Major business organizations have voiced strong opposition to the rapid progress of corporate and labor law revisions in the National Assembly, calling the developments “deeply alarming.”

In a joint statement released Tuesday, eight economic groups, including the Federation of Korean Industries, the Korea International Trade Association and the Korea Federation of SMEs, urged lawmakers to reexamine the amendments from a national interest perspective and warned they could disrupt business operations.

They cautioned that the recent change to the Commercial Act, which expands directors’ duties and limits voting rights for major shareholders, could open the door to disruptive demands from speculative foreign investors, hindering restructuring and future growth.

The groups also criticized proposed revisions to the law on trade unions, known as the “yellow envelope” bill, for potentially expanding the right to strike and undermining labor-management stability.

They called on lawmakers to withdraw unnecessary regulations and to take seriously the challenges facing domestic businesses.