Yoon promises to remove obstacles to businesses growth

President-elect Yoon Suk-yeol, center, poses with the leaders of the nation's six largest business lobby groups prior to their luncheon meeting at the office of the presidential transition committee in Seoul, Monday. From left are Kim Eun-hye, Yoon's spokesperson, Korea Federation of Small, Medium Enterprises Chairman Kim Ki-moon, Federation of Korean Industries Chairman Huh Chang-soo, Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Yoon, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Federation of Middle Market Enterprises of Korea (FOMEK) Chairman Choi Jin-shik, Korea International Trade Association (KITA) President Koo Ja-yeol and Rep. Chang Je-won, Yoon's chief of staff. Yonhap

Business leaders ask President-elect to revise industrial accident law

By Kang Seung-woo

President-elect Yoon Suk-yeol vowed, Monday, to remove unnecessary regulations to help businesses make decisions with more certainty and to promote investments to spur the growth of the country's economy.

Yoon's promise came during a lunch meeting with the heads of six business lobby groups. They are Federation of Korean Industries (FKI) Chairman Huh Chang-soo, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Korea International Trade Association (KITA) President Koo Ja-yeol, Korea Federation of Small, Medium Enterprises Chairman Kim Ki-moon, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik and Federation of Middle Market Enterprises of Korea (FOMEK) Chairman Choi Jin-shik.

"I will try to help shift the focus of our economy from government-led growth to private sector-led growth to help the free-market economy work better," Yoon said.

"The government is focused on establishing infrastructure so that companies ― regardless of their size ― will spearhead the creation of jobs and make investments, which will eventually help the nation grow."

Yoon also said the growth of companies is equivalent to that of the nation.

"Firms should make a free decision for investment and growth and the government's priority is to remove obstructive factors," he said.

The business lobby group leaders welcomed Yoon's drive for regulatory reforms.

KEF chief Sohn said rapid innovation in digital technologies has resulted in new industry growth that spurred changes in various fields.

"In order for companies to survive in the face of rapid change, it is imperative to create an environment where they can engage in dynamic economic activities," he said.

Sohn added that the high number of corporate regulations serve as a stumbling block and regulatory reform is urgently required to stimulate domestic investment and remove entry barriers for new industries.

FKI chairman Huh said economic vitality is important to continue growth and prosperity.

"Regulatory reform is needed so that the DNA of companies, creativity, and innovation can be freely expressed," he said, asking Yoon to improve what does not meet with global standards so that companies can become more competitive.

KCCI chairman Chey stressed the importance of cooperation between the public and private sectors.

"It is good to revitalize the market economy, but Korea must also compete with other countries. In other words, there is a need for the private sector to more actively participate in government-led industries," he said.

"The Korean government is cranking up efforts to develop strategic industries such as bio, but there are several fields for the government to consider more boldly and strategically. If the private sector is involved in future infrastructure construction and industrial innovation strategies, each individual can come up with their own ideas," Chey added.

President-elect Yoon Suk-yeol takes a memo, while Korea Chamber of Commerce and Industry Chairman Chey Tae-won speaks during Yoon's luncheon meeting with six leaders of the nation's business lobby groups at the office of the presidential transition committee in Seoul, Monday. Yonhap

The small- and mid-sized sector also appealed to Yoon to actively address the problems they face.

The business leaders also asked Yoon to revise the industrial accident law that imposes legal responsibility on the CEO or owner of a company for injuries or deaths involving employees due to a failure to abide by safety regulations.

"Recently, as the importance of industrial safety has been emphasized, companies are making a lot of effort to prevent accidents, but it is true that there are many concerns due to the punishment-oriented law," Sohn said.

"Instead, preventive actions should be strengthened."

Meanwhile, the presidential transition committee was launched in earnest, Monday, after completing the appointments of 184 personnel. Headed by People's Party chief Ahn Cheol-soo, the committee is comprised of seven standing sub-committees along with an advisory group for national unity and special panels for the COVID-19 crisis and balanced regional growth.

Each sub-committee is scheduled to receive a business report from its respective ministries, Wednesday, with the fate of the Moon Jae-in administration's nuclear phase-out policy and inter-Korean initiative yet to be determined.

In addition, a decision on whether to abolish the Ministry of Gender Equality and Family is expected to emerge as a daunting task for the transition team. During the campaign, Yoon pledged to abolish the ministry to appeal to male voters.