Korea Federation of Mid-sized Enterprises Chairman Choi Jinsik Meets National Assembly Speaker: "Need to Boost Corporate Vitality"

Korea Federation of Mid-sized Enterprises Chairman Choi Jinsik and Senior Vice Chairmen Pay a Courtesy Visit to National Assembly Speaker Cho Jungsik on the 19th

The Korea Federation of Mid-sized Enterprises said that its Chairman Choi Jinsik, accompanied by the senior vice chairmen, paid a courtesy visit to National Assembly Speaker Cho Jungsik on October 19.

Referring to Speaker Cho's call in his opening address at the National Assembly's September regular session to "spread the benefits of growth evenly," Choi said that "sufficient growth" is a prerequisite. He asked the National Assembly to actively support companies so they can respond effectively to rapid changes in domestic and international conditions and secure a leading edge in global competitiveness.

Choi Jinsik, chairman of the Federation of Middle Market Enterprises of Korea (left), and National Assembly Speaker Cho Jungsik pose for a commemorative photo. FOMEK

Choi said, "Although GDP has more than doubled since 2008, the income tax brackets have remained unchanged. We must raise them to improve prospects for a better life and recognize the value of labor. We must also actively explore various measures to enhance the benefits of growth, such as expanding the criteria for public-interest corporations to acquire and hold shares as an effective way for companies to fulfill their social responsibilities."

Speaker Cho said, "Mid-sized enterprises are the 'backbone' of the Korean economy and key drivers of innovative growth, playing a pivotal role in our economy." He added, "We will broadly gather the views of businesses and labor on major issues such as business succession, talent acquisition and working hours, and provide institutional support, including by revising the Mid-Sized Enterprise Act, so that mid-sized enterprises can further strengthen their competitiveness in global markets."

In response, Choi said, "We will work closely together, drawing on the collective will of the mid-sized enterprise sector, to ensure that the fruits of growth are shared evenly across all industries and regions, including traditional manufacturing sectors such as materials, parts and equipment, as well as advanced strategic industries, and to help the National Assembly quickly fulfill its mission of 'narrowing the gap between the country's report card and households' ledgers.'"

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