Major business lobbies call on Assembly to vitalize economy

The nation’s five major business lobbies urged lawmakers for the 19th National Assembly, which was inaugurated Wednesday, make efforts to boost the economy.

Chiefs of the five organizations in the business sector held a congratulatory reception for both ruling and opposition lawmakers, whose terms run through May 2016, in Yeouido, Seoul.

“We hope that the 19th National Assembly will lead the integration and development of society,” said Huh Chang-soo, chairman of the Federation of Korean Industries.

Huh called on the participants to exert themselves in vitalizing the economy and securing the nation’s growth potential.

Sohn Kyung-shik, chairman of the Korea Chamber of Commerce and Industry, said that the business sector is longing for parliamentary a politic, that supports favorable business environment.

“Business circles will make every effort to expand investments and create many jobs,” he said. “We will also push ahead with export growth.”

Three other chiefs of the Korean Federation of Small and Medium Businesses, the Korea Employers Federation, and the Korea International Trade Association also delivered their respective speeches. KITA requested efforts to create an advantageous trade environment and seal additional free trade agreements.

KITA said it congratulates the winners of the 19th general elections and looks forward to proactive parliamentary activities to vitalize the economy and create jobs.

“In particular, the 19th National Assembly should establish a foothold to reach $2 trillion in trade, which is pivotal to our economy, through active support of businesses based on the $1 trillion mark we broke last year,” it said in a statement.

The business leaders said that they especially anticipate parliament creating a favorable business environment through deregulation, tax cuts and making the labor market more flexible so that companies can do their best to invest, create jobs and foster future growth engines, and to invigorate the market economy.

They also called on the new parliament to refrain from excessive confrontation and political strife, and accommodate diverse voices across the social spectrum to bridge division and seek social integration.

By Kim Yon-se (kys@heraldcorp.com)