Kim Ki-hyun Visits Jeonggyeonryeon: "We Must Create a Business-Friendly Environment"

Reforming Backward Regulations, Correcting Mistakes of Some Elite Labor Unions
Federation of Korean Industries Proposes 'Top 10 Policy Tasks' to People Power Party

Kim Ki-hyun, the leader of the People Power Party, emphasized a "business-friendly environment" during a meeting with the Federation of Korean Industries (FKI) on the 15th. Accordingly, the People Power Party plans to provide legislative support for necessary areas after reviewing the FKI's requests, which include increasing the research and development (R&D) tax credit rate, lowering the corporate tax rate, and reconsidering the "Yellow Envelope Act."

On the afternoon of the same day, Kim stated at the "FKI-People Power Party Leader Kim Ki-hyun Policy Meeting" held at the FKI Hall in Yeouido, Yeongdeungpo-gu, Seoul, "What the political sphere must do is to create an environment that is good for business, good for investment, and where people can work freely and create jobs."

Kim Ki-hyun, leader of the People Power Party (center), is speaking at a policy meeting with party leaders held on the 15th at the Federation of Korean Industries (FKI) Conference Center in Yeongdeungpo-gu, Seoul. (Photo by Yonhap News)

Kim continued, "Foreign countries give wings to their companies so they can grow quickly, but in South Korea, I am convinced that companies should never be burdened with sandbags while running," adding, "I reviewed the opinions you gave in advance, and some are already planned or recognized as directions we should take, while there are also new agendas that we will carefully consider."

On this day, the FKI proposed ten major policy tasks to the People Power Party. Broadly, in the area of "improving tax competitiveness," the proposals included expanding the R&D tax credit rate, lowering inheritance tax rates and narrowing tax brackets, expanding the scope of corporate income reinvestment recognition for investment and win-win cooperation tax incentives, lowering the corporate tax rate, and simplifying the tax system. Under "advancing labor-management relations," proposals included legislation related to strike actions, reconsideration of the Labor Union Act amendment (Yellow Envelope Act), and clarification of the Serious Accident Punishment Act. For "investment activation," the proposals included allowing joint investment in subsidiaries of holding companies' subsidiaries, easing regulations on holding companies owning financial firms, and enacting the Basic Act on Service Industry Development.

Kim also criticized the opposition party, saying, "The large opposition party holding the majority seats seems to be focusing on populist legislation, divisive legislation, and legislation that escalates political conflict to avoid their political crisis, which is the reality today," and added, "They are not hesitating to divide the healthcare sector, which has maintained a long-term cooperative relationship, thereby pushing the lives of the people into crisis."

He further emphasized, "There is growing concern as they are ready to process the Yellow Envelope Act, which promotes illegal strikes, at any time using the procedural trick of direct referral," and stressed, "We must take this opportunity to reform backward regulations that hinder corporate growth and correct the wrongdoings of some aristocratic and large unions where illegal and illicit practices have become chronic."

The People Power Party plans to support certain parts of the proposals after reviewing the matters suggested by the FKI. Yoo Sang-beom, the chief spokesperson, told reporters immediately after the meeting, "The party will thoroughly review each task and continue communication, and if necessary, proceed with legislative procedures to promote national economic development."

Park Dae-chul, chairman of the Policy Committee, also said, "There are bills related to the ten major policy tasks currently pending in the National Assembly. We will carefully monitor those bills during the review process," adding, "Some are being prepared as government bills, and we will ensure they are well reflected during the legislative process."

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