Rep. Lee Jae-myung, third from left, leader of the main opposition Democratic Party of Korea (DPK), and Korea Enterprises Federation Chairman Sohn Kyung-shik, third from right, pose with the DPK's leadership and heads of other business associations during a meeting at the National Assembly in Seoul, Thursday. Yonhap

Business associations have begun reaching out to the opposition bloc, breaking their extreme silence on President Yoon Suk Yeol's short-lived martial law declared on Dec. 3.

Their apparent focus shift from the business-friendly ruling party has been interpreted as a preemptive action to brace for a presidency of Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea (DPK), amid the looming impeachment of Yoon.

On Thursday, six business associations joined an emergency meeting with DPK leadership including Lee, after a growing number of ruling People Power Party (PPP) lawmakers expressed their intent to vote for the next impeachment motion against Yoon at the National Assembly's plenary session on Saturday.

The DPK said that the meeting was arranged upon continuous requests from the business associations, adding that its leader would hold additional meetings with businesspeople.

During the meeting, Korea Enterprises Federation Chairman Sohn Kyung-shik expressed concerns over the recent political uncertainty possibly discouraging business activities and asked lawmakers to reconsider their proposals of bills unfavorable to companies.

"I hope the National Assembly makes efforts to relieve anxiety in our society and stabilizes the business environment," he said.

Heads of business lobby groups representing small and medium-sized enterprises (SMEs) and small business owners directly mentioned the martial law declaration as the main cause of worsening earnings of their members.

"Small business owners and the self-employed, who had anticipated more consumers at year end, have been left frustrated at their restaurants and supermarkets," Korea Federation of SMEs Chairman Kim Ki-mun said.

The DPK was also asked to allow businesspeople to join an emergency meeting on the economy between the government and lawmakers from the ruling and opposition parties.

"The DPK and businesses agreed to open a hotline," said Rep. Jo Seoung-lae, the DPK's senior spokesperson.

Deputy Prime Minister and Finance Minister Choi Sang-mok, left, and Korea Enterprises Federation Chairman Sohn Kyung-shik, right, head to a conference room to attend a meeting with representatives of five other business associations at the Korea Chamber of Commerce and Industry in Seoul, Dec. 4. Courtesy of Ministry of Economy and Finance

When business associations met with Deputy Prime Minister and Finance Minister Choi Sang-mok on Dec. 4 and Seoul Mayor Oh Se-hoon belonging to the PPP on Tuesday, press releases on the closed-door meetings did not include what businesspeople said about the martial law fallout.

Before the latest meeting with DPK leadership, the business associations had also not issued any statements on the current political situation, in contrast to foreign chambers of commerce here, which have spoken out on the martial law fiasco.

On Dec. 17, Korea Chamber of Commerce and Industry and SK Group Chairman Chey Tae-won and Korea International Trade Association Chairman Yoon Jin-sik are expected to accompany Sohn and Kim for a meeting with National Assembly Speaker Woo Won-shik, who previously belonged to the DPK before he took the position and had to give up his party membership.

Meanwhile, speculation is growing that the Federation of Korean Industries (FKI) may lose ground once again, after a potential change in political leadership.

Last month, the FKI was not invited to the DPK's meeting with seven business associations and executives of Korea's four largest conglomerates for a discussion on the proposed Commercial Act revision, as the federation had led the issuance of a joint statement opposing the new law.

Additionally, the opposition bloc has locked horns with the FKI, citing the lobby group's connection with a corruption scandal in 2016 and 2017 that involved impeached former President Park Geun-hye and her close confidant Choi Soon-sil, who was accused of interfering with state affairs.