President Lee Myung-bak said Friday businesses should make more efforts to meet their "social responsibilities," renewing an appeal that conglomerates should play greater roles in helping smaller firms grow with them to help narrow social inequalities.

   "Calls for social responsibilities of businesses have been growing. This is a demand of the times, rather than a demand from the government," Lee said during a meeting of the Presidential Council on National Competitiveness.

   "The roles that businesses should play have increased. I hope the business circle will understand this from the viewpoint that this is a demand of the times that arose as the world undergoes various crises," he said.

   Lee's drive for what officials dubbed "shared growth" was a centerpiece of his Liberation Day address delivered Monday, in which he stressed the importance of big businesses playing greater roles in helping smaller firms grow with them to help address social polarization.

   Lee, who had promoted pro-business policies in his early years in office, has sought to boost his image as a caring leader concerned about the mid- and low-income classes amid complaints that the benefits of growth in big businesses do not trickle down to the working class.

   During Friday's meeting, Sohn Kyung-shik, head of the Korea Chamber of Commerce and Industry (KCCI), one of South Korea's influential business lobbies, was named chairman of the presidential council.

   The session focused on deregulation measures to boost domestic demand and create more jobs, including allowing restaurants to install tables outside their shops and establishing more foreigners-only duty free shops to bolster tourism.

  
Source: Yonhap News (August 19, 2011)