Prime Minister Hwang Kyo-ahn called on the business community Thursday to join hands with the government to revive the sluggish economy.

"The government and the business circle should join efforts to overcome economic crisis amid a global economic slowdown and tensions on the Korean Peninsula," Hwang said.

Hwang made the remarks during a luncheon meeting with business representatives at the Korea Chamber of Commerce and Industry as he stressed the need for cooperation.

Asia's fourth-largest economy has been dogged by a string of unfavorable factors both at home and abroad such as global uncertainties and a plunge in international oil prices, coupled with persistent provocations from North Korea.

Hwang has held meetings with various business representatives regularly since taking office in June 2015 to discuss measures to revive the economy.