Presidential candidates Park Geun-hye of the Saenuri Party and independent Ahn Cheol-soo each met with major industrial representatives Thursday, making a conciliatory gesture to the business community disgruntled by their economic democratization drives.

Park held a meeting with the five major business organizations representing the nation’s large industrial groups and asked for their cooperation in weathering the economic crisis.

Ahn met with the executive members of the Federation of Korean Industries and called for voluntary reform for the sake of economic democratization.

While both had contacted the business community before, the two visits were considered the highest-profile ones to date by the presidential candidates since they joined the race.

The move was widely perceived as an attempt to court moderate and conservative votes and to lay the groundwork for future collaboration with the nation’s economic movers and shakers.

In her meeting, Park explained her economic democratization drive was aimed at harmonized growth of all sectors including businesses, workers and consumers. In attendance were representatives from the FKI, the Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of Small and Medium Businesses and Korea Employers Federation.

The conservative flag-bearer also emphasized the “two-track” theory of a conjoined fostering of economic democratization and growth potential.

“It is a time to figure out how we will coexist and prosper by compromising on what needs to be compromised on and cooperating when needed,” Park said.

“I would like to ask for your efforts to fulfill your social responsibility as a large conglomerate by finding ways to coexist with small and mid-sized businesses and to protect traditional markets.”

She suggested the companies refrain from restructuring and layoffs and share employment opportunities in addition to cutting working hours and adjusting pay.

Park also explained economic democratization was not aimed at dividing up the nation between certain conglomerates and others, but to create a virtuous cycle of growth and distribution.

KCCI chairman Sohn Kyung-shik, in response, said, “You have always worked to create a pleasant environment for businesses and we hope that you will continue to engage such policies.”

“We fully recognize the need for welfare but we ask of your cautious approach in dealing with the tax increase problem,” he added.

Park’s chaebol reform ideas include a ban of new cross-shareholdings, and restricting probation for embezzlement and malpractice charges and pardons for convicted conglomerate leaders.

Her economic brainstorming team is also said to be pushing for a way to consolidate the different regulations on chaebol currently stipulated in 12 different pieces of legislation including the Fair Trade Act, Commercial Act, and Financial Holding Companies Act. Park, however, is reportedly reluctant to take such a hardline stance.

Ahn, in the meantime, visited the office of the FKI and said, “The FKI should present their own reform measures voluntarily instead of only expressing opposition to the political suggestions.”

Explaining that he was aware of the concerns raised by business circles, Ahn said, “Even the political parties and the prosecution are releasing voluntary reform measures in light of the people’s demands.”

Ahn’s reform measures target prevention of illegalities and encouraging self-reform.

They include a step-by-step approach by first urging chaebol to change voluntarily, and taking stronger measures if the first phase is insufficient, such as by ordering disaffiliation.

He also pledges to launch a committee on chaebol reform and ordering the return of profits earned through insider trading.

Ahn’s reform measures are considered to be in between those of Park and Democratic United Party candidate Moon Jae-in.

Moon is considering more radical measures such as a reintroduction of the equity investment ceiling and strengthening of the separation between industrial and financial capital.

Moon visited Jeju the same day and set forth his pledges to fight unemployment, such as by creating an agency on job creation and increasing employment in the public sector.

By Lee Joo-hee (jhl@heraldcorp.com)