Upon Joe Biden's Inauguration, Ruling Party Hopes for "Progress in Denuclearization and Economic Leap"

[Asia Economy Reporter Jeon Jinyoung] As President-elect Joe Biden's inauguration approaches, the Democratic Party of Korea expressed expectations, stating that it should be used as an opportunity for the denuclearization of the Korean Peninsula and the leap forward of the Korean economy.

On the morning of the 20th, at the Supreme Council meeting held at the National Assembly, Representative Lee Nak-yeon said, "With the inauguration of President-elect Biden, who values alliances and multilateralism, we expect the United States to demonstrate a more dignified international leadership."

Lee Nak-yeon, leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 20th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

Representative Lee emphasized, "The Korean Peninsula issue is a matter between North Korea and the parties involved, but at the same time, it is a task that desperately requires the help of neighboring countries," adding, "President-elect Biden supported former President Kim Dae-jung's Sunshine Policy and holds the principle of resolving the Korean Peninsula issue through dialogue."

He continued, "I hope to develop and expand the peace process on the Korean Peninsula based on firm trust and communication with the Biden administration," and added, "I hope denuclearization progresses starting from the Singapore Declaration."

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 20th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

Floor leader Kim Tae-nyeon also said at the meeting that day, "We must utilize Bidenomics as an opportunity for the leap forward of the Korean economy."

Floor leader Kim said, "Bidenomics, which focuses on expanding fiscal spending, restoring the middle class, and restoring multilateralism, is expected to have a positive effect on the Korean economy due to increased trade volume resulting from the expansion of U.S. growth and the recovery of the global trade order."

He added, "The climate change response policy, a key pledge of President-elect Biden, can also seek practical cooperation measures in infrastructure investment along with Korea's Green New Deal," emphasizing that it can serve as a momentum for economic rebound.