The chief of the ruling Saenuri Party Kim Moo-sung has vowed to create a business-friendly environment and ease regulations for medium-sized enterprises.
 
He made the remarks in a meeting with representatives from medium-sized businesses, which he called a source of job creation and economic growth potential.
 
However, Kim noted that only a few of the firms have grown into global companies since the foreign currency crunch.
     
The Saenuri Party chairman said the growth and globalization of medium-sized enterprises can breathe new life into the South Korean economy, which has been stuck in a low-growth rut.
     
Saenuri chief policy maker Rep. Kim Jung-hoon also promised to streamline laws to support medium-sized businesses, saying that there are still a lot of regulations hampering their growth.