Leaders of the People Power Party visited the Korea Chamber of Commerce and Industry, raising an "economic crisis" narrative by citing the recent KOSPI plunge and a surge in the exchange rate. They also said the business environment has deteriorated due to the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers (Trade Union and Labor Relations Adjustment Act Articles 2 and 3 amendment) and the Commercial Act amendment bill being pushed by the government and the ruling party, and pledged to back legislation for the business community.
The People Power Party held a "People Power Party–Korea Chamber of Commerce and Industry policy meeting" on the morning of the 19th at the Korea Chamber of Commerce and Industry in Jung District, Seoul. The meeting was attended by party leader Jang Dong-hyeok, floor leader Song Eon-seog, policy committee chair Kim Do-eup, senior deputy floor leader for policy Kim Eun-hae, Political Affairs Committee chair Yoon Han-hong, and Strategy and Finance Committee chair Lim Lee-ja. From the Korea Chamber of Commerce and Industry, chair Chey Tae-won, regional chamber leaders, and presidents of major corporations attended.
People Power Party floor leader Song Eon-seog said, "The KOSPI, which had been soaring day after day, has plunged, increasing asset market instability, and a chill still lingers on factory floors, including in investment and production," adding, "Yesterday (on the 18th) we heard the exchange rate rose into the 1,460-won range, and that gasoline prices in Seoul broke into the 1,800-won range. News like this will be a heavy burden on corporations."
He went on, "The government must make extraordinary efforts to stabilize the exchange rate to steady Korea's economy, which has already reached the level of an economic crisis," emphasizing, "We need to build a system that gives incentives so corporations can grow bigger, and fundamentally change the regulatory framework so corporations can freely attempt new challenges."
Party leader Jang Dong-hyeok said, "It is the government's role to break regulations and create an environment where corporations can breathe, but by passing the Commercial Act amendment bill and strictly applying the Serious Accidents Punishment Act, the space for corporations to breathe is shrinking," adding, "Many people have doubts about whether the Lee Jae-myung administration is creating a business-friendly economic environment."
In a closed-door meeting following the opening remarks, the Korea Chamber of Commerce and Industry proposed lowering industrial electricity rates, follow-up measures after the South Korea–U.S. tariff talks, and alternatives to extending the retirement age. The need for a special law to support crisis-hit industries such as petrochemicals and steel was also raised. In response, the People Power Party said it would devise support measures for industry and would also do its utmost to block the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers and the Commercial Act amendment bill being pushed by the government and the ruling party.
After the meeting, People Power Party chief spokesperson Park Sung-hoon told reporters, "There were many opinions expressing concern about a tougher Commercial Act and calling for minimizing side effects," adding, "We will prepare remedies for bills that squeeze corporations, including a tougher Commercial Act, and will actively engage in discussions to minimize problems and side effects."