Economic 6 Organizations Urge Passage of Regulatory Innovation Bills Including the Peaceful Use Act Pending in the National Assembly

Joint Statement by Six Economic Organizations on the 30th

The Korea Economic Organizations Association, the Korea Chamber of Commerce and Industry, the Korea Employers Federation, the Korea International Trade Association, the Korea Federation of Small and Medium Business, and the Federation of Korean Mid-sized Enterprises, collectively known as the six economic organizations, issued a statement on the 30th urging the National Assembly to accelerate the passage of regulatory innovation bills currently pending.

The six economic organizations stated that as of the first half of this year, Korea's share of the global export market was 2.59%, a continuous decline from the peak of 3.23% in 2017, resulting in the loss of an estimated 900,000 quality jobs.

They identified the causes as high wages, labor rigidity, low innovation capacity, and productivity, with various regulations hindering corporate activities deeply rooted in the background.

The six economic organizations have identified on-site regulations and proposed bills to the government and National Assembly to revitalize corporate investment. These bills have been submitted and are pending in the National Assembly.

Lee Dong-geun (third from the left), Executive Vice President of the Korea Employers Federation, and officials from six major economic organizations held a joint press conference opposing the amendment of the Labor Union Act at the National Assembly Communication Hall on May 23. Photo by Hyunmin Kim kimhyun81@

The six economic organizations urged the National Assembly to promptly pass killer regulatory reform bills that have hindered corporate investment, including amendments to the Chemical Substances Registration and Evaluation Act (Chemicals Registration Act), the Chemical Substances Control Act (Chemicals Control Act), the Environmental Impact Assessment Act, the Foreign Employment Act, the Industrial Cluster Act, and the Industrial Location Act.

Among these, the amendments to the Chemicals Registration Act and Chemicals Control Act include easing the chemical substance registration threshold from the existing 0.1 tons to 1 ton, restructuring the management system for hazardous chemical substances. The Foreign Employment Act amendment includes provisions allowing non-professional foreign workers (E-9 visa holders) to continue working in Korea for up to 10 years without leaving the country.

Additionally, the National Assembly should pay attention to legislative tasks such as the enactment of the Autonomous Ship Act, amendments to the Eco-friendly Vehicle Act, and the postponement bill for the Serious Accidents Punishment Act applicable to companies with fewer than 50 employees.

The six economic organizations stated, "The business community will continue efforts to identify on-site difficulties," and added, "We ask the National Assembly to join us in strengthening the foundation of corporate competitiveness, the key driver of economic revitalization and job creation, as soon as possible."

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