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Finance minister vows to launch hotline for business sector

Finance minister vows to launch hotline for business sector

Posted August. 01, 2014 11:13,   


Deputy Prime Minister and Strategy and Finance Minister Choi Kyung-hwan promised to create a "hot line" channel to strengthen communication with the business circle. He also said he will set up regular seminars with entrepreneurs every three months.

Choi met with heads of five business associations Monday morning including Korea Chamber of Commerce and Industry Chairman Park Yong-man and Federation of Korean Industries Chairman Hur Chang-soo at the chamber building in central Seoul. "We will create a regular meeting with entrepreneurs to ensure that investment projects proceed actively," Choi said. "We will build a hot line so that businessmen in large and smaller companies who have difficulty raise the matter anytime. We will also set up a working-level consultation channel."

This is the first time Choi met the heads of business associations since he took office where he had spent most of the time asking for cooperation and understanding. The government, which distanced with businesses last year due to the economic democratization issue, now faces the urgency to tackle issues such as taxing cash holdings at companies, ordinary wages and retirement age extension, and needs active cooperation from the business circle. Choi lowered himself in the meeting and pledged to strengthen on a massive scale communication channel with the business circle for a mutually close partnership. He also hinted at cooperating on the greenhouse gas emission trading issue that has been opposed by the business circle.

Choi added, "Companies are the source of job and income creation," adding, "To increase investments and jobs, we need your active participation, based on vigorous entrepreneurial spirit."

The heads of business associations delivered their concerns on the government`s economic measures. Korea Chamber of Commerce and Industry Chairman Park Yong-man said, "The macro policies have been too stably operated," adding, "It appears okay to promote active interest rate cut and real estate normalization policies." Korea International Trade Association Chairman Han Deok-soo said, "A drastic movement in the foreign exchange rate can hamper Korea`s trade competitiveness," urging the government to make efforts to stabilize the won`s value.