[Expectations for the 22nd National Assembly] "A Public Forum for 'Entrepreneurial Spirit' Needed... Anti-Business Sentiment Must Change"

Strategy Needed for System Improvement and Education Expansion
Long-term Efforts Required for Elementary, Middle, and High School Education

Companies believe that the 22nd general election should serve as an opportunity to revive 'entrepreneurial spirit.' They argue that it is necessary to create a forum for public discourse through cooperation among the private sector, government, and political circles, and to pursue this in the mid to long term. Recently, SK Group attracted attention by opening the founder's birthplace as 'SK Gotaek (古宅)' to pass on the entrepreneurial spirit to future generations, which is interpreted as a sign that more such cases are needed.

In a recent survey conducted by Asia Economy targeting 50 major domestic companies, nearly half (46%, multiple responses allowed) of the companies selected 'creating a forum for public discourse through public-private-political cooperation' as a necessary policy to revive entrepreneurial spirit. They believe that restoring entrepreneurial spirit should be taken up as a timely agenda and consistently discussed.

This is closely related to the spreading anti-corporate sentiment. It is pointed out that under the anti-corporate sentiment, the increase of punitive and burdensome regulations is frustrating entrepreneurial spirit. Representative examples include the inheritance tax, which reaches 60%, and the Serious Accident Punishment Act, which focuses on punishment rather than prevention. When the Korea Employers Federation recently surveyed 140 CEOs of ventures and startups in their 30s and 40s, over 90% expressed concerns that the harsh inheritance tax system hinders entrepreneurial spirit.

Besides 'creating a forum for public discourse,' voices are calling for various strategic approaches such as institutional improvements and expanded education. In the same survey, 40% responded that education to cultivate entrepreneurial spirit from elementary to high school should be pursued in the long term. Following that, responses included the need for institutional benefits related to campaigns and advertising activation (18%), and strengthening support for youth startups (2%).

Lee Dong-geun, Executive Vice President of the Korea Employers Federation, stated, "From the nameless merchants who traveled the Silk Road to Steve Jobs, who launched the iPhone and sparked the mobile revolution, the root cause that developed the global economy and enriched daily life was the endless challenge embedded in entrepreneurial spirit," emphasizing, "Institutional support such as regulatory innovation should be strengthened, and regulations that exceed global standards should be restrained."