A veteran business organization leader frustrated at the slow progress on deregulation front in Korea has reportedly offered more corporate contribution to address social disparities if the liberal government can be more aggressive in removing regulations for new industries.

Lee Hae-chan, Chairman of ruling Democratic Party, during a party meeting on Wednesday shared that he had spoke in depth with Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry (KCCI) who long has been campaigning for deregulation. Park has suggested that the business circle - mostly large companies - can cooperate more with the liberal government’s mandate to expand social benefits and address inequalities if authorities can pick up speed in lifting regulations that hamper with new industries such as car-sharing and automated industries as well as services sector.

KCCI is Korea’s oldest and largest business organization that represents about 180,000 member companies. It denied its chief attempted to strike a deal with the ruling party head.

But it is no secret that Park has been campaigning for dramatic deregulation actions by removing all regulations except those related to human lives and safety to give new life to the stagnant Korean Inc. He may have suggested a greater corporate role to supplement the government in reinforcing social safety net.

Another ruling party lawmaker said deregulation and distribution are not separate issues as new industries like digitalization and automation leads to job decrease and wider disparities. “We should explore solutions in comprehensive aspect,” he said.

By Lee Jae-cheol and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]