Biz leaders urge suprapartisan coop. to keep economy afloat

The business community has called for the government to swiftly complete restructuring, put the economic recovery as the top priority goal of the national administration, and stringently deal with illegal collective action. It also said the looming economic crisis was caused by the public¡¯s distrust of political practices marked by shortsighted opportunism.

The business world¡¯s call was contained in a declaration on the current economic situation issued by the leaders of the five major economic organizations, who met at the Lotte Hotel in Seoul, Tuesday.

The five groups are the Federation of Korean Industries (FKI), Korean Chamber of Commerce and Industry (KCCI), Korean International Trade Association (KITA), Korea Federation of Small Business (KFSB) and Korean Employers` Federation (KEF).

It is very rare for the chairmen and vice-chairmen of the five economic organizations representing the nation¡¯s business world to get together to issue a declaration on the economic state of the nation.

They said in the declaration that they oppose moves to revise any law that would undermine business competitiveness and flexibility in the labor market at a time when enterprises are facing considerable difficulties.

They demanded the temporary suspension of discussion of legislation on such issues as extending maternity leaves, protecting non-regular employees and making wage payments to labor union staff. The business leaders also asked the politicians to heed public opinion that their consumptive political strife stands in the way of full economic recovery and that a supra-partisan cooperative system is needed to hasten the process.

They said the business community would do its utmost to complete corporate structuring swiftly, strengthen the competitiveness of local businesses and increase exports. They also said they would make efforts to ensure transparent management based on business ethics and create new jobs.

KEF deputy chairman Cho Nam-hong said that the business leaders met in the conviction that if the minority with a loud voice continues to overwhelm the silent majority, it would not be helpful to the national economy.