National Assembly Speaker Moon Hee-sang speaks during a meeting inviting KCCI Chairman Park Yongmaan and heads of chambers of commerce and industry across the nation over lunch at the parliament on Feb. 28. (Photo: KCCI)

Chairman Park Yong-maan of the Korea Chamber of Commerce and Industry (KCCI) strongly urged parliament to act on regulatory reform. KCCI Chairman Park’s call comes in the context of the business community’s belief that a web of regulations are standing in the way of nurturing new businesses and creating jobs. The National Assembly decided to regularize meetings with economic communities to reflect businesses’ voices in an efficient fashion in the process of legislation.

National Assembly Speaker Moon Hee-sang had a meeting inviting KCCI Chairman Park and heads of chambers of commerce and industry across the nation over lunch at the parliament on Feb. 28.

KCCI Chairman Park said, “Books of policy recommendations were submitted to the parliament twice – during the last presidential election campaign period and last year, and the outcomes of a survey showed that half of the recommendations were solved and the remaining half remained unresolved.”

He noted that a majority of the unresolved issued were related to themes in which the National Assembly can give a helping hand in solving them. His remarks indicate a tendency the parliament would not lend an ear to views of companies.

Participants conveyed misgivings and worry about the situation of the Korean and global economy. Chairman Park said international experts saw more unfavorable factors such as Brexit, the U.S. vs. China trade conflict, and the sagging global economy than favorable ones impacting the global economy.

He pointed out that Korea, an export-orientated country, is forecast to find itself in a more serious situation. Chairman Park’s judgment is that unless the government and the parliament hurry law amendments and institutional reforms to shore up corporate vitality, Korean companies will fall behind in a race of global competition fast. KCCI Chairman Park felt the urgency of the Korean situation after touring foreign countries, including the United States, last week, KCCI officials said.

Park was said to have expressed unhappiness over several law amendment bills pending at the parliament. Park had visited the parliament for a combined 10 occasions, including the latest one, to convey the economic community’s views to the current 20th National Assembly.

The KCCI also delivered to the National Assembly KCCI’s report on detailed legislation recommendations. The report contained 10 recommendations, including institutional overhauling of a regime of determining the minimum wage; the improving of a flexing working week; the development of service industries; the spurring of big data industries; the advancing of the medical industry; the revising of fair trade acts; and regulations of multipurpose shopping malls.

Chairman Park said a variety of recommendations for legislation, including the one on the nurturing of big data and service industries, are included in the report. He said he asked for overhauling law and system as soon as possible so that companies can do business. Ruling and opposition lawmakers on hand at the meeting with Chairman Park shared the view that businesses are facing with economic difficulties.

Speaker Moon said he was recognizing the realistic difficulties of the economic communities. He felt a heavy mind after receiving recommendations delivered prior to their meeting. Moon said he would do his best in restoring the parliament to normal and enacting economic bills to ease regulations. The National Assembly and the KCCI agreed to regularize their meeting twice yearly.