South Korea's business community appealed to the country's new parliament Tuesday to focus on easing regulations and facilitating a shift in the industrial structure.

"The term of the 20th National Assembly is when the formula of South Korea's economic growth is changing," Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said as the business lobby group issued a list of suggestions for lawmakers.

The new National Assembly began its four-year term on Monday.

The conservative ruling Saenuri Party holds only 122 seats, while the liberal main opposition Minjoo Party of Korea has 123 lawmakers. The smaller opposition People's Party has 38 seats.

Park stressed the need for "advanced law and systems" for the future of the South Korean economy.

The KCCI called for an "epoch-making" revision to the regulatory system, which is "obsolete" in the era of the fourth Industrial Revolution.

It cited the rapid rise of such populous countries as China and India.

"Legislative support is necessary to permit for-profit medical corporations and remote treatment, nurture the culture industry and target the emerging consumer group," said the KCCI.

It also urged lawmakers to be prudent in raising corporate taxes, saying a structural reform in state budget spending should be done first.

The KCCI called for a "zero-based" review of South Korea's growth model.

"With the red light turned on in the competitiveness of main industries, it's hard to sustain the economy with the single engine of exports," it pointed out.

It emphasized the urgency of promoting the balanced growth of exports and domestic demand on the basis of the "dual engine" of the manufacturing and service industries. (Yonhap)