9th Federation of Korean Industries & Foundation Jointly Host '2022 Seoul Freedom Forum'
Founder Puelner Advises Yoon on Deregulation and Corporate Tax Cuts
Edwin Feulner, founder of the Heritage Foundation, delivering the keynote speech at the '2022 Seoul Freedom Forum' held at the Federation of Korean Industries Conference Center on the 9th. (Photo by Jeong Gyeong-ryeon)
[Asia Economy Reporter Moon Chaeseok]
"I told President Yoon Seok-yeol that to revitalize the Korean economy, incentives must be activated, and for this, the corporate tax rate should be lowered. If Korea's corporate tax rate is higher than the average of the Group of Twenty (G20) and the Organisation for Economic Co-operation and Development (OECD), it will be difficult for Korea to attract international inflows."
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 (FKI) and the foundation. The forum, held at the FKI Conference Center in Yeouido, Seoul, was attended by Huh Chang-soo, chairman of the FKI; Ban Ki-moon, former Secretary-General of the United Nations (UN); Park Dae-chul, chairman of the Planning and Finance Committee; Robert Barro, professor of economics at Harvard University (online); Victor Cha, senior vice president of the Center for Strategic and International Studies and Korea Chair; 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 titled "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 countries that claim developing country status to receive subsidies from others." He added, "Korea is a model for many countries seeking greater freedom and prosperity," and recommended setting a policy agenda to enable citizens to realize 'freedom of choice.'
He revealed that when President Yoon was president-elect, he proposed three tasks to boost Korea's economic vitality: ▲ easing unnecessary government regulations on the private sector ▲ lowering personal and corporate tax rates to activate incentives ▲ fostering recognition that the private sector is the driving force of the national economy. He said, "The country's greatest asset is not factories or raw materials but human capital," emphasizing that "in the relentless competition of ideas, the role of private companies and organizations like the FKI in generating and expanding good ideas is more important than ever."
Feulner also stressed 'freedom' by quoting American economist Milton Friedman’s "Free to Choose," which President Yoon reportedly enjoyed reading. He raised his voice saying that ideas produce results, and to generate good ideas, individuals and the private sector must be guaranteed freedom of choice. He said, "In a free society, individuals must have the freedom to make the best choices for themselves and their families, not options dictated by the state," and emphasized, "It should not be a society where politicians make choices on behalf of people."
Regarding the U.S. midterm elections, he expressed the view that the Republican Party is likely to win. Feulner said, "The Republicans will clearly secure a majority in both chambers of the U.S. Congress, and the policy landscape will be reshaped," adding, "Foundations and think tanks like ours will work on how to guarantee individual freedom and prevent the government from imposing tax increases and regulations on businesses and individuals to support their prosperity."
Chairman Huh Chang-soo also spoke about the need for 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," and pledged, "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 are shared evenly among the people."
Former Secretary-General Ban Ki-moon said that education must be strengthened so that citizens develop a 'global citizenship spirit' to protect freedom. He said, "I was relieved to see President Yoon emphasize 'citizenship' several times after taking office," and stressed, "We must understand well from historical experience that if efforts to reduce economic disparities (redistribution) precede efforts for freedom, national development will regress like in the Soviet Union and North Korea."
On this day, the FKI presented plaques of appreciation to 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 Song Byung-rak of Seoul National University (emeritus), and Jwa Seung-hee, director of the Park Chung-hee Academic Institute. An FKI official said, "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."
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