Chairman Kim In-ho of the Korea International Trade Association.

Chairman Kim In-ho of the Korea International Trade Association (KITA) said he is concerned that the government’s investigation of a number of heads of big business firms could harm the economy going forward, which could do more harm than good and negate any positive impacts from the investigations. 

At a recent briefing held at Lotte Hotel in downtown Seoul to mark his first 100 days in office, the KITA chairman said Korea needs a business environment in which businesses are given positive reinforcement for things like paying diligently and sticking to regulations in industry and operating their businesses as safely and responsibly as possible. The KITA chairman said he is worried that excessive investigations into a number of heads of large business firms could be detrimental to the normal business activities of their business groups or companies. He urged that welfare policies, employment and balanced distribution of wealth all depend on growth of businesses through intensive business activities.

Only such “intense business operations” can help youths get jobs and the baby boomers who set up their own businesses due to their retirement can emerge as the potential powers in the economy, he added.

In the old days, if college graduate could not find a job his only recourse was to seek work abroad, sometimes in a mine in Germany. Now college graduates are being forced to work for small start-ups whose continuity in operation is not certain. 

“We should spur economic growth and increase jobs as the country has enough manpower to supply the labor needed for 10 to 20 years, not having to import foreign workers,” the KITA chairman urged. The chairman was saying that the government should limit its role to to reviving the economy. The best way to do that, he said, was by normalizing the market and leaving the rest up to the business community.

Kim, who passed the 4th Annual Public Servant Exam, spent some 30 years as a public servant. He said he doesn’t think a public servant is more capable nor have higher morals than the average people they serve. He said those public servants who have a hard time doing what they have to do should step aside, as it is the right thing to do.

As for the Asian Infrastructure Investment Bank (AIIB) being led by China, it is the right move as the need for infrastructure in Asian countries will be growing greater than what present public financial organizations can handle, although order in the global financial industry led by the U.S. has worked well so far. But it has had its limits, and therefore the establishment of another global financial organization was needed no matter which country manages it, Kim said, commenting on Korea’s decision to join AIIB.

Kim said Korea should always look overseas to speed up its economic growth, although many have said the domestic economy could be perked up to lead the economic growth.

He said Korea is ready for the second “economic takeoff” with exports or overseas business activities continuing to be the source for Korea’s economic prosperity.

The Korea International Trade Association (KITA) was established on July 31, 1946 by 105 pioneering traders with the objective of advancing the Korean economy through trade. Since its founding, the organization has laid the foundation for economic growth by setting policy directions in trade, as well as developing the national trade infrastructure. KITA is currently the largest business organization in Korea with over 73,000 member companies.