Democratic Party and Hankyung Association Meet After 10 Years... Discussions on Commercial Act and Semiconductor Act Remain Parallel

Economic Revitalization Meeting on the 5th
HanKyungHyup: "Feels Like Meeting an Ex-Girlfriend"... Lee Bursts Into Laughter
Despite Friendly Atmosphere, Discussions on Commercial Act and Semiconductor Act Remain at an Impasse

The Democratic Party of Korea and the Korea Economic Association (hereinafter HanKyungHyup) met in public for the first time in 10 years. Although the overall atmosphere was amicable, the discussion concluded with both sides sharing their positions on contentious issues such as the amendment to the Commercial Act and the Semiconductor Special Act.

At the 'Public Economy Meeting for Economic Revitalization' held at the National Assembly in Yeouido on the 5th, Representative Lee said, "It is said that this is the first time in 10 years that the Democratic Party and HanKyungHyup have met publicly," adding, "I heard that even within the party there was a statement saying we should not meet, but where is the reason not to meet?" He continued, "Even warring enemies meet, which is the way of the world, and since this is an alliance of companies playing a pivotal role in South Korea's economic development, it is only natural to meet and discuss."

The meeting proceeded in a somewhat bright atmosphere. When Ryu Jin, chairman of HanKyungHyup, described the 10 years without meetings with the Democratic Party as "feeling like meeting an ex-girlfriend from the past," Representative Lee burst into laughter. Chairman Ryu said, "We actively agree with Representative Lee's statement at the New Year's press conference that growth is necessary," and added, "Ultimately, the solution is growth, and above all, corporate investment, which is the catalyst for growth, must be revitalized."

Lee Jae-myung, leader of the Democratic Party of Korea, Ryu Jin, chairman of the Korea Economic Association, and other attendees are taking a commemorative photo at the "Democratic Party of Korea-Korea Economic Association Livelihood Economy Meeting" held at the National Assembly on the 5th. 2025.3.5 Photo by Kim Hyun-min

However, apart from the atmosphere, the discussions at the meeting ran on parallel tracks. HanKyungHyup's policy agenda included demands regarding bills promoted by the Democratic Party, such as the amendment to the Commercial Act and the Semiconductor Special Act. HanKyungHyup expressed concerns that the amendment to the Commercial Act could negatively impact companies and stated that the contentious provision on the 52-hour workweek for research and development (R&D) workers should be included in the Semiconductor Special Act.

Chief spokesperson Cho Seung-rae told reporters, "(Representative Lee) responded that while considering amendments to the Capital Market Act as well, fundamentally, if the investors' anxiety about the market is not resolved, it would be difficult to enhance corporate competitiveness." This implied that the passage of the amendment to the Commercial Act is inevitable. However, Chief Spokesperson Cho also said, "There was also a discussion about agreeing on the abolition of the breach of trust crime." There is a claim that the breach of trust crime related to business judgment should be abolished because expanding the duty of loyalty from the company to shareholders through the amendment to the Commercial Act could lead to excessive litigation such as breach of trust lawsuits.

Regarding the Semiconductor Special Act, Representative Lee shared the existing position while referring to discussions held with companies. He reportedly said, "If measures are taken to pay additional overtime wages without increasing total working hours, it is possible to operate within the current system," adding, "Currently, permission from the Ministry of Employment and Labor is required every three months, so it seems necessary to change this to six months, but this is within the authority of the Ministry of Employment and Labor."

Meanwhile, Representative Lee is also reported to have conveyed a message that unnecessary corporate regulations need to be eased. Chief Spokesperson Cho said, "Representative Lee created a regulation list and marked it with circles (maintain), triangles (review), and crosses (abolish), saying it would be good to boldly eliminate administrative convenience-oriented regulations," adding, "There was also talk about shifting from a positive system that enumerates what can be done to a negative regulation system that allows everything except prohibited acts."