Hindering a recovery

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Hindering a recovery

As the National Assembly debacle drags on with members of the opposition parties continuing to besiege the assembly building, business organizations have appealed to lawmakers to pass at least some of the bills that are still pending.

Five economic groups The Federation of Korean Industries, the Korea Chamber of Commerce and Industry, the Korea Employers Federation, the Korea International Trade Association, and the Korea Federation of Small and Medium Business ?? held a joint press conference and insisted that the legislators pass several economy-related bills. The move by the business groups was made as the lawmakers have avoided their most basic role, passing bills, and instead hold back economic recovery.

Most of the bills that the business community is urging be handled with haste are legislation the opposition party has been protesting against.

The free trade agreement with the United States, revised bank legislation, fair trade act and media-related laws are bills that the opposition parties have labeled as Lee Myung-bak’s “evil laws.”

At the press conference, the business community explained in detail why these bills must be passed in the Assembly in order to overcome the economic crisis.

The opposition parties oppose the laws on idealistic grounds. They say the free trade ratification would humiliate the nation, the bank and fair trade regulation is a handout for conglomerates, and the media law revision would give conglomerates control over broadcasting.

But the situation needs to be re-examined. In these tough times, what can save the economy and who will create jobs for young people and the lower-income classes by expanding investment and starting new businesses?

The answer is private businesses, particularly conglomerates. No matter how “evil” the conglomerates and the Lee Myung-bak administration may seem to people, we should give them the opportunity to save the economy by increasing investment and creating jobs.

At a time when we need the business community to save the economy, we don’t have the luxury of holding them by the ankles for the sake of pure political calculation.

The opposition parties should at least try to avoid the criticism that big business is the reason why the country has failed to overcome the economic crisis.
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