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Business lobby calls on 33 global counterparts to support Korean economy

Published: 25 Dec. 2024, 17:46

The entrance of the Federation of Korean Industries in Seoul. [YONHAP]

Korea's main business lobby said Wednesday it has sent letters to 33 global counterparts calling for support for the Korean economy amid the political turmoil following President Yoon Suk Yeol's botched martial law declaration this month.

The Federation of Korean Industries (FKI) said it sent the letters to chairmen of 33 business associations in 31 countries, including the United States, Japan and China.

"The Korean economy remains in a stable condition based on its robust fundamentals and high sovereign credit ratings despite the recent political situation. The government and business circles are making all-out efforts to minimize the impact of the political fiasco," the FKI said in a press release.

The government is in talks to provide incentives for multinational companies that are considering investments in Korea. Korean companies will make their planned investments while actively responding to changes in the global trading markets in line with the incoming Donald Trump administration next month, the release said.

The FKI said it will continue to focus on communication with overseas business entities to help Korea maintain its current credit ratings.

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, and Yoon Jin-sik, chairman of the Korea International Trade Organization, also sent similar letters to their global counterparts.

Yonhap