Businesses Want Lee to Boost Economic Vitality

Major business associations and businesses welcomed the launch of the Lee Myung-bak administration on Feb. 25, saying, “We hope that (the start of the administration) would serve as a starting point for the advancement of the Korean economy.”

They said, “Even though economic conditions are getting worse from the start of this year, it is fortunate for Korea to have a president who promises market-friendly and business-friendly policies. We hope that the new president can give us a firm belief and vision that we can overcome challenges coming from home and abroad.”

They added, “(The president) should make the rule of law take root, which is the basic ground for free democracy and the market economy, to create a society functioning on the basis of common sense and principles.”

○ Businesses Want President to Boost Morale of Businessmen

The Federation of Korean Industries issued a commentary on Sunday, urging that the new president should put top priority on social integration to address conflicts and divisions spread across the society and encourage Koreans to work together to revive the economic momentum.

Federation executive director Lee Seung-cheol said, “As the new president and the majority of his staffs are economic experts unlike in the previous administrations, their realistic regulation reforms and improvements in the system are expected to increase investment and boost the morale of businessmen.

Sohn Kyung-sik, president of the Korean Chamber of Commerce and Industry, said, “(We want the new president) to establish a business-friendly environment to encourage companies to increase investment and create more jobs. Additionally, (we hope that he could) pay more attention to small-and medium-sized businesses in trouble and help revive local economies.”

The Korea International Trade Association said, “(We hope the new administration) could ratify the KORUS Free Trade Agreement and make Korea a global trade power through FTAs with EU and China.”

The Korea Federation of Small and Medium Businesses said, “(We want the new administration) to improve the unfair business environment between big and small businesses and to create an environment for more mutual cooperation between them.”

○ Businesses Hope for a Leap Forward

Vice president of LG Group Jeong Sang-gook said, “One of the top priorities of the Korean economy is to regain the momentum. We hope that through developing growth momentums, reforming regulations and improving investment environment, Korea could join advanced nations over the next five years.”

Kwon Oh-yong, executive director of SK Group, said, “Business environment is getting worse due to the unstable international financial market and soaring commodity prices. To maintain sustainable growth that Koreans hope for, (we hope the new president) to keep his words that he would develop a business-friendly environment.”

Vice president of Hanwha Group Jang Il-hyeong said, “Economic uncertainties including high oil prices and exchange rate fluctuations are making business activities difficult. (We hope Lee) could do his best to ease regulations reasonably and to get rid of uncertainties for businesses to serve as the core engine of the nation’s economic growth.”

Kwon Hong-sa, president of the Construction Association of Korea, said, “The construction industry—in particular small local construction companies—has been in trouble due to strong regulations which paralyzed the market functions. As was proven in the previous administration that strong regulations are not the best solution, (the new administration) should establish a business-friendly environment to overcome the current economic crisis.”