A new standing body bringing together South Korea's National Assembly and its business community began work as the National Assembly Economic Leap Committee, tasked with regular discussions on strengthening competitiveness in advanced industries such as artificial intelligence, tax support and measures to revitalize capital markets.
National Assembly Speaker Cho Jung-sik held the launch ceremony at Sarangjae in the National Assembly on the 9th, attended by Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Trade, Industry, Energy, SMEs and Startups Committee Chairman Kim Sung-won, Finance and Economic Planning Committee Chairman Cho Seung-rae, National Policy Committee Chairman Yoo Dong-soo and chief executives of major companies.
The committee gives concrete form to a standing cooperation framework between the National Assembly and the business community that Cho proposed to Chey at the Jeju Forum in July. Over the past month, the National Assembly and the Korea Chamber of Commerce and Industry have gathered views from companies and reviewed key agenda items through working-level talks.
Cho and Chey serve as co-chairs. The committee comprises three subcommittees — industry, taxation and public finance, and fair trade and capital markets — each headed by the chair of the corresponding standing committee. Chief executives of major companies including Samsung, SK, Hyundai Motor, LG, Hanwha, Lotte, POSCO, GS, E-Mart, CJ, Korean Air, HD Hyundai, Doosan and HS Hyosung also serve as members.
The subcommittees will take up industrial competitiveness and corporate vitality, tax support for advanced industries, supply chain stability and capital market revitalization. The industry subcommittee will discuss regulatory improvements to strengthen incentives for corporate growth and measures to prevent technology leaks, while the taxation and public finance subcommittee will address tax support for advanced industries such as AI and ways to reinforce supply chain stability. The fair trade and capital markets subcommittee will review institutional changes to spur business activity and develop capital markets.
The committee's core role is to have the National Assembly review proposals from the business community by subcommittee and carry them through to actual legislation or regulatory change. A working group drawing on the National Assembly Secretariat, the National Assembly Research Service, the National Assembly Budget Office, Korea Chamber of Commerce and Industry staff and outside experts will also be activated.
