"Evaluating the Positive Aspects of Chaebols" Democratic Party Flashes 'Pro-Business Party' Signal

Policy experts from the Democratic Party of Korea have formed a parliamentary group to strengthen corporate international competitiveness. They are drawing attention by prominently emphasizing the promotion of pro-business policies aimed at enhancing international competitiveness.

On the 20th, former senior deputy chairs of the party’s Policy Committee, including Assemblymen Kim Byung-wook, Song Ki-heon, and Yoo Dong-soo, announced at a press conference the formation of the Democratic Party of Korea parliamentary group for strengthening the competitiveness of Korean global companies (abbreviated as the Democratic Party Parliamentary Group for Strengthening Global Corporate Competitiveness).

Assemblyman Yoo stated at the press conference, "In the midst of the global economic crisis, it is necessary to consider not only small and medium-sized enterprises but also ways to enhance the competitiveness of global companies. The three of us, who have served as senior deputy chairs of the Policy Committee, will take the lead. The key solution to focus on is securing global corporate competitiveness."

Assemblyman Song said, "The background for this research is that our country has grown centered on manufacturing trade, thanks to the dedication and efforts of large corporations, mid-sized companies, and SMEs. Recently, the global economic structure itself has changed, and industries are also evolving. The Democratic Party has been criticized for being too dogmatic on policy issues and failing to make practical judgments. We intend to address these problems through this group."

Yoo Dong-su, Kim Byung-wook, and Song Ki-heon, members of the Democratic Party of Korea, are holding a press conference on the 20th regarding the "Democratic Party of Korea Members of the National Assembly Meeting for Strengthening the International Competitiveness of Korean Global Companies" / Photo by Kim Byung-wook's Office

Assemblyman Kim said, "The world is moving from an era of globalization and neoliberalism toward new protectionism. Efforts by the government and political circles to resolve these issues have become much more important than before, and the role of the Democratic Party of Korea, as the ruling party, is more necessary than ever." He added, "As new protectionism becomes widespread, the need to enhance the competitiveness of global companies and strategically foster their growth is increasing. Now, alongside support for SMEs, we must increase the time spent considering the growth and competitiveness of global companies."

Assemblyman Kim continued, "To enhance the competitiveness of global companies, we will strive for national and political support and promote legislation for regulatory reform and institutional improvement. We will identify unnecessary regulations and induce improvements in corporate productivity and job creation to raise South Korea’s potential economic growth rate."

He further stated, "In the face of global competition, we recognize that the rapid decision-making by large corporate owners and the resulting large-scale investments are key pillars behind the current growth of advanced industries, and we will also examine this management style. We will analyze the positive impact of Korean large corporations’ management methods on strengthening industrial competitiveness and prepare mid- to long-term improvement plans to guide the future direction of Korean corporate innovation and strengthen the global competitiveness of our financial industry."

While previous efforts focused on chaebol reform, they now intend to also evaluate the positive aspects of chaebol companies and consider support measures together.

A Democratic Party official said, "In the economic field, the Democratic Party has tended to lean left, but we will lead efforts to avoid such a stance."

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