The Business Community Welcomes Yoon's Strong Commitment to Innovation in Liberation Day Speech

President Yoon Suk-yeol delivers a congratulatory speech at the 77th Liberation Day celebration held on the lawn of the Yongsan Presidential Office building in Seoul on the 15th. [Image source=Yonhap News]

[Asia Economy Reporter Lee Chun-hee] The business community has expressed a welcoming stance on President Yoon Seok-yeol's congratulatory speech for the 77th Liberation Day.

The Federation of Korean Industries (FKI) stated in a commentary on President Yoon's speech on the 15th, "We highly welcome the strong commitment to regulatory reform and support for innovation in the private sector for the leap forward of our economy."

The FKI analyzed, "The complex economic crisis of high inflation, high interest rates, and high exchange rates is making the business environment uncertain and increasing the burden on the ordinary people's economy," adding, "Due to concerns over a global economic recession, the outlook for exports, which are the backbone of our economy, is also not bright."

It continued, "At times like this, it is necessary for all citizens to revive the indomitable spirit to overcome national crises with united strength and wisdom and to consolidate national capabilities," emphasizing, "It is time to encourage corporate motivation so that the economic engine does not stop and to revitalize private sector vitality."

The FKI pledged, "The business community will do its best to enable the Korean economy to achieve a new leap forward with an innovative spirit that turns crises into opportunities," and "We will devote ourselves more to discovering new industries that will be future growth engines and creating jobs."

In his congratulatory speech that morning, President Yoon stated, "Leap forward comes from innovation, and innovation comes from freedom," and presented a plan to "innovate regulations so that the private sector can achieve leap growth." He also said, "We will boldly reform systems so that our companies do not leave overseas but invest domestically and create jobs."