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| From left, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Federation of Korean Industries (FKI) President Huh Chang-soo, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, and Korea International Trade Association (KITA) Chairman Koo Ja-yeol |
By Anna J. Park
Korea's business associations all welcomed President Yoon's New Year's speech in unison, as they evaluated the message's focus on strengthening exports and reforming pensions, labor and education as appropriate and correct.
The Korea Chamber of Commerce and Industry (KCCI) released an official comment regarding President Yoon's speech, saying that it fully agrees with the administration's policy directions.
"The KCCI is fully in accord with President Yoon's policy direction that prioritizes the economy amid the economic slowdown through proper interest rates and export strategies and that shows willingness towards reforming labor, education and pension issues," the association's statement read.
The association went on to add that it will also actively join efforts to resolve social problems and protect those in vulnerable income brackets while striving to seek new business opportunities amid crises.
The Federation of Korean Industries (FKI) also released positive remarks concerning the president's speech.
"It is very much well-timed and opportune for overcoming the current economic crisis and for the next growth momentum that the president emphasized the importance of export growth, development of future strategic technologies and reforms on labor, education and pensions," the FKI statement read.
The association stressed that now is the time that politicians, businesses and the public unite their efforts to weather the storm of high-interest rates and inflation, vowing that the business sector will do its utmost to find growth engines for the next generation through investment and innovation.
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| President Yoon Suk-yeol delivers his New Year's speech at the presidential office in Seoul's Yongsan District, Sunday. Courtesy of presidential office |
The Korea Enterprises Federation (KEF) released a similar message of endorsement of the president's New Year's speech.
"The KEF totally supports the president's willingness to solidify a basis for the economy's next great leap forward by focusing on reforming tasks of the three main areas of labor, education and pensions, as well as by revitalizing the economy," the KEF announced.
The group's statement added that business circles will also strive to strengthen industry competitiveness while expanding investment and employment to reinvigorate the economy.
Korea International Trade Association (KITA) also welcomed president Yoon's speech saying that his administration clearly intends to increase exports, stimulate entrepreneurship and increase investment in future strategic technologies.
"KITA sees it as very appropriate that the administration vows to put emphasis on the economy via export growth. Export growths will be the breakthrough in resolving the current crisis, as exports have long served as the foundation of the national economy and the country's employment," the association's statement read.
KITA added that it expects the government to increase flexibility in the labor market to reinvigorate the economy.
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