[General Election Candidates]⑩ Samsung's Godongjin VS Hyundai's Gong Youngwoon... 'Economic Expert' Showdown

Lee Jae-sung Captivates Youth... Semiconductor Expert Lee Chang-han
Yoon Hee-sook, Lee Hye-hoon and Other Incumbent 'Economic Experts' Make Comebacks

Editor's NoteThe political landscape for the 22nd general election has officially begun. Public sentiment remains shrouded in uncertainty. Unexpected variables have emerged, such as the assault on Lee Jae-myung, leader of the Democratic Party of Korea. Both ruling and opposition parties are rapidly moving into the nomination phase. Voters are observing the nomination process to judge whether reform will take place. They evaluate the 'direction' and 'figures' that political parties aim for. Political parties do not only innovate; sometimes they regress. Since this election is about choosing representatives of the people for the next four years, it is crucial to scrutinize the candidates carefully. We have compiled candidates by major fields and generations: ① Presidential Office ② Bureaucrats ③ Legal and Police ④ Military ⑤ Incumbent Face-offs ⑥ Old Boys (OB) ⑦ 20s and 30s Generation ⑧ Senior Lawmakers ⑨ Second and Third Generation Politicians ⑩ Businesspeople

One of the words frequently mentioned by politicians is 'livelihood economy.' However, it is rare to see ruling and opposition parties come together to discuss economic recovery. In this general election, there are 'economic experts' who have thrown their hats into the ring, promising new politics. From business leaders who have headed the 'Big Four' conglomerates to experts in the Fourth Industrial Revolution and semiconductor troubleshooters, they are stepping up.

Samsung's Ko Dong-jin - Hyundai's Gong Young-woon... Challengers from the 'Big Four' Conglomerates

First, attention is drawn to former Samsung Electronics President Ko Dong-jin, who joined the People Power Party, and former Hyundai Motor Company executive Gong Young-woon, who joined the Democratic Party of Korea. Their recruitment announcements were made on the same day, creating an intriguing 'face-off' scenario.

Ko Dong-jin was born in 1961 in Seoul and graduated from Kyungseong High School and Sungkyunkwan University with a degree in Industrial Engineering. He joined Samsung Electronics as a regular employee in 1984 and rose to become CEO of the Mobile (IM) division. The 'Galaxy Note' series, which he planned while leading the Wireless Business Development Management Team, became a huge success and is known in the industry as the 'Galaxy Myth.' Within the company, he is known for his straightforward personality and earned the nickname 'Communication King.' Initially, it was expected that he would run in 'Gyeonggi Suwon Mu,' where Samsung Electronics headquarters is located, but there has been ongoing speculation about him running as a proportional representative or receiving a strategic nomination.

On the left are Lee Jae-myung, leader of the Democratic Party of Korea, and Gong Young-woon, former president of Hyundai Motor Company. On the right are Han Dong-hoon, emergency response committee chairman of the People Power Party, and Ko Dong-jin, former president of Samsung Electronics.
[Image source=Yonhap News]

The Democratic Party recruited former Hyundai Motor executive Gong Young-woon. Within the party, he is expected to take over the position of Representative Hong Sung-guk, who recently announced he would not run, and lead 'economic policy production.' He plans to run in a metropolitan area district. Gong said, "I was deeply shocked to see last year's economic growth rate fall to 1.4%. For future generations, I want to play a role in leading qualitative growth at around 3%."

'Innovative Economy Leader' Lee Jae-sung... 'Semiconductor Expert' Lee Chang-han

Lee Jae-myung, leader of the Democratic Party of Korea, shakes hands with Lee Jae-sung, a former NCSoft entrepreneur and the party's 'No. 2 general election recruitment talent,' at the National Assembly on the 14th. Photo by Kim Hyun-min kimhyun81@

Lee Jae-sung, a 'Fourth Industrial Revolution expert' who joined the Democratic Party, is also gaining prominence. He is from Busan and graduated from Seoul National University with a degree in Computational Statistics. After starting his career at Hansol PCS, he served as director at Netmarble and CEO of NCSoft Services, holding executive positions in software companies for 15 years. He also served as CEO of the autonomous driving startup Saesol Tech.

On the 14th of last month, shortly after the talent recruitment announcement, he expressed his intention to run in 'Busan Saha-eul,' a district held by five-term People Power Party lawmaker Cho Kyung-tae. On the 23rd of last month, he was responsible for announcing the Democratic Party's first general election platform, proposing pledges such as 'e-sports promotion.' This aligns with his vision for Busan, aiming to make it an 'e-sports sanctuary' in conjunction with the opening of the new Gadeokdo Airport. He is also very interested in 'closing the gap.' To address educational disparities between eastern and western Busan, he served as the inaugural base commander of Aloysius Base 1968, which was established by reviving a closed school. He has set 'closing the gap' as a legislative goal. In a phone interview with Asia Economy, he stated, "This time, I want to work not only on educational disparities but also on resolving overall disparities in East Busan."

Lee Chang-han, former Vice Chairman of the Semiconductor Association and the first recruited talent of Korea's Hope, is taking a commemorative photo at the Korea's Hope party admission welcome ceremony held at the National Assembly Communication Hall on the 30th. From left: Yang Hyang-ja, Korea's Hope representative; former Vice Chairman Lee; Lee Jun-seok, Reform New Party representative. Photo by Kim Hyun-min kimhyun81@

In the third zone, former Semiconductor Association Vice Chairman Lee Chang-han, a 'semiconductor expert,' has entered the race. Lawmaker Yang Hyang-ja, known as a 'semiconductor troubleshooter,' personally led his recruitment, and he joined Korea's Hope (Reform New Party) on the 30th of last month. Lee is from Yeongi County, Chungnam (now Sejong City), graduated from Seoul Jungang High School and Seoul National University with a degree in Mechanical Engineering. After entering public service through the technical civil service exam, he worked at the Patent Office, Ministry of Industry and Resources, Ministry of Knowledge Economy, and Ministry of Science, ICT and Future Planning.

When asked how he plans to apply his experience in the semiconductor field to his legislative activities, he expressed concern that "our country's potential growth rate is falling sharply, but the systems and institutions supporting innovative technologies are not creative." He added, "Corporate growth should be promoted through a healthy and productive virtuous cycle of capital. I want to consolidate the numerous industrial support laws into a comprehensive bill." He stated that he will follow the party's decision regarding his method of candidacy.

Incumbents Signal Comebacks... Expertise Plus Experience

Former People Power Party lawmaker Yoon Hee-sook. Photo by Yoon Dong-joo doso7@

The return bids of incumbent 'economic experts' are also noteworthy.

First, former People Power Party lawmaker Yoon Hee-sook declared her candidacy for Seoul Jung-seongdong Gap district. She is a Korea Development Institute (KDI) alumna and is regarded as an expert with a high level of understanding and insight into economic issues. Her five-minute speech at the National Assembly plenary session in July 2020, which began with the sentence "I am a tenant," is still widely remembered. It was praised for logically exposing the flaws of the 'Three Lease Laws' led by the Democratic Party without using provocative language.

Opinions on her voluntary resignation from the National Assembly are somewhat divided. She won the Seoul Seocho Gap district as a member of the United Future Party in the 21st general election. However, controversy arose over her father's real estate speculation allegations, and in August 2021, she voluntarily resigned after requesting an investigation. The police closed the case with no charges, and Yoon sold all the disputed farmland and donated the profits to the Community Chest of Korea.

The Jung-seongdong Gap district, where she has launched her comeback, has been a tough battleground for the ruling party, held by the Democratic Party for 12 years since the 19th general election. Yoon has targeted former presidential secretary Im Jong-seok, who has registered as a preliminary candidate, by promoting a 'cleansing of the activist faction' narrative.

Former People Power Party lawmaker Lee Hye-hoon. Photo by Dongju Yoon doso7@

Former People Power Party lawmaker Lee Hye-hoon has also declared her candidacy for Seoul Jung-seongdong district. She was an economics professor at the University of Leicester in the UK and, like Yoon, worked as a research fellow at KDI. She is known to have learned politics by assisting her late father-in-law, former Minister of the Interior Kim Tae-ho, and ran as the first female planned candidate of the Grand National Party in Seoul Seocho Gap during the 17th general election, serving three terms.

During the Lee Myung-bak (MB) administration, despite being a member of the ruling party, she was a principled critic who called the government's tax cut policies 'pro-chaebol policies.' She is also recognized for her drive, having successfully pushed through amendments to the Securities Transaction Tax Act after being tied up for two years on the Legislation and Judiciary Committee during her second term. In her candidacy announcement, she stated, "I will pour all my capabilities and experience accumulated as a three-term lawmaker, National Assembly standing committee chair, budget expert, Ph.D. in economics, and economic expert from leading research institutes in the U.S. and Korea."