Kwon Seongdong: "The Democratic Party’s Sadistic Anti-Business Politics"
Ruling Party Presidential Hopefuls Join in Criticizing Lee
Ahn: "Ignorance" · Yoo: "Fantasy" · Han: "South American-Style Dictatorship"
The People Power Party (PPP) has been intensifying its offensive against Lee Jae-myung, leader of the Democratic Party of Korea, regarding his recent proposal for a Korean-style Nvidia model based on government equity investment. While emphasizing the importance of creating a corporate ecosystem through improving the startup and research and development (R&D) environment for artificial intelligence (AI) companies, the move appears to be a strategic step to push through economic and security legislation such as the Semiconductor Special Act, which includes exceptions to the 52-hour workweek, inheritance tax reductions, and the National Security Act.
On the 6th, PPP floor leader Kwon Seong-dong and Policy Committee Chairman Kim Sang-hoon, among other party leaders, held an 'On-site Meeting for AI G3 Leap' at LG AI Research Institute to listen to the difficulties faced by researchers.
The PPP expressed the view that infrastructure support for fostering the AI corporate ecosystem should be expanded, rather than adopting Lee Jae-myung’s approach of securing equity through national or public funds.
Floor leader Kwon said, "Thanks to the dedication and efforts of many entrepreneurs here, we are gradually establishing ourselves as a strong AI nation. The capabilities of our entrepreneurs and technicians are world-class," adding, "However, political support remains insufficient and inadequate. We will actively cooperate with the government to improve necessary regulations and provide budget support."
Chairman Kim also stated, "The government is considering budget allocations related to supporting future strategic industries such as the AI industry, and the PPP is requesting the government to allocate supplementary budgets in line with this direction," adding, "Regarding the AI industry, we are demanding a budget allocation larger than this year’s main budget of 1.8 trillion won."
The PPP leadership also stepped up its criticism of Lee’s Korean Nvidia model. Before visiting the LG AI Research Institute, floor leader Kwon criticized at the PPP emergency committee meeting held at the National Assembly that day, "The Democratic Party has shown extreme anti-business behavior by deleting the 52-hour workweek exception clause in the Semiconductor Act, opposing inheritance tax cuts, pushing through the Yellow Envelope Act, and claiming 30% public ownership of K-Nvidia shares," adding, "The Democratic Party’s sadistic anti-business politics can hardly be called anything else but sadism."
After the meeting, floor leader Kwon told reporters that regarding Lee’s statement about creating a 50 trillion won national fund, "If you want to receive funds from the public, the company’s chances of success must be high," and criticized, "If the investment is insisted upon and fails, it is unclear who would be held responsible."
He continued, "For this reason, I think it will be difficult to create a national fund at the startup or early development stage," emphasizing, "It is much more effective for companies to voluntarily invest and support themselves."
Figures within the ruling party, classified as potential presidential candidates, have also attacked Lee, arguing that in order to respond to the AI era, the government should invest in infrastructure such as regulatory reform, power grid expansion, and graphic processing unit (GPU) purchases, and create a foundation for companies to operate and grow independently. They have expressed willingness to actively participate in discussions related to Lee’s proposed K-Nvidia model within the ruling party.
Ahn Cheol-soo, chairman of the PPP’s Special Committee for AI’s Leap to a G3 Nation, criticized, "Lee’s remarks are a product of ignorance, not knowing about Korea’s AI ecosystem or the origins and growth of Taiwan’s TSMC and America’s Nvidia, and just trying to make a splash with the trendy term Nvidia."
Former lawmaker Yoo Seung-min also attacked the day before, saying, "'A company like Nvidia emerges' is the same fantasy as 'I have a magic wand.'"
Former leader Han Dong-hoon also harshly criticized at a book concert on the same day, saying, "(If the public owns 30% of the shares) why would a company like Nvidia emerge here?" and added, "Isn’t this like the nationalization by South American dictatorships?"
Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the 'Democratic Party of Korea-Korea Economic Association Economic Revitalization Livelihood Economy Meeting' held at the National Assembly on the 5th. 2025.3.5 Photo by Kim Hyun-min
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