Biz lobby head urges realistic economic policy

JEJU ISLAND, South Korea -- The head of a major business lobby body said Thursday that the new government needs to iron out realistic economic policies and expressed hope for the quick passage of the proposed extra budget bill by parliament.

Park Yong-man, president of the Korea Chamber of Commerce and Industry (KCCI), said the local business community will cooperate with the new administration's reform drive.

"It is too early to assess economic policies by the new government as they have not yet taken full shape," Park told reporters on the sidelines of a four-day forum now under way on Jeju Island. "One thing I want to ask is that the policies to be rolled out should be different from the pledges made during the election campaign."

Park, former chairman of power equipment conglomerate Doosan Group, said diverse opinions from each sector should be baked into such policies.

One of the key policy objectives for President Moon Jae-in is to ensure and accelerate economic democratization, which calls for stepped up efforts to create new quality jobs, as well as greater support for the socially and economically marginalized population.

Among others, the new government announced that it will curb malpractices by large business entities, namely family-controlled conglomerates, while supporting smaller firms.

KCCI chief also said the country's entrepreneurs should take a leading role in correcting bad practices in the industry and resolving issues ranging from poor working conditions to job insecurity.

As for the proposed 11.2 trillion-won (US$9.9 billion) extra budget bill pending passage at the National Assembly, Park said the bill should be passed quickly in order to help Asia's fourth-largest economy gather upward momentum.

Source: Yonhap News Agency

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