Economic Circles Urge National Assembly to Make Bipartisan Efforts to Boost Economic Vitality

Expectations for Stabilizing the People's Economy and Reforming Corporate Regulations

On the 10th, when the 22nd general election was held, economic organizations urged the National Assembly to make bipartisan efforts to boost economic vitality.

The Korea Chamber of Commerce and Industry (KCCI) stated in its commentary "Wishes for the 22nd National Assembly" released that day, "We hope the National Assembly will serve as a representative body that respects the will of the people, saves livelihoods, and enhances economic vitality." KCCI emphasized, "We hope the 22nd National Assembly will demonstrate leadership to improve systems that hinder corporate innovation activities and enable public-private cooperation to tackle national challenges for boosting economic vitality." It added, "We also expect the 21st National Assembly to properly conclude issues that the business community has continuously requested, such as easing corporate regulations, resolving difficulties, and promoting regional development during its remaining term."

[Image source=Yonhap News]

The Korea Economic Organization Association (KEOA) also issued a statement saying, "We hope the 22nd National Assembly will humbly accept the will of the people expressed in this general election and devote all efforts with a spirit of coexistence and harmony to stabilize the livelihood economy and revive economic vitality." KEOA mentioned the severe situation of the Korean economy, stating, "The global economic slowdown is an obstacle to our exports, prolonged high interest rates are shrinking private consumption and investment, and the technological hegemony competition threatens the future competitiveness of our companies." It urged, "We hope the National Assembly will make bipartisan efforts to help our economy overcome the crisis and leap forward again," and added, "Furthermore, we ask for efforts to improve the business environment, such as regulatory reforms, so that our companies can maintain competitiveness in the global market."

The Korea Employers Federation (KEF) said, "We expect the 22nd National Assembly to overcome the intense confrontation and conflicts between the ruling and opposition parties during the general election process and lead social integration and economic development through politics of harmony and coexistence." KEF urged, "Above all, we ask the ruling and opposition parties to cooperate in a bipartisan manner to prepare legislation for economic recovery and strengthening national competitiveness, and to make their best efforts to enhance economic dynamism through bold regulatory innovation and tax reform." It also emphasized, "The business community will also do its best together with the new National Assembly for economic revitalization through active investment and job creation."

The Korea International Trade Association (KITA) stated, "We hope the 22nd National Assembly will concentrate its capabilities on laying the foundation for expanding our companies' global advancement through active and bipartisan legislative activities such as labor and regulatory reforms and trade cooperation, and establish long-term policy visions to enhance industrial competitiveness." KITA added, "Since exports have driven South Korea's economic growth, there can be no division between ruling and opposition parties in the face of the grand goal of increasing exports," and said, "The trade industry will also do its best with a heavy responsibility representing the Korean economy to achieve a 'Second Miracle on the Han River.'"

The Korea Federation of Medium-sized Enterprises (KFME) also said, "We hope the National Assembly will break free from the inertia of ideological conflicts and become a deliberative forum that envisions and explores the nation's future," emphasizing, "The high voter turnout is the people's mandate to strengthen national competitiveness and achieve a major economic and social transformation." KFME urged, "We ask for communication efforts that broadly and meticulously collect and reflect opinions from various sectors and the realities on the ground, based on reasonable consistency that supports the stability of citizens' lives and corporate management."