A group of Korea’s large conglomerates pledged Wednesday that they will make concerted efforts to stabilize the economy and improve the livelihoods of ordinary people in the face of persistent global economic woes.

The Federation of Korean Industries, a powerful interest group for the country’s big family-owned businesses, adopted a resolution on their responsibility for economic stability and social integration.

The move came as the country’s large conglomerates have come under fire for monopolizing the benefits of economic growth while overlooking the plight of small and medium-size enterprises that hire the bulk of the workforce.

The Seoul government has pressed them to take part in its shared growth campaign, designed to encourage large conglomerates to share some of their profits with their smaller suppliers.

The FKI said in their resolution that they will strive to create a favorable business environment for small merchants and retailers who are struggling due to weak consumer demand in the local market. They said they will support their research and development activities and help them find channels to sell their products as part of the shared growth movement.

The large companies, in addition, stressed they will redouble their efforts to build up their own R&D capabilities and export competitiveness to improve employment conditions and create more jobs. They will also be dedicated to discovering new growth engines and developing top-notch products to lead the country’s economic growth, the FKI said. 

(Yonhap News)