Regional representatives of the Korea Chamber of Commerce and Industry gathered in Yeosu, South Jeolla Province, on Thursday, to discuss ways to revive the domestic economy and contribute to the success of the world exposition being held in the city.

The meeting, held at the MVL Hotel Yeosu, was attended by 14,000 representatives from KCCI’s 71 regional chambers, as well as KCCI chairman Sohn Kyung-shik. 

“Sluggish exports and a stagnant economy are contributing to difficulties in the domestic marketplace,” Sohn said.

Joint action by all sectors, including the government, political parties, corporations and the public, is needed to revive Korea’s economy, he said.

During the conference, KCCI announced through a joint declaration that it will work on stimulating the domestic market with methods such as laying the groundwork for the practical application of the Korea-U.S. Free Trade Agreement and improving labor flexibility.

It also pledged to work on addressing the manpower shortage currently being experienced by small and mid-sized businesses in Korea, improve the tax environment for businesses, and help the industrial sector implement energy conservation measures.

Sohn also urged the nation’s businesspeople as well as the conference attendees to take a special interest and participate in the Yeosu Expo, which runs through Aug. 12.

The KCCI also announced on Thursday the results of a recent survey taken by the organization’s regional chamber heads.

According to the survey, nine out of ten think the current domestic economy is in bad shape, and 96 percent agreed that basic tax cuts should stay in place. More than half of the surveyed participants also said that the biggest problem facing businesses was the lack of consistency in corporate policy.

By Renee  Park (renee@heraldcorp.com)