Major business groups in Korea on the 9th welcomed the government's released "2026 economic growth strategy." They expressed hope that it could inject vitality into the Korean economy and serve as a new turning point at a time when a low-growth trend is becoming entrenched. They also said swift execution and bipartisan cooperation are needed to improve the policy's effectiveness.
Kang Seok-gu, head of research at the Korea Chamber of Commerce and Industry, said in a commentary that "at a time when the entrenchment of a low-growth trend in our economy is a concern, it is timely and welcome that the government has placed a policy emphasis on growth and presented a comprehensive set of tasks."
He added, "The all-out support for an artificial intelligence (AI) great transition and national strategic industries, the introduction of a domestic production promotion tax system, the creation of Korean-style sovereign wealth funds, and a full review of regulations by corporation size are meaningful in that they represent new policy attempts that break away from past paradigms."
He also said, "As swift execution is as important as the policy direction, we hope institutional support will proceed with a sense of speed."
Lee Sang-ho, head of the economic and industry division at The Federation of Korean Industries, also said, "We hope the economic growth strategy will become a new spark for the Korean economy to take off again amid a deepening structural crisis such as weakened growth potential and growing trade uncertainty," adding, "This year is a crucial golden time to determine whether the Korean economy can break out of low growth and step up as a leading nation."
The Korea Enterprises Federation (KEF) also said in a commentary that it "sets the strengthening of the foundation for a great economic leap—such as a rebound in the potential growth rate and regulatory reform—as key policy directions for a great leap forward for the Korean economy."
KEF said, "We ask that these policies be pushed forward swiftly in a way that can boost the vitality of our economy, where the continuation of a low-growth trend is a concern, and help secure future growth potential," adding, "For enhancing the competitiveness of our corporations, including in AI and advanced sectors where global competition is fierce, we hope the government and the National Assembly will actively pursue bolder support measures and legislation such as regulatory reform, labor market flexibility, and tax improvements."
Jeong Hee-cheol, head of trade promotion at the Korea International Trade Association, said, "We highly evaluate that the 2026 economic growth strategy presents a timely and powerful blueprint to overcome the structural limits of our exports and secure future growth engines."
He added, "To ensure the government's goals achieve clear results, bipartisan support from the government and the National Assembly, including bold deregulation and the introduction of striking tax incentives, will be essential."
Earlier, the government released the "2026 economic growth strategy," which aims to achieve 2.0% economic growth this year by injecting a super budget with total expenditure of 727.9 trillion won. It set a goal of leaping to become a global powerhouse in key strategic industries such as semiconductors, defense, and AI.