[Moon 4th Anniversary Speech] Economic Groups Say "Policy Support Willingness for Economic Recovery Is in the Right Direction" (Comprehensive)

Expectations from KCCI, KEF, and KITA on the 4th Anniversary Special Inaugural Speech

President Moon Jae-in is answering reporters' questions after delivering a special speech on the 4th anniversary of his inauguration at the Chunuchu-gwan Grand Briefing Room in the Blue House on the 10th. [Image source=Yonhap News]

[Asia Economy Reporters Choi Dae-yeol, Kim Heung-soon, Yoo Je-hoon] Economic organizations expressed their expectations on the 10th regarding President Moon Jae-in's special speech on the 4th anniversary of his inauguration, in which he mentioned policy support for economic recovery.

The Korea Chamber of Commerce and Industry evaluated the speech that day as "an appropriate direction, declaring active expansionary fiscal policy and preemptive support for corporate investment to ensure a solid recovery of our economy, and expressing full support for new industries and innovative ventures to discover future growth engines." They added, "We hope that the president's governance direction announced today will be implemented as actual policies to further restore the dynamism of our economy."

The Korea Employers Federation also stated, "The business community strongly agrees with the government's focus on overcoming the COVID-19 crisis and economic recovery, and hopes that the president's expression of policy will be a positive signal to stimulate economic vitality in the private sector."

The Federation said, "Although our economy has recently shown a recovery trend centered on exports, indicators related to people's livelihoods such as consumption and employment are recovering slowly, and risks such as the intensification of US-China conflicts have emerged. We urge the government to strive for preemptive and bold regulatory innovation so that companies can play a leading role in economic growth."

They continued, "For a definite economic rebound in the future, national capabilities must be prioritized to enhance corporate vitality based on the institutional foundation of strengthened employment and social safety nets. To this end, proactive regulatory innovation and policy preparation should be made so that our companies contribute to economic growth and play a leading role through job creation and investment activation."

The Korea International Trade Association also commented on the special speech, saying, "Innovation in manufacturing, fostering new industries and supporting venture vitality, and national strategic industrialization of core industries are desirable directions for our economy to turn the COVID-19 crisis into an opportunity and move toward recovery, inclusion, and leap forward."

They added, "Recent expectations for export recovery and rapid economic rebound are the result of industry-specific response support based on the government's thorough quarantine management system and the private sector's continuous efforts to pioneer overseas markets. This was possible because the public and private sectors communicated and cooperated closely. We ask the government to strengthen communication with companies and take the lead in regulatory innovation and institutional support during the remaining term."

The Trade Association also stated, "The trade industry will do its utmost to lead digital innovation and global supply chain restructuring to accelerate the transition to a leading economy in the post-COVID-19 era."