Business Community Welcomes “Focus on the Economy”

The business community welcomed President Roh Moo-hyun’s emphasis on “economic recovery” as the first priority among this year’s national agendas on January 13.

The Federation of Korean Industries said in a commentary on that day, “The direction of managing national agendas that the president revealed is very timely to overcome the current economic doldrums.”

The FKI also said, “The policy direction which aims at creating a business-friendly environment and revitalizing investment and consumption will contribute greatly to turning over the sluggish economy by encouraging confidence among economic players,” adding, “The business sector will actively participate in the effort to recover the economy and double the effort to create jobs and revitalize investment.”

The Korea Chamber of Commerce and Industry said, “We welcome that the president announced his will to focus on economic recovery and declared an “economic leap through mutual growth” as the first priority among national agendas,” adding, “The emphasis on hope and confidence in the economy will help economic players have a new challenging spirit. It is hoped that the government will come up with follow-up measures which are of practical help for businesses.”

The Korea Federation of Small and Medium Businesses also responded, saying, “It is highly regarded that the president stressed ‘revitalization of small-to-medium-sized companies’ as the key to economic recovery.” It also expressed high hopes on some of the president’s remarks, like plans to nurture 30,000 technologically innovative small-and-medium-sized companies, and innovative development of the parts and material industry.

The Korea Employers Federation said, “The president’s point that strengthened career education and concessions from labor unions of large conglomerates are imperative to resolve the problem of full-time and part-time workers,” stressing, “Management should actively take part in transparent management and expanded investment, while labor should contribute to enhancing productivity and improving the competitiveness of companies.”

However, some in the business community pointed out that it remains to be seen if the president’s remarks will be implemented. An official at A, a large conglomerate, pointed out, “To revive the Korean economy, social unity is necessary, but there are still risk factors like the hostility towards the privileged that the president touched upon in a Q&A session on that day.”

Joong-Hyun Park sanjuck@donga.com