Democratic Party, Korea Chamber of Commerce Agree on Adjusting Pace of Treasury Share Cancellation (Comprehensive)

Democratic Party Holds Policy Meeting with Korea Chamber of Commerce and Industry Following Korea Federation of SMEs
Business Community Voices Concerns over Treasury Share Cancellation
Responses to Industry Requests Expected in September

As the business community expressed concerns over the third amendment to the Commercial Act, which includes the mandatory cancellation of treasury shares, the Democratic Party responded by expressing understanding and announced plans to communicate sufficiently with the business sector.

On the 8th, at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, participants including Jeong Cheongrae, the leader of the Democratic Party, and Chey Tae-won, the chairman of the Korea Chamber of Commerce and Industry, are taking a commemorative photo before the start of the "Democratic Party-Korea Chamber of Commerce and Industry Policy Meeting." 2025.09.08 Photo by Yoon Dongju

After a closed-door policy meeting between the Democratic Party and the Korea Chamber of Commerce and Industry held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on September 8, Democratic Party spokesperson Park Ji-hye told reporters, "The business community showed particular interest in policies for the KOSPI 5000 era, especially regarding the cancellation of treasury shares," adding, "The Democratic Party responded that there is a consensus that we need to communicate with the business sector and adjust the pace accordingly."

Spokesperson Park said, "The business community was concerned that legislative activities might proceed quickly without gathering opinions," and added, "We did not discuss this issue in greater depth." It is also reported that the business sector expressed high expectations regarding the Economic Criminal Penalty Rationalization Task Force launched by the Democratic Party.

Attendees at the policy meeting included Democratic Party leader Jeong Cheongrae, Supreme Council member Lee Eonju, Policy Committee Chair Han Jeongae, Senior Vice Chair of the Policy Committee Yoo Dongsoo, as well as Korea Chamber of Commerce and Industry Chairman Choi Taewon, Gwangju Chamber of Commerce and Industry Chairman Han Sangwon, Daejeon Chamber of Commerce and Industry Chairman Jeong Taehee, and Gyeonggi Province Chamber of Commerce and Industry Association Chairman Bae Haedong, among other representatives from the Korea Chamber of Commerce and Industry.

The meeting, which included proposals from individual companies, lasted from 10:30 a.m. until around 12:00 p.m. However, it is reported that Democratic Party leader Jeong Cheongrae and Chief of Staff Han Minsu left early at 11:00 a.m. to attend a luncheon with President Lee Jaemyung.

Additionally, the business community requested government and National Assembly support for the petroleum and chemical industries, which are subject to a 50% tariff on certain items, as well as support for the Asia-Pacific Economic Cooperation (APEC). Spokesperson Park said, "Committee chairs including Han Jeongae and the secretaries of the Political Affairs, Strategy and Finance, and Trade, Industry and Energy Committees provided immediate answers to some issues and promised to respond to additional matters within September."

In his public opening remarks, Democratic Party leader Jeong Cheongrae said, "We will actively support and cooperate so that this meeting is not a one-time event, but continues, bringing smiles to your faces and to the faces of the people," and proposed, "If the Korea Chamber of Commerce and Industry agrees, as with the Korea Federation of SMEs, we could meet and communicate every three months."

Choi Taewon, chairman of the Korea Chamber of Commerce and Industry, mentioned the incident involving the detention of 300 Korean workers in the United States, saying, "I would like to thank the government for its swift response, which led to a negotiation for their release within three days." Chairman Choi also stated, "There are many regulations that differ depending on company size, and as companies grow, the rewards decrease while the burdens increase. This current system needs to be improved," adding, "We will continuously provide policy suggestions and compile them at the end of the year for submission."

However, it is reported that there were no specific requests from the business community regarding the detention incident in the United States. Spokesperson Park explained, "For a long time, there have been requests to increase the quota for our companies under the professional visa system, but there has not been proper consultation, and there is a view within the Foreign Affairs and Unification Committee that a new type of visa is needed."

Meanwhile, Democratic Party leader Jeong Cheongrae has been increasing engagement with the business sector, meeting with the Korea Chamber of Commerce and Industry following a policy meeting with the Korea Federation of SMEs on September 4. The Korea Federation of SMEs requested the Democratic Party to lower tariffs on steel and aluminum, supplement the Yellow Envelope Act (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act), and improve the Commercial Act.