Skyscrapers in Yeouido, Seoul (Getty Images)
Skyscrapers in Yeouido, Seoul (Getty Images)

South Korea's major business groups on Friday called for political stability and the swift normalization of state affairs to achieve an economic recovery following the Constitutional Court’s decision to remove President Yoon Suk Yeol from office.

The court's unanimous verdict came more than three months after the opposition-controlled National Assembly voted to impeach Yoon over his short-lived declaration of martial law on Dec. 3. The subsequent political upheaval and leadership vacuum have rattled Korea's financial markets and undermined economic stability.

Following the ruling, the Korea Chamber of Commerce and Industry, the country’s largest business lobby, released a statement saying the business community respects the Constitutional Court’s decision.

The KCCI noted that the country faces complex economic challenges, including sluggish domestic demand, weakening competitiveness in major industries, US tariff measures and the spread of trade protectionism.

“Considering this grave economic situation, we hope that national affairs quickly normalize and move beyond social division and conflict,” it said. “The business community will put its utmost efforts toward the sustainable growth of our economy.”

The Federation of Korean Industries expressed a similar sentiment, voicing hope that all citizens unite as one to overcome the current crisis.

"Our economy is facing a complex crisis marked by deteriorating trade environments, underperforming core industries and stagnant domestic consumption," FKI said in a statement. "Now is the time to put all our capabilities toward economic recovery and the livelihoods of ordinary citizens."

It added that the business groups will fulfill their responsibilities through investment and job creation for a new leap forward for the Korean economy.

The Korea Enterprises Federation urged citizens to accept the court’s decision and focus on restoring social unity and stability.

“All citizens should humbly accept the court’s decision, bringing an end to the intense political and social conflict caused by the impeachment and focus on social unity and stability,” the KEF said.

The lobby also urged the government and the parliament to show bipartisan leadership to resolve the administrative vacuum and social confusion caused by national division.

“We ask all economic actors, including labor and management, to fulfill their responsibilities and work together for social stability and economic revitalization,” the KEF stated.


sahn@heraldcorp.com