Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group, emphasized the need for the legislative body to minimize uncertainties in response to changing international circumstances. He stated, "To implement planned investments, businesses must know what is possible and when."
On September 9, the National Assembly and the business sector held the launch ceremony for the 'National Assembly Economic Leap Committee' at the National Assembly's Sarangjae.
The committee aims to relay the voices of businesses to the legislature, facilitating legislative and institutional improvements to secure South Korea's future growth drivers. This initiative follows a proposal made by National Assembly Speaker Cho Jung-sik to Choi Tae-won during the Jeju Forum in July, aimed at establishing a permanent cooperative framework between the National Assembly and the business sector. The committee formalizes a 'permanent channel' for direct communication between businesses and the National Assembly, leading to tangible legislative and institutional changes.
During the launch, Cho stated, "As we face a transformative era in artificial intelligence, it is crucial for collaboration between businesses, the government, and the National Assembly to be robust for the future and advancement of our national economy." He emphasized that the committee should serve as a bipartisan national strategy platform to shape the future landscape of the Korean economy and its new industrial ecosystem.
Choi also noted, "Balancing the pace of corporate innovation with legislative speed is essential. It would be greatly beneficial if lawmakers could visit industrial sites and act as playing coaches."
Cho Jung-sik and Choi Tae-won will serve as co-chairs of the committee. It will consist of three subcommittees aligned with the relevant standing committees, with the respective committee chairs leading discussions on legislative and institutional improvements.
The first subcommittee (Industry) will be led by Kim Sung-won, chair of the Industry, Trade, and Small and Medium Enterprises Committee; the second subcommittee (Tax and Finance) by Cho Seung-rae, chair of the Finance and Economy Planning Committee; and the third subcommittee (Fair Trade and Capital Markets) by Yoo Dong-soo, chair of the Political Affairs Committee.
CEOs from major companies, including Samsung, SK, Hyundai Motor, LG, Hanwha, Lotte, POSCO, GS, E-Mart, CJ, Korean Air, HD Hyundai, Doosan, and HS Hyosung, will participate as advisory members.
The practical discussions will be supported by a working group co-led by Yoon Sang-eun, senior policy secretary to the National Assembly Speaker, and Kim Jung-il, executive vice president of the Korea Chamber of Commerce and Industry.
With the committee's launch, the Korea Chamber of Commerce and Industry proposed 'strengthening strategic industry competitiveness and enhancing corporate vitality' as its first agenda item. In light of intensifying global technological competition, it called for regulatory innovations in advanced industries, the establishment of systems to incentivize corporate growth, and measures to prevent the outflow of advanced industry technologies.
The second agenda item proposed was 'expanding future growth drivers and enhancing economic security responses,' requesting support for the cultivation of advanced industries such as AI, strengthening economic security, and ensuring supply chain stability, along with tax incentives to support corporate growth.
Lastly, under the agenda of 'activating businesses and improving financial market systems,' it suggested modernizing fair trade systems to improve the business environment and rationalizing systems to invigorate capital markets.
Kim Jung-il, executive vice president of the Korea Chamber of Commerce and Industry, stated, "To create new growth opportunities for our economy, laws and systems must evolve rapidly in line with the pace of corporate innovation. We will closely cooperate with the National Assembly to ensure that the business sector's proposals do not remain mere documents in a drawer but lead to actual legislative and institutional improvements."
* This article has been translated by AI.
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