From left, KCCI Chairman Chey Tae-won, FKI Chairman Huh Chang-soo and KEF Chairman Sohn Kyung-shik

By Kim Hyun-bin

Major business lobby groups are urging the government to reduce the burden on companies.

The Korea Chamber of Commerce and Industry (KCCI), the Federation of Korean Industries (FKI), the Korea Enterprises Federation (KEF), the Korea International Trade Association (KITA) are also calling on the government to enhance cooperation and ease regulations.

The lobby groups emphasized that 2022 presented grave external difficulties due to the global supply chain turmoil caused by the prolonged Ukraine-Russia war and the deepening conflict between the U.S. and China overlapped by high prices, high-interest rates and high exchange rates. The group called on its members and government to work together as one team to resolve the external difficulties that are expected to carry on next year.

"In a situation where domestic and foreign economic uncertainty is high, institutional support to reduce the burden on companies will be an important role for the government and the National Assembly," said KCCI Chairman Chey Tae-won, who is also chairman of SK Group.

For entrepreneurs, he said, "Although it is a difficult situation, seize the opportunity and create a blueprint for a new success story."

He also urged companies and the government to continue their support for Busan's campaign to host the 2030 World Expo.

"The Busan Expo is an important event that can enhance Korea's national prestige to the next level as well as economic development," Chey said. "We will make efforts to create a friendly atmosphere and form a public consensus so that Korea can host the Expo."