President Lee Myung-bak voiced concern Tuesday that pressuring conglomerates too hard could dampen their hiring and investment practices as politicians seek a tighter rein on chaebol to woo voters ahead of April’s general elections.

The remark came days after the main opposition Democratic United Party said it will consider creating a “chaebol tax” and revive a regulation aimed at keeping conglomerates from expanding recklessly amid criticism that chaebol prey on smaller firms and abuse their power.

In recent months, conglomerates have come under attack alongside widespread public perception that they monopolize the benefits of economic growth while the financial conditions of working-class people continue to deteriorate.

As the general elections near, politicians have called for greater control of the powerful business groups.

“If growth slows, we become concerned about employment. If businesses are pressured too much, it could lead them to reduce investment and hiring. This is not helpful to the people at all,” Lee said during a Cabinet meeting, according to spokesman Park Jeong-ha.

“I do not know the political interests involved in this, but I do hope businesses won’t shrink,” he said. During the Cabinet meeting, Lee also reiterated his commitment to bringing inflation under control as he pledged in his New Year’s address, saying he would make the issue a top priority even if it leads to lower growth, according to the spokesman.

Lee also called for the government to pay greater attention to the well-being of North Korean defectors, saying taking good care of them is part of preparations for reunification of the divided Korean Peninsula, Park said. 

(Yonhap News)