Economic Leaders Meeting with Chairman Woo Won-sik: "Non-controversial Bills Like the Semiconductor Act Must Pass"

Choi Tae-won "Non-controversial Bills to Pass Within the Year"
Son Kyung-sik "Relaxation of Working Hours Regulations"
Request for Careful Review of Commercial Act Amendment
Speaker Woo "We Must Overcome the Crisis Together"

Chairmen of the four major economic organizations, including Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, met with National Assembly Speaker Woo Won-shik to urge the prompt passage of non-contentious bills such as the Semiconductor Special Act. This is due to the increasing risks to the Korean economy and corporate management following the December 3 emergency martial law and the impeachment crisis of President Yoon Seok-yeol, making the passage of necessary legislation for businesses urgent.

Speaker Woo Won-shik is taking a commemorative photo with attendees at the emergency meeting of economic organizations held at the National Assembly on the 17th. From the left, Sohn Kyung-shik, Chairman of the Korea Employers Federation; Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Speaker Woo; Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business; Yoon Jin-sik, Chairman of the Korea International Trade Association. Photo by Kim Hyun-min

Chairman Choi, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Yoon Jin-sik, Chairman of the Korea International Trade Association, and Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, attended an emergency meeting of the four economic organizations presided over by Speaker Woo at the Speaker’s office in the National Assembly building in Yeouido, Seoul, on the 17th. This was the first time in 11 months since the New Year’s meeting of the business community on January 2 that the heads of the four economic organizations gathered together in an official setting.

In his opening remarks, Chairman Choi said, "I hope that economic policies will be pursued without wavering," adding, "If the ruling and opposition parties can pass even just the non-contentious bills within this year through bipartisan cooperation, it will send a positive signal that the Republic of Korea is functioning normally." He continued, "What companies are concerned about is the possibility of policy changes following the inauguration of the new U.S. administration," and requested, "This is a critical time for the government’s diplomatic capabilities, and since an external problem-solving channel is absolutely necessary, I ask for your active role, Mr. Speaker."

Chairman Sohn Kyung-shik of the Korea Employers Federation also said, "The recent political turmoil is causing widespread instability not only in domestic demand but also in foreign exchange and financial markets," and added, "If legislation to support subsidies and ease labor hour regulations is promoted, companies will gain great strength."

Yoon Jin-sik, Chairman of the Korea International Trade Association, stated, "In some companies, there have been cases where the counterpart (overseas buyers) postponed export contract deadlines or canceled meetings, and requests to shorten payment periods for import funds from abroad have been made, creating an uneasy situation," and asked, "Please support efforts for the National Assembly to actively engage in various export support legislations such as the Semiconductor Special Act."

Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, said, "There are many parts of livelihood bills or tax law amendments on which the ruling and opposition parties have little disagreement," and urged, "Please pass legislation such as the extension of temporary investment tax credits and the increase of income deduction rates for credit card use in traditional markets in the plenary session of the National Assembly as soon as possible."

The heads of the economic organizations requested the suspension of legislative activities on the amendment of the Commercial Act, which includes shareholders as subjects of directors’ fiduciary duties, and the testimony and appraisal law that includes the National Assembly’s permanent access to corporate trade secret materials.

Chairman Sohn Kyung-shik said, "I ask the National Assembly to conduct more careful review on issues such as amendments to the Commercial Act or extension of the statutory retirement age, which could shrink corporate activities," and Chairman Yoon Jin-sik added, "Legislative discussions that could hinder normal corporate activities could be temporarily suspended until the current situation eases as a flexible alternative."

The meeting with the four organization heads was arranged by Speaker Woo’s side to listen to the economic sector’s difficulties following the impeachment crisis. In his opening remarks, Speaker Woo emphasized, "Not only small business owners and SMEs who are struggling the most, but the entire economic sector including large corporations that are also facing difficulties must overcome the crisis together."

Lee Jae-myung, leader of the Democratic Party, and other opposition figures have recently increased dialogue with the business community significantly. On the 12th, Lee met with Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, and Song Chi-young, Chairman of the Small Business Federation, to discuss management conditions after the martial law crisis. The day before, he met with James Kim, Chairman of the American Chamber of Commerce in Korea (AMCHAM), and referred to the "momentary turmoil as an opportunity to invest in or buy at a low price in Korea."

Additionally, on the 19th, a meeting related to the Democratic Party’s Stock Market Revitalization Task Force (TF) and the amendment of the Commercial Act, which Lee will directly moderate, is scheduled to be held.

Dialogue between the government and economic organizations has also increased. Han Duck-soo, Acting Prime Minister and Presidential Powers Delegate, attended the "10th Day of Mid-sized Enterprises" event yesterday as his first external schedule since the impeachment crisis in his capacity as Acting Prime Minister. He made remarks aimed at reducing regulations arising during the growth process of mid-sized companies into large corporations.