Finance ministry to set up hotline with biz lobby groups

The Ministry of Economy and Finance building at Goverment Complex Sejong / Yonhap

The Ministry of Economy and Finance said Monday that it will establish a hotline with major business lobby groups in order to facilitate communication with entrepreneurs and provide prompt, tailored support.

Deputy Economy and Finance Minister Yoon In-dae recently met with representatives from the Korea Chamber of Commerce and Industry, the Federation of Korean Industries and the Federation of Middle Market Enterprises of Korea to discuss how the government can better support businesses in driving growth and enhancing competitiveness.

The meeting was part of a series of regular roundtable discussions between the public and private sectors under the Lee Jae Myung administration.

“The deputy minister and other participants agreed on the need to establish a hotline between the ministry and the joint task force of business associations to ensure constant communication,” the ministry said in a press release.

It added, “The hotline is expected to serve as an effective channel for collecting feedback from the field, particularly regarding regulations that hinder business growth.”

A key concern raised by business representatives was the so-called “Peter Pan Syndrome.” Originally a psychological term, it refers to companies that are reluctant to grow from small to medium-sized or larger for fear of facing greater regulatory oversight and heavier tax burdens.

For example, participants pointed out that being listed as a conglomerate subjects companies to stricter antitrust regulations, which can discourage expansion and investment.

The ministry said its business support policies will be customized based on company size, including metrics such as revenue and the number of employees.

It also pledged to ensure that regulations are implemented in a rational and objective manner so that businesses can regain vitality amid the country’s sluggish economic growth.