FKCCI "Welcomes Economic Policy for Second Half of Year... Helps Overcome Corporate Difficulties"

Announcement of the '2023 Second Half Economic Policy Direction Commentary' on the 4th

The Federation of Korean Industries (FKI) expressed its welcome for the government's economic policy direction for the second half of the year, which emphasizes private sector-led economic revitalization.

On the 4th, the FKI stated, "In a situation where domestic and international uncertainties persist, such as delayed global economic recovery, high interest rates and high exchange rates, and intensified US-China conflicts, the government's private and market-centered economic policies are expected to greatly help companies overcome their immediate difficulties and restore the growth engine of the Korean economy."

It added, "Above all, we welcome the expansion of investment incentives to foster advanced industries and strengthen corporate competitiveness," and predicted, "The expansion of tax credits for investments in national strategic technologies such as future cars and bio, as well as strengthened tax support for the reshoring of advanced strategic industries, will contribute to expanding the growth potential of our economy by enhancing private sector technological competitiveness."

The FKI also said, "We hope that bold regulatory easing measures, such as the implementation of the advanced industry permit timeout system and the transition to a negative regulatory system, will be actively carried out, providing an opportunity for domestic companies to become global technology leaders," and emphasized, "Efforts to improve the economic structure through labor and education reforms, including the reform of working hours and wage systems and the transition to a digital education system, should be pursued in the right direction to enhance our economy's competitiveness and contribute to sustainable growth."

Finally, it stated, "The business community will also take the lead in expanding exports and creating quality jobs by continuously building core competencies that lead the global market through relentless innovation."

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