Lee Jae-myung, the Democratic Party presidential candidate, is announcing industrial sector policy pledges at the Korea Industrial Technology Promotion Association in Seocho-gu, Seoul, on the 12th. Photo by Yoon Dong-ju doso7@
[Asia Economy Reporter Jeon Jinyoung] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, pledged on the 18th to "create more than 3 million jobs through a major transformation in digital, energy, and social services."
On the morning of the same day, Lee held a press conference at the Democratic Party headquarters in Yeouido and announced the ‘Six Major Job Transformation Pledges’ containing these commitments.
The six major pledges consist of ▲ job creation through major transformation ▲ establishment of a fair job transition system ▲ reorganization of the job policy framework ▲ promotion of job growth led by businesses ▲ creation of innovative regional jobs ▲ and support for youth employment.
To increase jobs by 3 million, Lee stated that 135 trillion won, including national funds, local government funds, and private capital, would be raised to support the construction of digital infrastructure and more.
Regarding energy transition, he announced plans to promote new industries and develop carbon-neutral new technologies through a shift to a decarbonized and green economy.
He also said that through a major transformation in social services, jobs would be increased in social services such as care, nursing, and childcare, as well as in the public health sector to overcome the COVID-19 pandemic.
Lee emphasized, “The social service job pledge boldly accepted former lawmaker Yoo Seung-min’s pledge of ‘1 million social service jobs’ from a practical standpoint.”
Regarding youth employment, he announced a ‘bold job policy’ aiming to improve the youth employment rate by 5 percentage points during his term.
He pledged to reform the National Tomorrow Learning Card to double youth support funds compared to the current level and to implement the ‘Youth Crisis Overcome 1-on-1 Project,’ which provides customized services using expert mentors for NEET (Not in Education, Employment, or Training) youth who have given up on education and employment.
Above all, to reorganize the policy framework, he said he would restructure the Ministry of Economy and Finance, significantly strengthen the planning and coordination functions of job policies, and make it the control tower for job transformation.
He also pledged to promote business-led job growth. Lee said he would establish a tech-type mega fund worth 50 trillion won and greatly increase venture investment to around 10 trillion won. Through such investments, he aims to nurture 3,000 national representative innovative companies, 100 unicorn companies, and numerous decacorn companies.
Lee said, "I will revitalize a job economy where the economy and jobs create a virtuous cycle, leading to economic growth that makes the people happy."
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