Biz leaders meet National Assembly Speaker

Dec 18, 2024, 10:56 am

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National Assembly Speaker Woo Won-shik poses with the leaders of the country’s leading business organizations during their emergency meeting at the National Assembly in Seoul on Dec. 14, 2024. From left, Korea Enterprises Federation Chairman Sohn Kyung-shik, Korea Chamber of Commerce and Industry Chairman Chey Tae-won, National Assembly Speaker Woo Won-shik, Korea Federation of SMEs Chairman Kim Ki-moon and Korea International Trade Association Chairman Yoon Jin-sik./ Photographed by Lee Byung-hwa

AsiaToday reporter Ahn So-yeon

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, and other business leaders urged policymakers on Tuesday to pass non-controversial economic bills currently stalled in the parliament amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk-yeol over his martial law decree.

The heads of major business groups, such as Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Korea International Trade Association (KITA) Chairman Yoon Jin-sik and Korea Federation of SMEs Chairman Kim Ki-moon held a meeting with National Assembly Speaker Woo Won-shik, and said that economic policies should be implemented without being swayed so that companies can focus on their business. Currently, the companies are waiting for the enactment of bills to increase subsidies for the semiconductor sector and those easing working-hour regulations.

“If noncontentious bills could be passed within the year through bipartisan cooperation, it would send a positive signal that South Korea’s economy is functioning normally and would alleviate concerns over macroeconomic stability,” Chey said. “I hope that enough time would be provided to discuss bills that the business community is concerned of,” he added.

KEF Chairman Sohn, who is also chairman of CJ Group, expressed concerns that the South Korean companies are shrinking to the extent that they must revise their business plans for next year, and the collapse of local businesses is adding to the difficulties of self-employed and small business owners. He stressed the need for the prompt enactment of critical bills, such as those easing working-hour regulations and increasing subsidies for the semiconductor sector. “At the same time, please carefully reconsider revisions to the Commercial Act or raising the statutory retirement age, as they may burden businesses,” he said.

In a joint statement, the business community expressed deep concern over the recent passage of the National Assembly Testimony Act through the plenary session. They said, “It can have a significant impact on corporate management activities and national competitiveness and there is a risk of leaking corporate secrets and important core technologies.”

#Woo Won-sik #Chey Tae-won #Sohn Kyung-shik #Yoon Jin-sik #Kim Ki-moon