The nation’s five leading business organizations vowed Friday to take the lead in revitalizing the sluggish economy by boosting exports and investment, while making efforts to create more jobs.

“Despite difficulties due to the prolonged global economic downturn and slump in local consumption, the business community will make efforts to lift the economy, ” they said in a joint resolution.

“Businesses, big or small, will drive to boost exports by tapping new markets and focus on facility investment as well as research and development to try to find a new engine for growth.”

They also said that businesses would try to secure employment and create new jobs as jobs are the best welfare for workers.

The statement was issued at the end of the second committee meeting for economic revitalization, organized by the nation’s five business lobbying groups, including the Federation of Korean Industries, the Korea Chamber of Commerce and Industry and the Korea International Trade Association, in Lotte Hotel, downtown Seoul.

Strategy and Finance Minister Bahk Jae-wan, who was invited to the committee meeting, called on participating business leaders to expand investment and employment to revitalize the economy.

During the committee meeting, Song Byoung-jun, president of the Korean Institute for Industrial Economics and Trade, presented the outlook for the nation’s exports.

“The nation’s exports are likely to drop 0.9 percent to 597 trillion won ($551 billion) this year compared to last year. Growth in exports is critical in the Korean economy as it heavily depends on exports for growth.

“Export conditions are expected to be improved next year thanks to expected gradual recovery of the global economy. Exports are forecast to rise 5.8 percent to 630 trillion won ($582 billion) next year,” Song said.

When it comes to recovery by sector, Song was positive in such areas as general machinery, semiconductor, information and technology and shipbuilding, while he predicted steel and petrochemicals would continue to face an issue of oversupply.

When it comes to new investments and job creation, FKI’s executive vice president Lee Seung-chul said big businesses planned to invest more than 7 trillion won ($6.4 billion) in four service sectors next year, including medial services, entertainment, cultural facilities and hotels, which would lead to job creation.

With the economy slowing, however, job security has also become an important issue as much as job creation in Korean society. A rising number of big business groups have announced a restructuring plan to stay afloat throughout the year.

“It is critical for an employer and its labor union to make an agreement on working conditions for job security,” said FKI’s Lee.

By Seo Jee-yeon  (jyseo@hearldcorop.com)