Lotte Shopping announced on the 12th that Kim Sang-hyun has been appointed as the inaugural Chairperson of the Service Industry Competitiveness Enhancement Committee of The Federation of Korean Industries (FKI).
FKI has established the Service Industry Committee to foster the service industry, which has significant value-added and job creation effects, as a future new growth engine and to propose various policy recommendations to enhance the competitiveness of the lagging service industry.
The FKI Service Industry Committee held an inaugural meeting by inviting lawmakers from both the ruling and opposition parties at the FKI Tower Conference Center in Yeouido, Seoul, on the morning of the same day.
At the meeting, Chairperson Kim and 11 Commissioners, along with 4 advisors, attended and proposed easing related regulations and tax support by citing the on-site challenges faced by each company.
Chairperson Kim noted in his opening remarks, "We have reached a point where enhancing the productivity and competitiveness of the service industry is necessary as global protectionism intensifies," and stated, "We must cultivate and develop the service industry, which has significant value-added and job creation effects, as a future new growth engine."
He added, "Although service trade is rapidly growing in the global economy, Korea is experiencing delays in activating the innovative technology service industry due to various regulations and entry barriers."
He emphasized the need to "expand policy support for the service industry to the level of manufacturing and to ease service industry regulations to the level of developed countries to promote corporate investment" and that legal foundations, such as the 'Basic Law for Service Industry Development', must be established for systematic support for the service industry, including human resource development.
Chairperson Kim remarked, "The cultivation and development of the service industry will be the 'last puzzle' for restoring the growth potential of the Korean economy," and stated, "Our goal is to create new value beyond K-beauty and K-food to cultivate a service industry that attracts global attention."
The Service Industry Committee will operate subcommittees for regulatory innovation, workforce and productivity, and new industries. The Service Industry Committee will hold meetings with policy authorities and select policy tasks derived from each subcommittee to relay to the National Assembly and government. Through this, it aims to improve the insufficient support, relative to the manufacturing sector, and to work on expanding investment.