[Impeachment Motion Against Yoon Passed] Gwangju and Jeonnam Business Community: "Now Prioritize Livelihood Stability"

Gwangju Employers' Association and Gwangju Chamber of Commerce 'Statement'
District Mayors' Council Also Issues Statement... "Revitalizing Neighborhood Commercial Areas"

The Gwangju District Mayors' Council announced through a statement that they will accelerate efforts to revitalize neighborhood commercial districts following the passage of the impeachment motion against President Yoon Seok-yeol in the National Assembly. From left in the photo: Kim I-gang, Seo District Mayor; Kim Byeong-nae, Nam District Mayor; Im Taek, Dong District Mayor; Moon In, Buk District Mayor; Park Byeong-gyu, Gwangsan District Mayor. Provided by the Gwangju District Mayors' Council.

Economic and political organizations in Gwangju expressed concerns over the regional economic downturn following the passage of the impeachment motion against President Yoon Seok-yeol and urged political stability through bipartisan agreement.

The Gwangju Chamber of Commerce and Industry issued a statement on the 16th, saying, "Regarding the passage of the impeachment motion against President Yoon Seok-yeol, we request that the National Assembly and the government pay special attention and efforts to prioritize the stabilization of people’s livelihoods and regional economic difficulties, so that the chaotic political situation can be stabilized quickly and the government’s administrative vacuum minimized."

The Gwangju Chamber of Commerce added, "Recently, our country's economy has been continuously experiencing a recession due to the complex crisis of the 'three highs'?high inflation, high interest rates, and high exchange rates. Additionally, the Trump administration’s protectionist stance expected to take office next year, the introduction of discriminatory additional tariffs on China, and external economic adversities such as the Ukraine war have created a challenging environment. Due to the confrontation between the ruling and opposition parties, key projects for Gwangju and Jeonnam’s future, such as the ‘Artificial Intelligence Technology Development and Future Growth Engine Budget,’ have been cut in the government budget for next year as it passed through the National Assembly, increasing the likelihood of delays in promoting regional core projects," expressing concern.

They continued, "If political turmoil continues, it could become a major obstacle to economic stability and recovery. Therefore, we hope that all political parties will cooperate beyond party lines so that the chaotic national situation centered on the National Assembly can be resolved as soon as possible and political stability restored quickly. We urge the government to maintain the stability of economic policies, execute already established policies and budgets without disruption, and devote full efforts to reviving businesses and economic recovery, including the livelihood economy," they said.

The Gwangju Employers Federation also stated in a press release, "Currently, South Korea is facing a situation where international credit ratings have declined and domestic and external economic uncertainties have expanded due to the aftermath of martial law and the suspension of the president’s duties, raising concerns about investment contraction and sluggish domestic demand. We request that the National Assembly maintain continuous communication with the government through bipartisan agreement and implement solutions to address the pressing issues in Gwangju and Jeonnam and promote regional economic development," it said.

The federation emphasized, "Cooperation among all stakeholders is necessary to prevent our economy from regressing. Despite years of international disputes and liquidity crises, the automobile, semiconductor, and shipbuilding industries, which are competitive in the global market, have driven national growth and constitute a significant part of the regional economic development in Gwangju and Jeonnam," it stressed.

They added, "However, if political instability prolongs, it is feared that investment contraction by domestic and foreign companies will lead to reduced production and employment insecurity, resulting in decreased consumption and economic recession. This would pose a serious crisis not only for Gwangju and Jeonnam but also for the national economy," they emphasized.

They also urged, "The regional economic community must unite efforts to overcome the economic crisis and quickly stabilize the political situation, concentrating all capabilities so that South Korea can once again leap forward."

The Gwangju City and District Mayors’ Council also appealed in a statement, "We will lead by example among public officials to revive the frozen livelihood sites caused by martial law. We ask citizens to proceed with year-end and New Year gatherings as planned and join forces to ensure a warm year-end and New Year season," they appealed.

They said, "We will take the lead in revitalizing the livelihood economy. We will restore the lives of ordinary people damaged by the Yoon Seok-yeol administration and the regional budgets that were cut. We will accelerate the additional issuance of the Gwangju Sangsaeng Card local currency to revitalize neighborhood commercial districts," they said.

The council added, "We actively support Representative Lee Jae-myung’s plan for a ‘National Stability Consultative Body’ and request that the ruling party and government also actively cooperate."