[1 Year of Yoon Administration]③ "Korea's No.1 Salesperson"... Core Keyword 'Minsheng Economy'

Economy Focuses on 'Free Market, Regulatory Innovation, Sales'
Diplomacy Emphasizes 'Freedom'... Highlights Solidarity Through Freedom in Key Speeches
Administration Tackles Issues with Messages of 'Rule of Law and Protection for the Vulnerable'

"I will focus solely on the people's livelihood."

President Yoon Suk-yeol responded with "livelihood and economy" when asked about his stance on the passage of the "Complete Removal of Prosecutorial Investigation Rights" (Geomsu Wanbak) law during his presidential transition period in April last year. Since his inauguration in May last year, President Yoon has chaired 16 emergency economic and livelihood meetings and 4 export strategy meetings over the course of a year, while actively engaging in sales diplomacy. In diplomacy and administration, true to his background as a prosecutor, he has been pushing forward with messages emphasizing the fundamental constitutional values of freedom, democracy, rule of law, and protection of the vulnerable.

On the 2nd, a presidential office official said about the keywords of President Yoon's first year in office, "The words President Yoon emphasized the most over the past year were 'freedom,' 'protection of constitutional order,' 'regulatory innovation,' and 'export,'" adding, "Though straightforward, these are fundamental values guiding the operation of diplomacy, economy, livelihood, and administration."

Economy: 'Free Market, Regulatory Innovation, Sales'

President Yoon Suk-yeol is speaking at the 2nd Emergency Economic and Livelihood Meeting held at the Seoul Jung-gu Integrated Support Center for Low-income Finance on the morning of the 14th.
[Image source=Yonhap News]

The Yoon Suk-yeol administration has adopted the national vision of a "dynamic economy driven by the private sector and supported by the government" based on "liberal democracy and a market economy system," focusing on enhancing corporate investment, regulatory innovation, and strengthening capabilities to respond to economic crimes.

At the economic community New Year's meeting in January this year, President Yoon pledged, "The government will meticulously ensure that support for private-led, market-centered enterprises is flawlessly provided in diplomacy, trade, and science and technology sectors," and "We will break down outdated systems and regulations and further strengthen investment support through tax and financial measures." During his recent state visit to the United States, he met with CEOs of major American companies, promising to resolve various regulations and promote investment attraction.

He consistently emphasizes export revitalization as almost the only way to overcome the economic recession. President Yoon has chaired 16 emergency economic and livelihood meetings and 4 export strategy meetings up to recently, personally overseeing key export items such as semiconductors and automobiles, future industry items, startups and small and medium enterprises, and inflation. Recently, a defense export strategy meeting was newly established, centered on the National Security Office.

President Yoon Suk-yeol is speaking at the follow-up meeting on attracting investment from the United Arab Emirates (UAE) held at the Korea International Trade Association in Gangnam-gu, Seoul, on the 31st.
[Photo by Yonhap News]

To prevent the spread of sophisticated financial crimes that undermine the free market, the Yoon administration revived the "Joint Investigation Unit for Financial and Securities Crimes" at the Seoul Southern District Prosecutors' Office after its inauguration. Additionally, in July last year, the Financial Services Commission, prosecution, Financial Supervisory Service, and Korea Exchange jointly announced measures to strengthen detection and punishment of illegal short selling and to improve related systems, all of which were implemented within the year.

Regarding recent jeonse (long-term lease) fraud, during the cabinet meeting broadcast live on the 18th of this month, President Yoon stated, "There have been heartbreaking reports of recent jeonse fraud, which is a typical crime against the vulnerable, with victims being young future generations," and ordered special crackdowns and the preparation of victim relief measures to cabinet members.

Diplomatic Keywords: 'Freedom and Value Alliances'

Sales diplomacy is also being strengthened. At the Korea-U.S. summit with President Joe Biden just ten days after his inauguration, President Yoon introduced the new concept of economic security and enhanced economic cooperation. He has engaged in sales efforts in defense and nuclear power through bilateral meetings with various heads of state at international conferences. Since his January visits to the United Arab Emirates (UAE) and the World Economic Forum in Davos, he has led large economic delegations composed of corporate CEOs, accelerating exports and contract acquisitions.

In this process, he secured investments worth $30 billion (approximately 40 trillion KRW) and signed 48 memorandums of understanding (MOUs). Since then, President Yoon has voluntarily called himself "South Korea's No. 1 salesperson." In March, during his visit to Japan, he normalized exchanges between Korean and Japanese business communities, and during his recent state visit to the United States, he led the largest economic delegation since the Yoon administration's inception, consisting of 122 members, achieving results such as corporate exchanges and MOU signings between Korea and the U.S.

President Yoon Suk-yeol is applauded by House Speaker Kevin McCarthy (right rear) and U.S. Vice President Kamala Harris, the Senate President, during his speech at the joint session of the U.S. Congress held at the Capitol in Washington DC on the 27th (local time).
[Image source=Yonhap News]

President Yoon's love for "freedom" is even more emphasized on major diplomatic stages. In his inaugural address on May 10 last year, he mentioned freedom 35 times; in his keynote speech at the UN General Assembly in September last year, 21 times; and in his joint address to the U.S. Congress on the 27th (local time), 46 times. Considering that the UN General Assembly keynote lasted 11 minutes and the joint congressional address lasted 43 minutes, nearly every sentence included the word freedom.

President Yoon has emphasized that in the rapidly changing world order marked by U.S.-China conflicts, the Ukraine war, North Korea's nuclear and missile advancements, supply chain crises, and deepening bloc formations, South Korea's path must be solidarity based on universal foundations such as human rights, rule of law, peace, and freedom. Reflecting this, he attended the North Atlantic Treaty Organization (NATO) summit in June last year as the first Korean president to do so, and in November last year, during the Association of Southeast Asian Nations (ASEAN) meeting, announced an Indo-Pacific strategy based on mutual benefit. Since then, he has co-hosted the U.S.-led Democracy Summit, seeking leadership by aligning with liberal democratic countries. President Yoon's efforts to normalize relations with Japan despite recent public opinion downturns, while condemning the Ukraine war and opposing changes to the status quo in the Taiwan Strait, are also seen in this context.

President Yoon Suk-yeol is listening to the voices of children at the Christmas event with protected children and youth preparing for independence held at the Blue House Reception Hall on the 23rd.
[Image source=Yonhap News]

In Administration, Breaking Through Issues with Messages of 'Rule of Law and Protection of the Vulnerable'

In administration, "establishing constitutional order" is most emphasized. Despite major labor issues last year such as the Cargo Solidarity strike and illegal occupation by subcontractor unions at Daewoo Shipbuilding & Marine Engineering, President Yoon declared, "We will not compromise with illegal acts by militant unions that make it difficult for vulnerable laborers who cannot organize collectively," and brought these issues to an early conclusion.

In eradicating illegal acts by labor unions as part of labor reform, constitutional spirit and rule of law are emphasized. Considering labor opposition, President Yoon had not implemented measures such as transparency in union accounting and employment succession, but on the 17th, during a senior secretaries meeting, he instructed, "These violate the constitutional spirit. We will root them out."

President Yoon believes that leaving violations of the constitution and rule of law unchecked causes suffering to the people and risks the collapse of the national system. Regarding the recent rise in drug crimes involving drug-laced beverages and fentanyl, he stressed, "We must eradicate drug crimes that corrode the nation." Prior to this, despite the prosecution losing some investigative authority due to the passage of the Geomsu Wanbak law led by the Democratic Party, the prosecution restored drug investigations through enforcement ordinances.