All Ministries Except Financial Services Commission Complete New Year Work Reports
Emphasis on Science and Technology Talent Development and Reward Systems
UAE's $30 Billion Investment Seen as "A Platform for Discussing Sustainable Growth"
[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol, having received New Year work reports from all ministries except the Financial Services Commission, is set to accelerate his economic initiatives. Specifically, he plans to continue the achievements of his visits to the United Arab Emirates (UAE) and Switzerland while prioritizing scientific and technological development and talent cultivation.
Kim Eun-hye, Chief Public Relations Officer of the Presidential Office, stated at a briefing at the Yongsan Presidential Office on the afternoon of the 29th, "The most frequently mentioned key words in President Yoon's closing remarks on the work reports were economy, science and technology, reform, and global standards."
Kim added, "From his inaugural speech, President Yoon emphasized that the conflicts in our society must be resolved through leaps and rapid growth, and that such growth can only be achieved through innovation in science and technology," emphasizing, "The future of the Republic of Korea depends on advanced science and technology," and "Science and technology are a matter of survival for us."
Kim introduced that President Yoon recently said at a senior secretaries meeting chaired by the president, "From now on, prioritize science and technology policies above all else in every policy, and focus on nurturing scientific and technological talent and providing a reward system. That is what our government must do."
President Yoon also stated, "Although vested interests are currently blocking progress, the reason we pursue reform is for the future generations and youth," urging, "Hold the hands of the youth and create pathways where they can unleash their passion."
Kim explained that President Yoon plans to continue visiting university campuses that nurture scientific talent and companies that enhance national competitiveness and create future growth engines based on advanced technology.
He added, "Innovation does not blame recession," and "The president’s science and technology innovation initiatives will serve as the foundation for sustainable growth and national prosperity, continuing governance that cares for the livelihoods of future generations and the people."
Kim also expressed that the significance of President Yoon’s recent visits is linked to scientific and technological innovation. He said, "Achieving innovation in science and technology is difficult for our country alone," and "Through his visits, President Yoon has been at the forefront of national diplomacy, seeking cross-cooperation between government-to-government and government-to-business."
Regarding the $30 billion (approximately 37 trillion won) investment promised by the UAE, he mentioned, "A platform will be established to discuss sustainable growth for both countries."
President Yoon’s phone call last week with former President Lee Myung-bak and their conversation about the visits are also interpreted as efforts to strengthen the economic diplomacy achievements with the UAE.
During Lee Myung-bak’s administration in 2009, South Korea exported the Barakah nuclear power plant to the UAE, valued at 21 trillion won. In 2010, then-Crown Prince Mohammed bin Zayed Al Nahyan, now president, was invited to the Blue House to discuss follow-up measures and expanded cooperation.
Even after leaving office, former President Lee showed special affection for the Barakah nuclear power plant, visiting the construction site in 2016 to encourage Korean workers.
Due to this connection, it is reported that when President Yoon visited the UAE, President Mohammed inquired about former President Lee’s health. However, the Presidential Office stated, "The priority is the former president’s health recovery."
To continue the economic achievements of the upcoming state visit to the UAE, President Yoon plans to rename the export strategy meeting to the "Visit Achievement Review Meeting" and personally preside over it.
A senior official from the Presidential Office emphasized that the $30 billion to be brought in from the UAE will be in cash rather than promissory notes, and forecasted, "There will be various public-private consultations and dialogues with the UAE regarding the specific sectors where the investment will be applied and how this investment amount will generate synergy."
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