Top biz lobby urges 33 global counterparts to support South Korean economy

Seoul(The Uttam Hindu): South Korea's main business lobby said on Wednesday it has sent letters calling for support for the Korean economy from its 33 global counterparts amid the political turmoil following President Yoon Suk Yeol's botched martial law declaration this month.

The Federation of Korean Industries (FKI) said it sent the letters to chairmen of the 33 business associations in 31 countries, including the United States, Japan and China, reports Yonhap news agency.

"The South Korean economy remains in a stable condition based on its robust fundamentals and high sovereign credit ratings despite the recent political situation. The government and business circles are making all-out efforts to minimise the impact of the political fiasco," the FKI said in a press release.

The government is in talks to provide incentives for multinational companies that are considering investments in Korea. Korean companies will make their planned investments while actively responding to changes in the global trading markets in line with the incoming Donald Trump administration next month, the release said.

The FKI said it will continue to focus on communication with overseas business entities to help South Korea maintain its current credit ratings.

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, and Yoon Jin-sik, chairman of the Korea International Trade Organization, also sent similar letters to their global counterparts.

Meanwhile, Yeol was unlikely to appear for questioning this week as requested by the investigation team handling the martial law case, his lawyer said. The probe team is seeking to question Yoon in person over his alleged involvement in the botched December 3 martial law imposition, on charges of insurrection and abuse of power, and asked him to appear for questioning on Wednesday.

The Corruption Investigation Office for High-ranking Officials (CIO) has sent summons to Yoon's side twice, seeking his presence to undergo the interrogation as part of its probe into Yoon's brief martial law order. Yoon did not comply with the first summons, which had requested that he show up last Wednesday.