Heritage Foundation Founder Also Urges "Korea, Cut Corporate Tax"

9th Federation of Korean Industries & Foundation Jointly Host '2022 Seoul Freedom Forum'
Founder Paulson Advises Yoon on Deregulation and Corporate Tax Cuts

Edwin Feulner, founder of the Heritage Foundation in the United States (left), is seen holding a discussion focused on "Changes in the World Order and Economic Security" at the Woosuk Economics Building, Seoul National University, Gwanak-gu, Seoul, on September 22. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok]

"To revitalize the Korean economy, incentives must be activated, and for this, the corporate tax rate should be lowered."

On the 9th, Edwin Feulner, founder of the Heritage Foundation, emphasized this in his keynote speech at the '2022 Seoul Freedom Forum' jointly hosted by the Federation of Korean Industries and the Foundation.

The forum held at the Federation of Korean Industries Conference Center in Yeouido, Seoul, was attended by former UN Secretary-General Ban Ki-moon, Park Dae-chul, Chairman of the Planning and Finance Committee, Robert Barro, Professor of Economics at Harvard University (online), Victor Cha, Senior Vice President and Korea Chair at the Center for Strategic and International Studies, Ahn Jae-wook, Professor Emeritus at Kyung Hee University, and Yaron Brook, Chairman of the Ayn Rand Institute (online), among others.

Feulner delivered a 20-minute speech on the theme "Advancing Freedom: The Direction of Korea's Development." He described Korea as "an OECD member country and a G20 nation, officially recognized as a developed country by the World Trade Organization (WTO)," and evaluated that "its status in the international community differs from China, which claims developing country status to receive subsidies from other countries." He added, "Korea is a model for many countries seeking greater freedom and prosperity," and recommended "setting a policy agenda that enables citizens to realize the 'freedom to choose.'"

Feulner emphasized that to boost the vitality of the Korean economy, it is necessary to ▲ease unnecessary government regulations on the private sector ▲lower personal and corporate tax rates to activate incentives ▲recognize that the private sector is the driving force of the national economy. He also mentioned, "I advised these points even when President Yoon Suk-yeol was president-elect." Furthermore, he stressed, "The greatest asset of a country is not factories or raw materials but human capital," and "In the relentless competition of ideas, the role of private companies and organizations like the Federation of Korean Industries in generating and expanding ideas is more important than ever."

Huh Chang-soo, chairman of the Federation of Korean Industries, also emphasized freedom, small government, and deregulation. In his opening remarks, Chairman Huh said, "Freedom is an inalienable fundamental right that allows humans to exist as humans and is also the driving force of growth and innovation," adding, "The business community will not neglect the responsibilities that come with freedom and will take the lead in investment and job creation so that the fruits of growth can be shared evenly by the people."

On the same day, the Federation of Korean Industries selected four individuals who contributed to spreading the values of free market economy and democracy worldwide, including founder Feulner, General Kim Doo-man (11th Chief of Staff of the Air Force), Professor Emeritus Song Byung-rak of Seoul National University, and Jwa Seung-hee, Director of the Park Chung-hee Academic Institute, and presented them with plaques of appreciation. A Federation official stated, "We plan to actively carry out various projects in cooperation with global think tanks such as the Heritage Foundation to promote the spread of free market economy and liberal democracy in the future."