South Korea's finance minister said Thursday that he will take into account the business community's ideas in crafting policy, calling entrepreneurs "partners for economic development."

Kim Dong-yeon made the pledge to Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, during their meeting in central Seoul.

The policymaker also praised businessmen as key people behind innovative growth.

Park delivered the business community's proposals on the current economic situation to Kim, the ministry said. No details on the proposals were provided.

Earlier this month, local businesses said that President Moon Jae-in's labor policies are excessively burdensome, claiming any radical steps will have an adverse impact on the nation's economy and the job market.

According to the data compiled by researchers and business organizations, Moon's labor policies, including sharply increasing the minimum wage, are expected to cost local firms up to 100 trillion won ($89.6 billion) annually.

The Moon administration has decided to raise the minimum wage to 7,530 won per hour next year, marking the sharpest hike in nearly two decades. (Yonhap)