Business lobby org chiefs urge reform and deregulation in 2024

From left KCCI Chairman Chey Tae-won, FKI Chairman Ryu Jin, Korea Enterprises Federation Sohn Kyung-shik, KITA Chairman Koo Ja-yeol, the Chief of the Korea Federation of SMEs Kim Ki-mun, and Choi Jin-sik, chairman of the Federation of Middle Market Enterprises of Korea.

Leaders of South Korean business lobby groups, including those of the Korea Chamber of Commerce and Industry (KCCI) and the Federation of Korean Industries (FKI), called for industry structure reform and deregulation in their New Year messages while vowing unified support for economic growth.

In his New Year speech on Thursday, KCCI Chairman Chey Tae-won highlighted the so-called BHAG approach, referring to businesses setting big, hairy, and audacious goals.

The KCCI plans to establish a consultative group with other economies that discuss economic cooperation measures and offer support necessary to explore new markets.

FKI Chairman Ryu Jin said in his message that the FKI will focus on bolstering the organization’s response to global risks and coming up with new ideas for sustainable growth.

Expressing his concern about flagging corporate activity amid a looming economic crisis, Korea Enterprises Federation Sohn Kyung-shik urged for bold reforms of labor, regulatory, and tax codes.

Korea International Trade Association (KITA) Chairman Koo Ja-yeol vowed to share information on global trade and explore strategies for companies to navigate changes effectively.

The Chief of the Korea Federation of SMEs Kim Ki-mun called for solutions to long-lasting labor shortages in small and medium-sized enterprises (SMEs).

Choi Jin-sik, chairman of the Federation of Middle Market Enterprises of Korea said creating an environment where companies and employees are encouraged to discuss and develop solutions is necessary.