Connect to share and comment
SEOUL, Jan. 21 (Yonhap) -- A coalition of leading business organizations from the world's largest industrialized and developing countries urged governments to dismantle barriers that hinder development and growth, a South Korean member of the coalition said Tuesday.
The call made at the first general assembly of the B20 Coalition in Paris claimed change is critical, as the global economy is finally moving forward six years after the beginning of the global financial crisis.
"Recovery is underway at a modest pace and the private sector is back creating jobs, innovating and investing," the coalition said in a statement released by the Federation of Korean Industries (FKI).
The lobbying group for South Korea's conglomerates, which sent representatives to the conference, said members of leading organizations, including those from the U.S., France, Spain, Canada, India and Brazil, pointed out that while there are still challenges caused by currency instability, market volatility and exchange rates, current times present new economic opportunities.
The organization is an offshoot of the April 2012 G-20 meeting and currently has 15 member organizations.
It said the emergence of new consumer classes, particularly in China and India, trade facilitation and new technologies in areas like electronics, robotics and energy areas can generate new growth down the road, if government does not set up new hurdles.
Recommendations made by business leaders outline ways to coordinate governments in setting digital economy policy, improving tax policies, making changes in private infrastructure investment and finding new ways to encourage innovation and competitiveness.
Digital policy coordination received considerable attention because it goes hand-in-hand with security, privacy and potential criminal concerns, and this is where governments from around the world have set up restrictions related to data crossing borders, the coalition's statement said.
"Restrictions threaten the development of the global supply chain and the adoption of new information technologies - a major source of growth in recent years," it said.
It also called for efforts to fuel entrepreneurial initiatives, mobilize people toward business, attract researchers to join or make their own companies, and provide access to world markets for start-up companies.
G-20 members and individual governments should assist the private sector through budgetary discipline and working with each other when formulating key polices that can affect the global economy, it said.
Member organizations should also make every effort to ensure free market access that is vital for countering the recent rise in protectionism.
<All rights reserved by Yonhap News Agency>
Copyright Yonhap News Agency, 2014. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.