National Federation of Korean Employers Associations "We Must Unite Our Efforts to Overcome the Economic Crisis and Stabilize People's Livelihoods"

Sohn Kyung-shik: "We Must Overcome the Crisis and Heal Divisions as Soon as Possible"
Proposal for Efficient Supplementary Budget and Reconsideration of Regulatory Legislation

The Korea Employers Federation (KEF) and the National Federation of Regional KEF Chairpersons, composed of 15 local KEF presidents, urged the political sphere, government, labor sector, and civil society to actively participate in overcoming the economic crisis and stabilizing people’s livelihoods.

On the 6th, the council held a meeting and issued an "Appeal for Economic Recovery and Social Integration" containing these points. KEF Chairman Sohn Kyung-shik expressed concern, stating, "Amid ongoing difficulties caused by factors such as sluggish domestic demand and intensified global competition in key industries, the situation has become more severe than ever due to political turmoil and national division."

He continued, "We must overcome the current crisis as soon as possible, heal divisions, restore stability to our society, and lead a new economic leap forward. It is time for all stakeholders?including the political sphere, government, labor sector, civil society, and businesses?to unite their capabilities for this purpose," he emphasized.

The council requested that the political sphere focus on legislation to enhance corporate vitality and stabilize people’s livelihoods through cooperative governance, so that our economy does not lose momentum and livelihoods remain stable. They also appealed for institutional support at levels not disadvantageous compared to competing countries. Furthermore, they urged a review of excessive regulatory legislation.

The council stated, "Responding to the mistakes of some companies with indiscriminate regulations applied to all companies can lead to an undesirable decline in economic vitality. Therefore, please ensure that entrepreneurial spirit of creativity and innovation is not constrained."

Additionally, the council called on the ruling and opposition parties and the government to consult and consider an efficient supplementary budget within the scope that does not excessively damage fiscal soundness.

They also appealed to the labor sector and civil society, saying, "For our economy to overcome the crisis and for companies to actively engage in job creation, social stability?including labor-management relations?is very important. We ask the labor sector and civil society to demonstrate mature awareness that respects laws and principles."

The council declared, "Despite adverse domestic and international factors such as intensified global technological competition, changes in the trade environment, and political instability, we will contribute to economic recovery and stabilization of people’s livelihoods through bold investment and job creation." They emphasized that they will fulfill the corporate era’s duties and responsibilities by actively striving to build a corporate ecosystem for coexistence between large and small-medium enterprises and comply with social responsibilities such as ESG (Environmental, Social, and Governance) management.

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