KCCI calls on gov’t to push for deregulation

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KCCI calls on gov’t to push for deregulation

Korea’s business community on Thursday called on the government to seek drastic corporate deregulation and measures to boost entrepreneurship in an effort to bolster the national economy.

“We need to drastically change legal and institutional paradigms which fit into the flow of the times,” Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry (KCCI), said in a New Year’s message.

By doing so, companies can strive for growth and create more economic and social utility, he said.

Park said barriers should be lowered and doors should be opened to create opportunities that the country has not seen before.

“Distribution and growth are not separate, and they are two goals that we must all strive to reach,” he said.

In a similar message, Hur Chang-soo, chairman of the Federation of Korean Industries, said the country is at a critical crossroads, which means more drastic and fundamental reform measures should be taken to help Asia’s fourth-largest economy take a leap forward.

“Deregulation is not a matter of choice, but it’s a matter of survival. … We need to create an environment that’s friendly for start-ups,” he said.

The country’s business circle has been voicing worries over the slow pace of corporate deregulation and the removal of red tape under the current administration.

The Moon government’s key economic policies have come under fire from detractors.

Earlier, the government announced a road map with four key principles - income-led growth, a job-creating economy, a fair economy and innovative growth - while it came up with a tax code revision involving a hike of both income taxes for well-off individuals and corporate taxes for businesses.

Among others, Moon’s iconic income-led growth is drawing flak as the wealth gap has reached its highest level in a decade.

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