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Biz Leaders Urge Quick Passage of Stimulus Bills

Posted October. 27, 2008 09:10,   


Korea’s five major business organizations yesterday urged the prompt passage of the government’s economic stimulus bills to protect the real economy from the effects of the global financial crisis.

The Korea Chamber of Commerce and Industry, the Federation of Korean Industries and three others said in a statement, “The more the passage of economy-related bills is delayed, the more the Korean economy will suffer.”

In the statement, they cited several pending bills as most urgent: a motion on government payment guarantees for foreign currency loans of domestic banks; those on cutting capital gains and comprehensive real estate taxes; and those reducing income and corporate taxes.

“The National Assembly should be careful when reviewing bills that could dampen economic vitality and burden corporations, such as those on the introduction of the class-action lawsuit against food companies, disclosure of oil prices, extension of maternity leave, and expanding eligibility of old-age pension,” the statement said.

The commerce chamber also suggested bipartisan action to tackle economic woes with the country sinking into recession.