The nation’s major business organizations expressed hope for a new parliament that creates a favorable business environment as voters went to the polls on Wednesday.

The Korean Chamber of Commerce and Industry said it expects the 19th National Assembly to give a boost to the market economy and help resolve social conflict.

“We hope the new National Assembly can present a vision to revive the economy and allow the people to have hopes for the future,” the KCCI said in a statement.

“We especially anticipate the parliament to create a favorable business environment through deregulation, tax cuts and making the labor market more flexible so that companies can do their best to invest, create jobs and foster future growth engines, and to invigorate the market economy.”

The KCCI called on the new parliament to refrain from excessive confrontation and political strife, and accommodate diverse voices across the social spectrum to bridge divisions and seek social integration.

“Lastly, we hope the 19th National Assembly meets the people’s expectations for change shown in the general elections and leads the nation’s advancement,” the KCCI said.

The Federation of Korean Industries said it expects each party to focus on perking up the economy through political efforts for cohesion and shared growth.

“We ask (the National Assembly) to make all efforts for the sustainable growth of our economy based on the principles of market economy and free democracy,” the lobbying group for the nation’s largest conglomerates said in a statement.

“The FKI will do its best to expand investment and employment while doing its utmost to rev up exports and boost the economy.”

The Korea International Trade Association requested efforts to create an advantageous trade environment and seal additional free trade agreements.

“The KITA congratulates the winners of the 19th general elections and looks forward to proactive parliamentary activities to vitalize the economy and create jobs,” KITA said in a statement.

“In particular, the 19th National Assembly should establish a foothold to reach $2 trillion in trade, which is pivotal to our economy, through active support of businesses based on the $1 trillion mark we broke last year.”

The KITA asked the newly elected lawmakers to push for business-friendly policies to help the trade sector overcome global economic uncertainties and expand Korea’s economic territory through more FTAs.

By Kim So-hyun (sophie@heraldcorp.com)