KCCI: "Make the 20th Presidential Election a Forum for National Development Discussion"

Delivered 'Suggestions for the 20th National Assembly' Booklet to Major Political Parties

Chairman Choi Tae-won of the Korea Chamber of Commerce and Industry is delivering opening remarks at the 'Deputy Prime Minister-Economic Organization Leaders Meeting' held on the 8th at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Hwang Yoon-joo] Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), along with the chairpersons of 73 nationwide chambers of commerce, delivered the economic sector's recommendations for the 20th presidential election to major political parties.

On the 11th, according to the KCCI, the chairpersons handed over the recommendation booklet titled "Hopes for the 20th Presidential Election: Economic Sector Proposals for the Future" to major parties including the Democratic Party of Korea, People Power Party, Justice Party, People Party, and Open Democratic Party.

The main contents presented three major propositions and ten agendas: ▲Rebuilding the foundation for sustainable economic development ▲Enhancing the happiness of social members ▲Creating solutions and changes for national development. Additionally, they proposed five major reform tasks for national governance and 70 action items.

The KCCI stated, "The current reality of the Republic of Korea is not very satisfactory, and the future is not very bright," and requested, "Please make this 20th presidential election a platform for national development discussions." They emphasized, "Just as the previous generation created something from nothing and achieved industrialization and political democratization, it is now our generation's turn to complete the final stage of national development."

The KCCI diagnosed that the future of the Korean economy is not very bright due to factors such as declining private sector vitality, decreasing working-age population, sluggish transition to new industries replacing mature core industries, various international relations obstacles including the spread of economic nationalism, and pressures on manufacturing to transition to carbon neutrality. They proposed five agendas to achieve "Rebuilding the foundation for sustainable economic growth": 'Revitalizing economic vitality,' 'New growth engines,' 'Net zero,' 'Low birthrate,' and 'Proactive response to international relations.'

They also mentioned that despite having one of the highest working hours globally, productivity is among the lowest; life satisfaction is the lowest and suicide rates the highest due to wealth disparity and education focused on university entrance exams. To enhance the happiness of social members, they suggested 'Jobs,' 'Safety,' and 'A society where socially vulnerable groups are also happy.'

For solutions and changes in national development, they proposed 'Social integration' and 'National development policy decision-making.'

The KCCI stressed that "With the current national social system and individual task-solving methods, it is difficult not only to achieve national development but also to respond to paradigm shifts," emphasizing the need to upgrade the "national governance software."

They then presented five major reform tasks: ▲Securing a national development perspective that values 'the future and the world' ▲Establishing 'principles of national development orientation' for virtuous cycles between sectors ▲Innovating 'outdated laws and systems' and reestablishing 'incentive mechanisms' to boost private sector vitality ▲Rebuilding the foundation for economic dynamism and social mobility ▲Establishing 'policy decision rules and processes' to produce national development outcomes.

Woo Tae-hee, Executive Vice Chairman of the KCCI, said, "In this presidential election, I hope to see candidates competing with visions and solutions to make the Republic of Korea a better country over the next five years," adding, "I hope discussions and policies focus more on the future than the past, more on global management than domestic issues, and on sustainable economic development and creating a country where all members are happy."