Hong Nam-ki Meets Economic Group Leaders: "We Will Find Ways to Reduce Corporate Burdens"

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, met with the heads of five economic organizations on the 4th and said, "We are intensely considering ways to reduce the burden on companies and restore corporate vitality in establishing next year's economic policy direction."

On the same day, Hong held a 'Meeting with Heads of Economic Organizations for Establishing the 2021 Economic Policy Direction' at the Korea Chamber of Commerce and Industry in Seoul and stated, "We are reviewing fiscal and tax incentives to revitalize private company investment and a revolutionary reform of regulations that hinder investment."

Deputy Prime Minister Hong Nam-ki said, "The role companies played as a pillar in employment, investment, and exports was the biggest factor in overcoming the COVID-19 crisis," adding, "Private, private capital, and public investment projects worth 100 trillion won, private companies exceeded the investment target of 25 trillion won, and maintained export strength through non-face-to-face contracts and online exports."

Furthermore, Hong explained to the heads of economic organizations the items under review for preparing economic policy directions, including support for the Big 3 industries such as future cars, system semiconductors, and bio-health, full-scale activation of the Korean New Deal project, revitalization of supply of rental housing using REITs and real estate funds, and preparation for sudden fluctuations in financial and foreign exchange markets.

Meanwhile, attendees at the meeting included Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business; Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises; and Han Jin-hyun, Vice Chairman of the Korea International Trade Association.