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Business groups urge President Lee to focus on unity and economy

Published: 04 Jun. 2025, 09:46

Lee Jae-myung of the liberal Democratic Party (DP) waves to his supporters as he arrives at the DP headquarters in Yeouido, western Seoul, in the early hours of June 4. [JOONGANG ILBO]

Korea's major business organizations on Wednesday called on newly elected President Lee Jae-myung to prioritize national unity and economic revitalization following his victory in the presidential election.

Liberal Democratic Party candidate Lee was elected to replace former President Yoon Suk Yeol, who was ousted after a failed attempt to impose martial law. Lee assumed office immediately Wednesday, with no transition period.

The Korea Chamber of Commerce and Industry (KCCI) extended its congratulations and emphasized the need for national unity.

"We sincerely congratulate President Lee Jae-myung on his election," the KCCI said in a statement. "We hope that he will demonstrate leadership that unites the nation's capabilities amid the rapidly changing global environment and leads the country's development and economic revitalization."

The Korea Enterprises Federation (KEF) echoed the sentiment, urging President Lee to address deep societal divisions and set the country on a path toward long-term growth.

"We ask the new president to boldly reform various regulations that hinder business growth, establish a flexible labor market and stable labor-management relations, and create a business-friendly environment," it said.

President Lee Jae-myung thanks his supporters on June 4 at the Democratic Party of Korea’s public election results viewing site set up in front of the National Assembly in Yeouido, western Seoul. [JOONGANG ILBO]

The Federation of Korean Industries (FKI) pledged the business community's full support through investment and job creation, adding that "Now is the time to concentrate national efforts on an economic recovery."

The Federation of Middle Market Enterprises of Korea stressed the importance of strengthening export competitiveness and boosting domestic demand. It also called for swift responses to global challenges, such as rising U.S. tariffs.

"We hope that this presidential election will be recorded as a great turning point for Korea to make a fresh start and quickly overcome internal and external crises," the group said.

Yonhap