The nation’s major business associations called on the new National Assembly to make cooperative efforts to restore economic vitality beyond conflicts in ideology and distrust.

“The business community hopes most that the newly elected lawmakers will make collective efforts to stabilize the livelihoods of ordinary citizens and restore the economy mired in a slump as the election result implies,” the Federation of Korean Industries, a business association of conglomerates, said in a statement Thursday. 

The statement came a day after the nation held a general election to form the 20th National Assembly, which will see Saenuri Party lose its grip and the Assembly come under the control of opposition parties.

The FKI also called on new lawmakers to work hand-in-hand for the restoration of corporate activities beyond their ideological differences, which is crucial to seek growth amid growing uncertainties of the global economy and the increased concerns over the low-growth era.

“The role of the 20th National Assembly is more important than ever before in a time when the country stands at an economic crossroads. The business circles expect the new assembly to devote itself to lead the economy to an era of $40,000 per capita income,” said the Korea Chamber of Commerce and Industry, the country’s biggest business association.

The Korea Federation of Small and Medium Business asked for the new Assembly lawmakers to pay more attention to offering a level playing field to small businesses and so they can seek cogrowth with big companies.

Meanwhile, the business community urged the current Assembly to work on the passage of economic restoration-related bills, including the service industry development and labor reform bills, before its term ends on May 29 with one voice.

In a rare move, early this year, business associations and their member firms launched a campaign to collect 10 million-signature of citizens to put pressure on the current Assembly to pass pending economic bills as a political standoff between the rival two parties was prolonged.

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