People Power Party Visits LG After POSCO
Democratic Party Meets Korea Economic Association for Industry Feedback
Accelerating Efforts for Livelihood Amid Early Presidential Election Mode
As the possibility of an early presidential election in May is being raised, both ruling and opposition parties are accelerating their visits to industrial sites. Simply staging scenes of listening to the voices of the industry is advantageous for enhancing the image of a party that cares about the economy.
On the 5th, Kwon Seong-dong, the floor leader, Kim Sang-hoon, the chairman of the Policy Committee, and other leaders of the People Power Party visited Pohang, Gyeongbuk, and held an on-site meeting with POSCO and the Korea Iron & Steel Association. They examined the situation faced by the steel industry, such as rising trade barriers since the inauguration of the Trump administration in the U.S. and price declines due to oversupply from China, and discussed ways to overcome the crisis. On the 6th, they will visit LG Artificial Intelligence (AI) Research Institute in Gangseo-gu, Seoul, to hear the voices of the AI industry. In addition to LG AI Research Institute, they plan to communicate with major companies such as SK Telecom and Kakao about the current status of the industry and support measures.
The People Power Party has recently been visiting industrial sites one after another. The party leadership visited semiconductor manufacturing companies on the 19th and 28th of last month to listen to their difficulties. They emphasized the prompt passage of the Semiconductor Special Act, including the exemption clause for R&D personnel from the 52-hour workweek.
The Democratic Party of Korea is also maintaining contact with the industry. On the same day in the afternoon, Lee Jae-myung, the party leader, will meet with the Korea Economic Association (HanKyungHyup) at the National Assembly in Yeouido to hear the economic sector's stories. A party official said, "Since the association requested the meeting, it is expected that many opinions from HanKyungHyup will be heard."
HanKyungHyup has voiced opinions on industrial-related bills discussed in the National Assembly, such as the three energy laws and the 'K-Chips Act' (Amendment to the Restriction of Special Taxation Act), so it is expected that they will also convey opinions on the Commercial Act amendment and the Semiconductor Special Act. On the 27th, they gathered with businesspeople to devise countermeasures against the Trump administration's trade policies.
With the possibility of an early presidential election emerging, both ruling and opposition parties are speeding up their efforts to support businesses. As the impeachment trial verdict on President Yoon Seok-yeol approaches, the political scene in Yeouido views this as effectively the 'preliminary battle' before the presidential election centered on economic issues.
Within the ruling party, voices are emerging that it is necessary to highlight economic-focused activities to appeal to the centrist voters. A member of the People Power Party said, "The opposition is showing efforts for people's livelihood, but we are giving the public the impression that we are too focused on street politics," adding, "Since people's livelihoods are difficult, as the ruling party, we need to show a strong drive for people's livelihood."
Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the Supreme Council meeting held at the National Assembly on the 5th. 2025.3.5. Photo by Kim Hyun-min
From the opposition's perspective, it is analyzed that actions supporting Lee Jae-myung's rightward strategy are necessary. This is to block the ruling party's offensive calling the Democratic Party's pro-business moves 'Yangduguyuk' (羊頭狗肉, literally 'sheep's head, dog's meat,' meaning deceptive appearances). Lee is actively meeting with economic organizations opposing opposition-led policies such as the Semiconductor Special Act excluding the 52-hour workweek exemption clause and the Commercial Act amendment, aiming to preempt the image of an 'economic problem solver' or 'conflict mediator.'
Although Lee faced heavy criticism from the ruling party for his 'K-Nvidia' remark proposing that all citizens share the shares of a Korean version of Nvidia, he is making a frontal breakthrough with his AI industry growth theory. At the party's Supreme Council meeting that day, Lee emphasized, "(Regarding K-Nvidia) The level of knowledge that talks about communism and socialism cannot overcome the waves of these turbulent times," adding, "National-level investment in future advanced industries and the AI sector is absolutely necessary."
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