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| ▲ This file photo from Nov. 28, 2024, shows a plenary session at the National Assembly in Seoul. (Yonhap) |
biz lobbies-testimony law
Biz lobbies express concerns over parliamentary testimony law for potential trade secret leaks
SEOUL, Dec. 17 (Yonhap) -- Major business lobbies on Tuesday expressed concerns over a recent revision to the National Assembly Testimony Act, citing fears of the potential leaking of confidential trade secrets during mandatory public sessions involving private sector activities.
In a joint statement, the country's six major business lobbies, including the Korea Chamber of Commerce and Industries and the Federation of Korean Industries, expressed a "deep concern" over the passage of the change without sufficient discussions at the National Assembly.
The revision, proposed by the main opposition Democratic Party and passed last month, mandates that corporations cannot refuse to submit documents or testify under the pretext of protecting personal information or trade secrets.
It also requires remote testimony via video conferencing in cases of overseas travel or the illness of executives chosen to appear at parliamentary sessions.
"This law could severely impact corporate operations and national competitiveness," the groups said, while pointing out risks of confidential and critical technology information being leaked, which they insist may undermine their competitive edge in global markets.
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