"Economic Groups 'Actively Welcome' Yoon's New Year's Address on 'Killer Regulation Reform'"

Comments from Hankyungyeop, Korea Chamber of Commerce and Industry, KITA, and KCCI

President Yoon Suk-yeol emphasized 'people's livelihood' in his New Year's address on the 1st, expressing his determination to dismantle killer regulations and support advanced industries, prompting economic organizations to unanimously welcome his stance.

President Yoon Suk-yeol is delivering a New Year's address at the Yongsan Presidential Office Building in Seoul on January 1, the first day of the Gapjin year 2024.
[Photo by the Presidential Office]

The Korea Economic Association (HanKyungHyup) commented on the president's New Year's address, stating, "The business community actively welcomes the president's commitment to revitalizing the economy through dismantling killer regulations, supporting advanced industries, and job diplomacy for South Korea's leap forward."

They added, "We strongly agree with the emphasis on unwavering pursuit of the three major structural reforms in labor, education, and pensions for the sustainable growth of the Korean economy," and "We expect the government to promptly take action to improve systems that deviate from global standards and create a business-friendly environment so that our companies can compete freely in the global market."

HanKyungHyup also stressed, "At this critical time when South Korea must overcome the decline in potential growth rate and leap to become a global central nation, enhancing economic vitality centered on the private sector based on market economy principles is of utmost importance," and “The business community will devote itself to discovering future growth engines through innovation and make every effort to lead a new leap forward for the Korean economy.”

The Korea Chamber of Commerce and Industry also expressed in a statement that it "deeply sympathizes with the government's determination to support corporate innovation through dismantling killer regulations and fostering advanced industries, and to act on labor, education, pension reforms, and solving low birthrate issues." They urged, "Since 2024 is a crossroads to put our economy back on the recovery track, we hope the government and the National Assembly will provide institutional support so that companies can actively invest in new industries and pioneer markets that were previously out of reach."

The Korea International Trade Association welcomed President Yoon's declaration of full support for overcoming the global complex crisis through industrial structural reform and corporate innovation growth, saying, "The government's intention to back a virtuous cycle of corporate investment and job creation through bold reforms is very appropriate." They added, "We expect the government to continue to listen attentively to the voices from the corporate field at the level of our companies so that our companies can focus on developing overseas markets under domestic conditions equal to major countries."

The Korea Employers Federation evaluated, "The president particularly identified labor reform as the top priority among the three major reform tasks, accurately presenting the urgent issues and directions our labor market must address, such as labor-management rule of law, enhancing labor market flexibility, changes to job- and performance-based wage systems, and improvement of the dual structure." The federation also expressed, "We expect this year to be one in which unreasonable labor-management practices and systems will be modernized through the government's strong labor reform efforts," and emphasized, "The business community will do its best to breathe new life into our stagnant economy through active investment and job creation, enabling our economy to leap forward once again."