Business Leaders Meet with National Assembly Speaker to Discuss Economic Recovery Measures

In an emergency meeting held at the National Assembly on December 17, prominent business leaders, including Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, met with National Assembly Speaker Woo Won-shik to advocate for a supplementary budget aimed at stimulating domestic demand and expediting the passage of special legislation for semiconductors and artificial intelligence (AI).

The Call for Legislative Action and Budget Allocation

During the meeting, Chey emphasized the urgency of addressing economic uncertainties, stating, "Amid warnings of slowing growth, continued uncertainty will inevitably harm macroeconomic indicators." He urged bipartisan cooperation to pass non-controversial bills by year-end, which he believes would positively impact external perceptions and macroeconomic indicators.

The business leaders also highlighted the need for policy support, such as subsidies and eased work-hour regulations, to bolster the global competitiveness of strategic industries like semiconductors. They called for a supplementary budget to boost domestic demand and the swift enactment of the Semiconductor and AI Special Act.

Addressing Legislative Concerns and Economic Challenges

Kim Ki-moon, chairman of the Korea Federation of SMEs, noted the significant impact of recent political events on small businesses and self-employed individuals, proposing extensions of temporary investment tax credits and increased income tax deductions for card payments at traditional markets.

Sohn Kyung-shik, chairman of the Korean Enterprises Federation, appealed for careful consideration of proposals that could stifle business activity, such as amendments to the Commercial Act and extending the statutory retirement age. The business community also requested amendments to the Commercial Act to explicitly include shareholders as beneficiaries of directors’ fiduciary duties.

Speaker Woo's Commitment to Legislative Action

In response to these concerns, Speaker Woo pledged to pass around 70 pending non-controversial bills by year-end and to dispatch special envoys to key countries, including the United States, to communicate South Korea’s resilience and steadfast democracy.