Seoul: The finance ministry announced plans to create a “hotline” with major economic organizations to provide tailored support and advance significant regulatory improvements to stimulate growth. This initiative was revealed during the inaugural meeting of a joint task force, which includes the Ministry of Economy and Finance and representatives from the Korea Chamber of Commerce and Industry, the Federation of Korean Industries, among other significant economic groups.
According to Yonhap News Agency, Yoon In-dae, a senior official from the ministry, emphasized the government’s intention to offer customized support and boldly improve regulations based on company size. This approach aims to restore corporate dynamism and stimulate growth while rationalizing the economic penalty system. The government highlighted the necessity for a business-friendly growth strategy and committed to reducing criminal liability risks for business leaders, particularly concerning breach of trust and similar charges.
In response to the government’s announcement, representatives from the business associations have called for regulatory and policy support specifically tailored to cater to different types of companies. The collaborative efforts between the government and these economic organizations aim to facilitate a more conducive environment for business growth and sustainability.