Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Lobby groups call on Yoon to improve business environment
From left, Korea Chamber of Commerce & Industries Chairman Chey Tae-won, Federation of Korean Industries Chairman Huh Chang-soo, Korea Enterprises Federation Chairman Sohn Kyung-shik, and Korea International Trade Association Chairman Koo Ja-yeol
By Kim Hyun-bin
By Kim Hyun-bin
Major business lobby groups are calling on President-elect Yoon Seok-yeol to improve Korea's business environment to encourage companies to expand investments and hire more workers, according to officials Thursday.
“We sincerely congratulate President-elect Yoon Seok-yeol for his victory and earnestly pray that it will lead to the path of economic recovery,” Korea Chamber of Commerce & Industry (KCCI) Chairman Chey Tae-won said. "We earnestly hope that the various opinions and conflicts that emerged during the election process will be resolved, and that the nation's capabilities will be united through leadership of unity and harmony, paving the way for the nation's social development and economic recovery."
He also stressed the need to back private businesses that could increase growth and market efficiency amid economic structural changes and growing geopolitical uncertainties. Chey, who is also chairman of SK Group, called for regulatory, labor and education reforms without setbacks to create a better environment fueling business growth.
“Keep in mind for the next five years, you have been given an important mission to advance the ranks of the Republic of Korea and do the upmost to excel in government affairs, not just in the economy but also politics, diplomacy, society and culture,” he said. “The KCCI will do its best as a partner in the business community so that the next government can carry out state affairs successfully.”
Fair and free market economy
“The election results reflect the public's hopes for stability through the establishment of a fair and free market economy and economic growth, as well as establishment of a national order in accordance with laws and principles,” Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik said.
“More than anything else, in order to overcome the crisis our economy is facing and take another leap forward, the government must provide an environment where free economic activities and entrepreneurship are respected so that companies can continue innovating and take on challenges.”
Federation of Korean Industries (FKI) Chairman Huh Chang-soo emphasized that the Korean economy is in a “very difficult situation” facing sluggish domestic demand, a low birth rate and an aging population, and stressed the importance of strong leadership now more than ever.
“I hope that President-elect Yoon will do his best to unite our society and make Korea a leader in the global economy after the end of the pandemic,” Huh said. “In particular, I hope the new administration can create an environment where companies can invest with confidence and create quality jobs.”
There were also voices wishing for the government to show flexibility to the changing international order, for instance the U.S.-China conflict.
“We hope that the new government will focus on enhancing innovative trade structures and the recovery of export dynamics in line with rapidly changing internal and external conditions,” Korea International Trade Association (KITA) Chairman Koo Ja-yeol said, "and better protect the rights and interests of Korean companies from protectionism, which is intensifying due to competition for global hegemony.”