'Nakyeongwon Incident' Settled... Yoon to Have Lunch with Ruling Party Leadership Today

Lunch Meeting at Yongsan Presidential Office
Leadership Including Jeong Jin-seok and Joo Ho-young Expected to Attend
Likely to Emphasize Commitment to Three Major Reforms

[Asia Economy Reporter Baek Kyunghwan] President Yoon Seok-yeol will hold a luncheon meeting with the leadership of the People Power Party on the 26th. The meeting is intended to share the achievements of this year's first overseas trip and to request legislative support, but coincidentally, it takes place right after former People Power Party lawmaker Na Kyung-won announced her withdrawal from the March 8 party leadership election.

According to the presidential office and others, President Yoon will invite the People Power Party leadership to a luncheon at the presidential office in Yongsan, Seoul, on the day. This will be the first official meal President Yoon shares with the ruling party leadership in about two months since the dinner at the Hannam-dong residence on November 25 last year. The luncheon is expected to be attended by Jeong Jin-seok, chairman of the People Power Party Emergency Committee, Joo Ho-young, floor leader, Seong Il-jong, policy committee chairman, and Kim Seok-ki, secretary general.

[Image source=AP Yonhap News]

At this meeting, President Yoon is expected to share the outcomes of his visits to the United Arab Emirates (UAE) and Switzerland with the party leadership and request legislative support necessary for follow-up measures.

On the previous day, at the first Cabinet meeting after his trip, President Yoon said, "If we do not align all systems such as regulations and labor with global standards, there will be no investment in our country," adding, "It will be difficult for our companies to compete in the international market." He further urged, "We must align our systems with global standards and make South Korea the world's top innovation hub." Since President Yoon is focusing on 'regulatory innovation,' it is expected that he will ask the National Assembly to strengthen support for companies and ease regulations.

Government-level support has already begun. A representative example is the establishment of an investment cooperation platform to smoothly implement the investment agreement with the UAE. Discussions are underway to form a task force (TF) among related ministries such as the Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, and Financial Services Commission to carry out follow-up measures on the Korea-UAE MOU and contracts.

Since this is the first luncheon with the party leadership in the new year, there is a high possibility that cooperation on the implementation of national agenda items, including the three major reforms of labor, education, and pensions, will be requested. Before departing for this trip, President Yoon held a meeting with his aides and emphasized, "The goal of reform is solely to revive people's livelihoods and the economy," adding, "Reform is essential for survival and the future. There is no way for us to survive without reform."

In his New Year's address, President Yoon expressed his determination to make 2023 the inaugural year of the 'three major reforms,' stating, "Compromise with vested interests is the easy and comfortable path, but we have never been satisfied with a small sea." Support from related ministries is also underway. The Ministry of Employment and Labor, responsible for labor reform, the top priority among the three major reforms, has set a goal to submit all labor reform legislation to the National Assembly by August. This is the stage where active support from the National Assembly is needed, with legislation on flexible working hours, eradication of illegal union activities, and enhancement of accounting transparency being prioritized.

Meanwhile, since the luncheon is held right after former lawmaker Na Kyung-won announced her withdrawal from the party leadership election ahead of the People Power Party's March 8 party convention, attention is also focused on whether related remarks will be made. Na, who served as vice chair of the Low Birthrate and Aging Society Committee, was dismissed after conflicts with the presidential office over low birthrate measures. Subsequently, Na was weighing a run for party leader but shifted to withdrawal as she distanced herself from President Yoon's so-called 'Yoonism' political will.