Connect to share and comment

biz lobby-special committee

PlacardEnlarge
(Globalpost/GlobalPost)

SEOUL, March 14 (Yonhap) -- South Korea's largest business organization said Thursday that it will set up a special committee aimed at creating more jobs, an issue that fits into the policy of the new government of President Park Geun-hye.

The Federation of Korean Industries said its senior members have agreed that the business community should play an active role in job creation by expanding investment in science technology and the information and communication technology.

The committee, which will be comprised of CEOs and industry experts, will work out details before finalizing action plans, according to the lobby for the country's family-controlled conglomerates, known as chaebol.

The move comes as the new President vowed to revitalize the slumping economy by creating new and more jobs.

She also has pledged to build a creative economy where science technology and the information technology industry will play a central role in the country's growth.

"The ultimate goal of a creative economy is to create jobs" for people, the FKI said in a statement after holding a meeting with nine senior members, including Chung Joon-yang, CEO of POSCO, the world's fourth-biggest steelmaker.

Still, the FKI did not elaborate on how many jobs its members can create this year.

South Korea's unemployment rate stood at 3.4 percent in January, up from the previous month's 2.9 percent. The rate has risen above 3 percent for the first time since August, according to the government statistics office.

South Korea's economy grew 2 percent last year, the lowest in three years, and the government recently slashed its growth outlook for this year from 4 percent to 3 percent.

The FKI asked its member companies to expand investment in line with the government's policy to revive the economy.

<All rights reserved by Yonhap News Agency>

http://www.globalpost.com/dispatch/news/yonhap-news-agency/130314/biz-lobby-special-committee