The head of South Korea's biggest business lobby group expressed concerns Tuesday over a string of bills meant to toughen corporate regulations and speed up economic democratization.
Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said in a meeting with local business executives that he is concerned about bills related to economic democratization and business conditions.
Park, who concurrently heads Doosan Group, also said that economic indicators hinted that our economy is expected to see signs of recovery from next year, but the business conditions surrounding local companies are not rosy.
The economic democratization, which aims to narrow the wealth divide and promote fair competition between conglomerates and smaller companies, was a key election campaign pledge of both the rival parties during last December's presidential election.
The National Assembly passed some bills related to the economic democratization in June, but others are still pending in parliament.
The Park Geun-hye government is seeking to achieve "economic democratization," which calls for reining in the economic power of family-owned conglomerates and sharing wealth with smaller firms.
To that end, the government has been pushing to adopt diverse bills aimed at punishing large conglomerates for being involved in unfair business activities including those preying on small companies.
Imposing taxes on intra-group transaction is one of the government's key policies.
Intra-group deals are criticized for sidelining smaller companies in bidding processes and also cited as a secret measure employed by owners of conglomerates to transfer their wealth to family members without paying due taxes. (Yonhap)
Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said in a meeting with local business executives that he is concerned about bills related to economic democratization and business conditions.
Park, who concurrently heads Doosan Group, also said that economic indicators hinted that our economy is expected to see signs of recovery from next year, but the business conditions surrounding local companies are not rosy.
The economic democratization, which aims to narrow the wealth divide and promote fair competition between conglomerates and smaller companies, was a key election campaign pledge of both the rival parties during last December's presidential election.
The National Assembly passed some bills related to the economic democratization in June, but others are still pending in parliament.
The Park Geun-hye government is seeking to achieve "economic democratization," which calls for reining in the economic power of family-owned conglomerates and sharing wealth with smaller firms.
To that end, the government has been pushing to adopt diverse bills aimed at punishing large conglomerates for being involved in unfair business activities including those preying on small companies.
Imposing taxes on intra-group transaction is one of the government's key policies.
Intra-group deals are criticized for sidelining smaller companies in bidding processes and also cited as a secret measure employed by owners of conglomerates to transfer their wealth to family members without paying due taxes. (Yonhap)
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