The heads of major economic organizations expressed their concern through their New Year’s speech, saying that in the situation where the business environment has deteriorated due to Corona 19 this year, legislation has been legislated one after the other to increase the burden on companies. It is pointed out that the predictability of the policy is greatly lowered as the amendment to the Commercial Act and Fair Trade Act and the enactment of the Financial Group Supervision Act passed the National Assembly, and additional legislation such as the introduction of class lawsuits and the enactment of the severe accident corporate punishment law was announced. The New Year’s address of the heads of economic organizations, which should contain hopeful messages for the new year, is filled with concerns about the future and appeals to the government.
In the New Year’s address announced on the 30th, Park Yong-man, chairman of the Korean Chamber of Commerce and Industry, expressed concern that the predictability of policies experienced by corporations is significantly lowering due to the unilateral legislative activities of the politicians. He said, “In the new year, there are many political schedules that will enter the full-scale presidential election including by-election,” he said. “I hope that by clearly separating political and economic issues, we can cope with the new year as well as after 2022.” Next, Chairman Park said, “In order for the economy and society to mature, it is necessary to solve problems by operating autonomous norms rather than regulating and compulsory by laws.” And encourage them.” He added, “Recently, there is an active discussion on laws and policies related to the industrial safety and collective litigation system, and we look forward to finding acceptable alternatives and actionable solutions while communicating with the economy.”
Sohn Kyung-sik, president of the Korea Employers Federation, also expressed deep concern over the successive politics of corporate regulation legislation. Chairman Son said, “In the past few years, in addition to the rapid deterioration of the business environment due to the steep increase in the minimum wage and reduction of working hours, a bunch of laws restricting corporate management activities such as the Commercial Act, the Fair Trade Act, and the amendment to the Labor Union Act have been legislated. “We need to support a stable institutional environment in which private economic actors can concentrate on economic activities with confidence in the future.” “In consideration of the trend of competing countries to ease the tax burden on companies, we must make efforts to support the recovery of entrepreneurship and investment sentiment, such as lowering inheritance tax.” “Additionally, such as the introduction of group lawsuits, reinforcement of punitive damage compensation system, and enactment of the law “The regulatory legislative push should be carefully reviewed. Heo Chang-soo, president of the National Federation of Entrepreneurs, expressed concern, saying, “2021 could be a year for our economy to stand at the crossroads of life and death. If we do not innovate the industrial structure with a desperate heart, we may face the lost 10 or 20 years.” did. “At least, Korean companies should be able to compete equally with foreign companies in the global market.”
Kim Ki-moon, chairman of the Small and Medium Business Administration, announced that he would block new regulatory legislation such as the Severe Accident Business Penalty Act through his new year address. Chairman Kim cited the Severe Accident Business Penalty Act as a representative regulatory legislative, saying, “Since 99% of SMEs are represented by the owner, SMEs are bound to close if the representative is arrested. I will gather my strength to make it possible.”
Kang Ho-gap, chairman of the Federation of Korean Mid-sized Enterprises, also criticized the politics of ignoring the reality of companies in his New Year’s speech. Chairman Kang said, “Last year, I went to the government and the National Assembly so that the threshold was worn down,” and “white-haired businesswomen bowed down together. I thought it was the destiny of an entrepreneur and the calling of an economic organization.” He said, “It’s a matter that the company is bound to close, so please review overseas cases, adjust the timing, over-regulation and even unconstitutionality, so I cried out to consider it again, but I couldn’t reach it.” He pointed out that “if the company is punished even though it is difficult to specify the reason for the fault and the cause of the occurrence, it should be possible to claim damages for wrong politics in the same way.” Kim Young-joo, head of the Korea International Trade Association, said, “If the US Joe Biden administration is launched, multilateral cooperation will be emphasized, digital, environmental, and labor issues will be highlighted, and a major change is expected in the existing trade order.” He promised to put all his might.
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