Kim Dong-yeon "Leading Two-Track Approach to Resolve Political Uncertainty and Revive Economy"

Gyeonggi Province Governor Kim Dong-yeon expressed his intention to take the lead in both "resolving political uncertainty" and "reviving the economy" as two parallel tracks.

On the 10th, Governor Kim attended the "Semiconductor Cluster Forum" held in Pangyo and stated, "In these extraordinary times, politics must not hinder the economy. While doing our utmost to promptly resolve political uncertainty, there must be no disruption in fostering our future growth industries such as semiconductors, bio, advanced mobility, AI big data, which are our core industries, and in taking care of people’s livelihoods." He emphasized that he would simultaneously pursue "resolving political uncertainty" and "reviving the economy."

Regarding "reviving the economy," Governor Kim said, "The semiconductor industry, which Korea proudly boasts, is a key strategic industry responsible for 20% of exports and 42% of facility investments, serving as a pillar of our economy." He added, "In an urgent letter I sent to over 2,500 global leaders, I declared Gyeonggi Province’s commitment to fulfilling its external promises without fail. Through this trust, we will protect and nurture our semiconductor industry, which is currently mired in uncertainty."

Furthermore, Governor Kim presented three major visions to "protect and nurture" the semiconductor industry.

Gyeonggi Province Governor Kim Dong-yeon is taking a commemorative photo with participants at the Semiconductor Cluster Forum held in Pangyo on the 10th. Photo by Gyeonggi Provincial Government

First, he introduced achievements by saying, "Over the past two years, Gyeonggi Province and I have successfully attracted semiconductor industry investments totaling 34.5 trillion won, and we have brought all four of the world’s top semiconductor equipment companies’ R&D centers to Gyeonggi Province." He continued, "In late October, I visited ASM and ASML, the world’s top semiconductor equipment companies, and especially secured a promise from ASM to purchase 3 trillion won worth of raw materials and goods from Gyeonggi’s partner companies."

He also emphasized, "Gyeonggi Province has already established the G-Fund worth 1.2 trillion won to foster future industries." He added, "We will focus on financial support, infrastructure development, and renewable energy supply through this fund to intensively nurture system semiconductors."

Moreover, he noted, "Leading semiconductor companies, including ASM and ASML, consider water supply, power supply, and especially workforce expansion as the most critical issues." He stated, "Gyeonggi Province aims to cultivate 2,000 creative talents this year tailored to industrial field demands. We will do our best to actively support this."

Regarding economic revival, Governor Kim lamented, "Amid hegemonism, protectionism, and nationalism, with the election of President Trump and North Korea’s involvement in Ukraine, the international economic order has completely changed. In this situation, President Yoon Seok-yeol’s card was not livelihood, economy, or industrial measures, but an unconstitutional emergency martial law." He continued, "(As a result) the exchange rate soared to its highest level, and our stock market recorded over 1 trillion won in net foreign selling in just 2 to 3 days. An absurd situation occurred where the president became the source of ‘Sell Korea’ and ‘Korea Discount,’ and global external credibility is now shaking."

Therefore, he promised, "As long as political turmoil shakes our economy, the two are not separate. I will actively take the lead in ‘resolving political uncertainty’ and ‘reviving the economy.’"