By Kim Hyo-jin
The main opposition Minjoo Party of Korea agreed on dealing with a pending bill, devised by the ruling Saenuri Party to revitalize corporate activities, lawmakers said Friday.
The so-called "One-Shot Act" intends to ease regulations and provide tax cuts when firms voluntarily sell off or purchase businesses. It also supports their mergers and acquisitions by simplifying the legal procedures.
"The opposition party has accepted the original bill," Saenuri floor leader Rep. Won Yoo-chul told reporters.
The bill is expected to get bipartisan approval during a session of the parliamentary Industry, Commerce, and Resources Committee, scheduled for Monday, he added.
The bill has been pending for months in the Assembly while the opposition called on excluding conglomerates, or chaebol, to be subject to the bill, expressing concerns that they could take advantage of the regulations to execute corporate takeovers.
The Minjoo's agreement came amid mounting calls by the government and the economic sectors to stop delaying economic regeneration.
"With two months ahead of the general election, we had to avoid the situation where the public could blame us for inaction against the sluggish economy," a party official said.
Also, it was to secure leverage for the negotiation of other economic bills, another party official said.
The Saenuri Party agreed to implement the act for three years first and then lengthen it for an extra two years after consultation, instead of letting it run for a straight five years as it originally insisted.
They also reached an agreement on passing the North Korea Human Rights Act, calling for the government to work on the North's human rights situation while improving inter-Korean relations.
The political parties plan to resume negotiations on Saturday to further discuss the rest of the contentious bills on which they have thus far failed to narrow their differences of opinions.
They have traded barbs over labor reform bills including the increase in the number of industries permitted to temporarily dispatch workers to other enterprises. While the Saenuri Party has backed the bills for generating more jobs, the Minjoo party argued it would aggravate issues related to non-regular workers.
The main opposition Minjoo Party of Korea agreed on dealing with a pending bill, devised by the ruling Saenuri Party to revitalize corporate activities, lawmakers said Friday.
The so-called "One-Shot Act" intends to ease regulations and provide tax cuts when firms voluntarily sell off or purchase businesses. It also supports their mergers and acquisitions by simplifying the legal procedures.
"The opposition party has accepted the original bill," Saenuri floor leader Rep. Won Yoo-chul told reporters.
The bill is expected to get bipartisan approval during a session of the parliamentary Industry, Commerce, and Resources Committee, scheduled for Monday, he added.
The bill has been pending for months in the Assembly while the opposition called on excluding conglomerates, or chaebol, to be subject to the bill, expressing concerns that they could take advantage of the regulations to execute corporate takeovers.
The Minjoo's agreement came amid mounting calls by the government and the economic sectors to stop delaying economic regeneration.
"With two months ahead of the general election, we had to avoid the situation where the public could blame us for inaction against the sluggish economy," a party official said.
Also, it was to secure leverage for the negotiation of other economic bills, another party official said.
The Saenuri Party agreed to implement the act for three years first and then lengthen it for an extra two years after consultation, instead of letting it run for a straight five years as it originally insisted.
They also reached an agreement on passing the North Korea Human Rights Act, calling for the government to work on the North's human rights situation while improving inter-Korean relations.
The political parties plan to resume negotiations on Saturday to further discuss the rest of the contentious bills on which they have thus far failed to narrow their differences of opinions.
They have traded barbs over labor reform bills including the increase in the number of industries permitted to temporarily dispatch workers to other enterprises. While the Saenuri Party has backed the bills for generating more jobs, the Minjoo party argued it would aggravate issues related to non-regular workers.
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