Mid-sized Business Sector Tells President-elect, "Businesses Are the Government's Most Important Partners"

Junggyeonryeon, Commentary on 'Hopes for the 20th Presidential Elect'

Choi Jin-sik, Chairman of the Korea Federation of SMEs

[Asia Economy Reporter Kim Cheol-hyun] The mid-sized enterprise sector emphasized to President-elect Yoon Seok-yeol that "companies are the source of all national wealth and, regardless of political orientation or ideology, are the most important partners of any government aiming for the prosperous lives of its people, necessitating a rational shift in perception."

The Korea Federation of Mid-sized Enterprises (KFME) issued a statement on the 10th, saying, "We sincerely congratulate President-elect Yoon Seok-yeol, who was elected as the 20th President of the Republic of Korea."

In this statement, KFME requested President-elect Yoon to "firmly establish the foundation for Korea's leap forward, where the awareness and practice of justice and fairness flow like water throughout all areas of the economy and society," and added, "We hope that not only the Presidential Transition Committee but also throughout his term, the President and businesses will communicate directly, frequently, and above all transparently, thereby resolving the unreasonable anti-business sentiment as a dark legacy of collusion between politics and business, and establishing a beautiful model of jointly building the future of the Korean community."

Regarding the presidential election held amid the pandemic, KFME evaluated it as "a political, economic, and social transformation opportunity to effectively respond to the challenges of the 4th Industrial Revolution by shedding the inertia of industrial society, and a critical turning point that will determine future success," and pointed out that "it is also an important social task to carefully diagnose the causes of the regrettable social conflicts that filled the election space and urgently restore community harmony through changes in life."

KFME further stated, "By securing a reasonable policy space for progressive legal and institutional innovation and revitalizing corporate vitality, efforts must be accelerated to establish a new growth paradigm for overcoming crises and economic re-leap," and requested, "based on direct communication with the field, carefully review the policy achievements and shortcomings of previous administrations, including fostering mid-sized enterprises, and accelerate the pace of policy upgrades for industrial restructuring and securing new growth engines in response to the 4th Industrial Revolution."

Additionally, KFME added, "Based on an open attitude without setting limits, it is necessary to re-examine the rationality of all laws and systems to strengthen the stability and predictability of the industrial ecosystem, while hastening policy actions to enhance the transparency and dynamism of the market, which is the hub of innovation."