President Moon: "Our International Status Comparable to G7 Level" (Comprehensive)

Presiding over Cabinet Meeting Before Departure for UK G7 Summit... "Active Bilateral Summit Diplomacy Opportunities with Major Countries"

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in presided over the Cabinet meeting at the Blue House on the 8th and stated regarding South Korea's attendance at the 'Group of Seven (G7) Summit' that "Our country being invited for the second consecutive year means that our international status has risen to a level comparable to the G7 countries," adding, "Attending the summit itself will be an opportunity to upgrade our diplomacy."

Ahead of attending the G7 Summit held in the UK from the 11th to the 13th (local time), President Moon expressed his determination for the upcoming schedule through the Cabinet meeting. He said, "It is very proud that our country has developed to about the 10th largest economy in the world, and has also received high global recognition in soft power areas such as culture, quarantine, healthcare, and civic consciousness."

President Moon emphasized that South Korea's responsibilities and roles in the international community have increased. He pledged, "We will use the G7 Summit as an opportunity to strengthen our role in contributing to solving global issues and to expand the horizons of our diplomacy."

[Image source=Yonhap News]

President Moon explained, "Based on our excellent bio-pharmaceutical production capabilities, we will emphasize our role as a global vaccine hub and highlight our position as a bridge country leading cooperation between developed and developing countries in responding to the climate crisis." He added, "Along with sharing the experiences and achievements of K-quarantine and the Korean New Deal, we will demonstrate that our outstanding digital capabilities can contribute to addressing global issues."

Furthermore, President Moon said, "This G7 meeting is not only the resumption of multilateral summits that were suspended after COVID-19 but also an opportunity to engage in active bilateral summit diplomacy with major countries," and urged, "I hope the public will show great interest and support."

During the Cabinet meeting, concerns were also raised about the persistent issues of polarization and employment problems that have not improved easily even in the phase of economic recovery from the COVID-19 crisis. President Moon said, "Exports recorded an increase rate exceeding 40% for two consecutive months for the first time ever, shipbuilding orders have surpassed last year's total by May, and domestic demand and consumption are recovering, accelerating economic recovery."

However, President Moon pointed out, "There are still many dark shadows left from the long recession caused by COVID-19. Above all, polarization is a major problem," noting, "While profits of top listed companies and COVID-beneficiary industries have notably increased, sectors such as face-to-face services are recovering slowly, making polarization between industries and companies more distinct."

[Image source=Yonhap News]

President Moon expressed concern, saying, "Polarization in consumption is also severe; department stores and large marts are recovering quickly, and so-called luxury consumption has greatly increased, whereas alleyway consumption centered on self-employed businesses and consumption by ordinary people have yet to revive. Consumption in the cultural and arts performance sectors is also unable to escape extreme stagnation."

He also pointed out the polarization problem in employment and instructed to focus policy and financial support as the highest priority. President Moon urged, "Including supplementary budget formulation using additional tax revenue exceeding the budget, I hope efforts will be made to revitalize struggling companies and self-employed businesses, revive ordinary people's consumption, accelerate job recovery, and achieve an inclusive economic recovery where all citizens can share warmth."

Meanwhile, President Moon said, "At today's Cabinet meeting, a meaningful law recognizing the legal status of domestic workers, who have existed as a representative blind spot in our society, will be promulgated. I hope this will be an opportunity to take a step further toward a labor-respecting society."

President Moon explained, "This will help prevent career interruptions for women, expand their participation in economic activities, and contribute to the expansion of new social service jobs."