Martial Arts and Regulatory Improvement Forum Held... Proposal Collection Delivered to the National Assembly

Jointly Conducted with Organizations Including the Korea Industrial Federation Forum

On the 22nd, the Korea International Trade Association (KITA) held a "Discussion on Regulatory Improvement Measures for a Business-Friendly Republic of Korea" at the National Assembly Members' Office Building in Yeouido, Seoul, jointly with Song Eon-seok, a member of the People Power Party, Yoo Dong-soo, a member of the Democratic Party of Korea, the Korea Industrial Federation Forum, and 17 industry-specific organizations.

This discussion was organized to examine the regulatory reform system that restricts corporate management activities and industrial growth, and to discuss the recovery of medium- to long-term industrial competitiveness. On the day of the discussion, KITA presented a collection of proposals containing structural improvement measures and solutions for the phenomenon of excessive regulation to Representative Song and Representative Yoo, who attended the event.

Jung Manki, Vice Chairman of the Korea International Trade Association (left), is taking a commemorative photo after handing over a proposal book containing structural improvement measures and solutions for the phenomenon of excessive regulation to Yoo Dongsoo, a member of the Democratic Party of Korea. / Photo by Korea International Trade Association

Jung Man-ki, Vice Chairman of KITA, explained, "It is projected that 40 years from now, South Korea's real Gross Domestic Product (GDP) growth rate will be the only one among major countries to show negative growth," adding, "Strengthening industrial competitiveness and revitalizing the economy through regulatory reform has become a more important task than ever."

He continued, "Laws such as the Fixed-Term Employment Act, the Large Business Group Designation System, and the Dispatch Act, which are detached from global norms, can weaken the competitiveness of our companies," and requested, "If it is difficult to address these in the current National Assembly, I hope that the ruling and opposition parties will cooperate in the next 22nd National Assembly with the mindset of saving our industry and the nation's future by actively discovering and eliminating regulations."

He also stated, "The Industrial Federation Forum, composed of KITA and industry-specific organizations, will continue to actively identify regulations that weaken industrial and corporate competitiveness and propose them to the National Assembly."

Song Hyo-gyu, Research Fellow at KITA's International Trade and Commerce Research Institute, said in his keynote presentation, "The biggest obstacle to strengthening industrial competitiveness is excessive regulation on corporate activities," and argued, "We must boldly improve the Galapagos regulations unique to our country and the excessive regulations compared to global standards, reorganize the legislative system, and solve the structural problems of excessive legislation."

Seo Jeong-geon, Vice President of the Korean Political Science Association and Professor of Political Science and Diplomacy at Kyung Hee University, said, "The United States manages legislative quality through multiple review stages during the legislative process," and added, "Our country should benchmark this and, during the bill proposal and review process, the responsible lawmakers should make efforts to create high-quality bills with an entrepreneurial spirit."

The discussion, chaired by Yang Jun-seok, Professor of Economics at Catholic University and President of the Korean Regulatory Studies Association, included panelists such as Cho Hwa-soon, Professor of Political Science and Diplomacy at Yonsei University; Nam Kyung-mo, Director of Industrial Policy Division at the Ministry of Trade, Industry and Energy; Kang Seok-gu, Head of the Research Department at the Korea Chamber of Commerce and Industry; and Yoon Seok-hyun, Secretary General of the Korea Industrial Federation Forum.