By Lee Hyo-sik
JEJU ― Korea’s next president should understand and abide by the principles of the market economy in order to join a league of advanced countries, according to the head of a lobby group representing 14,000 businesses across the country.
Korea Chamber of Commerce and Industry (KCCI) Chairman Sohn Kyung-shik added that politicians should stop the ongoing chaebol-bashing aimed at winning votes from low-income, working-class families, emphasizing that they need to instead make efforts to achieve national unity.
``I really hope that the next president understands what is good or bad for the economy,’’ Sohn told a press meeting Thursday night on the sidelines of the KCCI’s annual forum on Jeju Island. ``The president should also be able to unify people from all walks of life.’’
The chairman said Korea’s next leader, who will be elected in December, needs to unveil a blue-print for Korea as it moves closer to becoming an advanced economy and unifying with North Korea.
He also said the next president must help local businesses compete with foreign rivals on the global stage.
``But unfortunately, no presidential contenders have so far talked about how to lead the Korean economy. They have only promoted the so-called economic democratization, which does not help the country overcome the ongoing global economic downturn,’’ Sohn said.
Both ruling and opposition parties have been pushing economic democratization, which they say is designed to make corporate governance more transparent and ensure fair trade between large and small firms.
But business circles see it as election-year propaganda targeting large corporations in order to woo votes from low-income families. They warned that anti-business sentiment and strengthened regulations could force companies to refrain from making investments and hiring new workers.
``The upcoming presidential election is crucial to determining Korea’s future. Over the next five years, Korea needs to make an all-out effort to become an advanced economy and prepare for unification with the North,’’ Sohn said.
He added that if the government tightens control on business activities, it will inevitably deal a blow to the Korean economy. ``We will soon present a wide range of economy-related policies that we think the next president should implement. We will do our best to have our opinions reflected in the economic policies of the next administration.’’
Touching on President Lee Myung-bak and his economic policies, Sohn said he made efforts to remove regulations and implement business-friendly policies in the early stage of his administration.
``He also traveled around the world to secure new markets for domestic businesses. However, he has lately become less business-friendly by forcing firms not to raise the prices of various goods and services in order to rein in inflation.’’
Food makers, retailers, telecommunications service providers and refiners, among others, have been hit hard by the government’s anti-inflation drive.
``I understand the government has to do something to curb surging consumer prices. But that has caused a great deal of pain to businesses. I hope the government trusts companies because they do not blindly pursue profits,’’ Sohn said.