Democratic Party Launches National Economic Advisory Council… "Foster Innovative Companies, Do Not Discourage Corporate Will"

[Asia Economy Reporter Jeon Jin-young] The Democratic Party of Korea launched the National Economic Advisory Council, a body directly under the party leader, on the 28th. The council, composed mainly of senior lawmakers and private experts, will discuss support measures for innovative growth in preparation for the post-COVID-19 era and the Korean New Deal. Lawmaker Kim Jin-pyo, known as the party’s ‘economic expert,’ was appointed as the chair, with lawmakers Byun Jae-il and Cho Jung-sik appointed as the chief vice-chair and vice-chair, respectively.

[Image source=Yonhap News]

The main agenda of the National Economic Advisory Council is to discover, invest in, and nurture innovative companies. When the government selects 1,000 innovative companies in fields such as the Digital New Deal and Green New Deal, the party and government plan to lead investments in these companies through financial institutions like policy banks. Additionally, discussions will cover topics such as real estate New Deal funds, deregulation, and institutional improvements for large corporations. Support measures to prepare for the transition to a contactless society, such as expanding online sales networks for small business owners and self-employed individuals struggling due to COVID-19, will also be devised.

Chairman Kim stated, “Fair economic policies aimed at resolving income inequality and promoting win-win development should not undermine companies’ willingness to engage in economic activities,” adding, “We plan to pursue a balanced approach that harmonizes with innovative growth strategies.” He emphasized, “Above all, we will faithfully reflect the voices from the field and present fundamental and mid-to-long-term policy blueprints.”

Earlier, party leader Lee Nak-yeon said at the Supreme Council meeting that morning regarding the launch of the National Economic Advisory Council, “To nurture businesses that will sustain us for more than ten years, we must revive entrepreneurial spirit and restore the wildness of capital,” adding, “We will simultaneously strive to revitalize the economy and establish a fair economic system.”