The Korea Chamber of Commerce and Industry, the leading business association here, submitted a letter to the new National Assembly on Tuesday, requesting it to prepare a long-term economic blueprint for the nation.

“The 20th National Assembly will see a change in the nation’s economic growth formula,” the KCCI said in its letter delivered to the policy committee of each political party.

“(The legislature) should work on building a new legal system to back the country’s economy for the next 100 years.”

The conventional economic paradigm which relies on labor and capital inputs has now reached its limit and should be redesigned to embrace immaterial capital as well, according to the business lobby.

As a key means to promote efficiency in all sectors, the KCCI cited deregulatory reforms, calling on the new assembly to review a set of deregulation bills that failed to make it through the previous parliament.

It also expressed concerns on raising corporate tax for the sake of financing welfare programs, claiming that in an aging society, the priority should be to boost the efficiency of financial management, not to increase the financial burden on the working generation.

“We expect the 20th National Assembly to focus on resolving the issues related to people’s livelihood, such as creating jobs and lowering youth unemployment,” said KCCI executive vice chairman Lee Dong-geun.

Chairman Park Yong-maan is currently accompanying President Park Geun-hye on her state visit to three African nations and France.

By Bae Hyun-jung (tellme@heraldcorp.com)