Cheong Wa Dae Senior Secretary and Secretary Meeting Opening Remarks... President Moon Evaluates "One Year of Japan's Export Restrictions" as a "Turning Point"
President Moon Jae-in is presiding over a senior secretaries and aides meeting at the Blue House on the 29th. 2020.6.29 [Image source=Yonhap News]
[Asia Economy Reporter Son Sun-hee] President Moon Jae-in emphasized overcoming the economic crisis caused by the novel coronavirus infection (COVID-19) on the 29th, saying, "Support from the National Assembly is more urgent than anything else," and "I earnestly urge the National Assembly once again to respond to the desperate demands of the people and businesses who are eagerly awaiting the 3rd supplementary budget (supplementary budget)."
On the same day, President Moon held a senior secretaries and aides meeting at the Blue House and said in his opening remarks, "It has already been a month since the 21st National Assembly's term began, but the first extraordinary session will end this week without accomplishing anything if we are not careful," adding, "I believe the National Assembly will no longer ignore the economic hardships of the people caused by COVID-19."
In this regard, the ruling and opposition parties engaged in final negotiations over the organization of the National Assembly in the morning but ultimately failed. The ruling Democratic Party of Korea plans to elect all 18 standing committee chairs unilaterally in the afternoon and promptly begin reviewing the supplementary budget bill.
President Moon said, "As the COVID-19 pandemic prolongs, the global economic recession is becoming more severe, and our economy is no exception," adding, "It is difficult to overcome this with only the efforts of companies and the government. Everyone must join forces to overcome this national crisis together."
President Moon Jae-in is presiding over a senior secretaries and advisors meeting at the Blue House on the 29th. 2020.6.29 [Image source=Yonhap News]
Furthermore, mentioning that the cumulative number of COVID-19 cases worldwide recently reached 10 million and the death toll exceeded 500,000, he expressed concern, saying, "Our country is also experiencing sporadic cluster infections, so we cannot be complacent." However, he added, "The domestic community infection situation is within a manageable and controllable range," urging the public to "trust the government's response capabilities and follow basic quarantine rules while making a little more effort."
Meanwhile, this week marks the first anniversary of Japan's unilateral export restrictions on key semiconductor materials to South Korea. President Moon reflected, "Over the past year, we have not been shaken by Japan's sudden measures but faced them head-on, turning the situation into an opportunity," and said, "The negative forecasts that Japan's unilateral measures targeting key materials for our main industries, semiconductors and displays, would be a direct blow to the Korean economy were incorrect."
He continued, "So far, not a single production disruption has occurred, and we have achieved results such as accelerating the localization of materials, parts, and equipment industries and diversifying supply sources, thereby establishing a stable supply system for key items," evaluating, "We have opened the path toward a 'strong economy that no one can shake.'"
However, President Moon warned, "We cannot remain content with the achievements of the past year," adding, "Worldwide, amid the COVID-19 situation, protectionism and nationalism are intensifying, the international division of labor system is cracking, and global supply chains are rapidly reorganizing. This is a far more serious threat than Japan's export restrictions."
He urged economic policy aides, "We must now move beyond a defensive response to the crisis and shift to a more offensive stance, turning the global supply chain crisis into a new opportunity for us," and requested, "Please prepare so that the government can report the strategy and plans regarding this to the people."
Regarding the upcoming peak vacation season, President Moon said, "We must catch both rabbits of 'quarantine and consumption promotion,'" and expressed hope for "the public's active interest and consumption activities in the 'Korea Together Sale' and the revitalization of domestic tourism." The government has designated the period from the 1st to the 19th of next month as the '2020 Special Travel Week' and announced various tourism revitalization policies.
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