Park Yong-maan, chairman of the Korea Chamber of Industry and Commerce urged businesses on Wednesday to seek growth strategies for the future first, rather than raising voices against the government to lift regulatory hurdles.

At a meeting with heads of KCCI’s regional branches in Daejeon, Park also stressed that they should embrace the recent change in the job market driven by the Moon Jae-in government, calling it “irreversible.”

“Korean businesses have failed to discuss what would drive their future growth for next 10, 20 years,” he said. “Listing wishes for fixing the errors in their businesses seems to be wrong choice.”

The comment came amid growing concerns among businesses over the new administration’s four key economic pillars of job creation, wage increases, innovative growth and creating a fair economy, as they fear a potential fiscal backlash.

The former Doosan Group chairman reiterated that innovation was key to Korea’s financial competitiveness and sustainability, while urging the businesses to expand their roles as public entities.

“Before society imposes higher levels of regulations, businesses should change themselves first,” he said.

“By doing so, the businesses’ voices for freer market will be heard.” 

By Cho Chung-un (christory@heraldcorp.com)