Announcement of Six Major Economic Policies
Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, stated on the 17th, "I will restore stalled economic growth, usher in a new era of genuine economic advancement through a major economic leap, and make South Korea one of the world's top five economic powers."
Lee Jae Myung, the Democratic Party presidential candidate, is giving a speech appealing for support at a campaign rally held on the 16th at the old city hall square in Gunsan, Jeonbuk. Photo by Yonhap News Agency Joint Coverage Team
In his economic policy statement released on social networking services (SNS) that day, Lee said, "The South Korean economy is in crisis. I will overcome fake growth," making these remarks.
He diagnosed, "The crisis in the South Korean economy stems from an obsession with 'fake growth.' The Lee Myung Bak administration poured enormous budgets into the Four Major Rivers Project, an unprincipled civil engineering project, but the economic stimulus effect was minimal, and only a few reaped the benefits. The Park Geun Hye administration focused on the policy of 'buying homes with borrowed money,' causing resources that should have been invested in technological development to be funneled into real estate, and young people became burdened with debt."
He further criticized, "The Yoon Suk Yeol administration excluded small and medium-sized enterprises, the middle class, and ordinary people from growth by implementing tax cuts for large corporations and the wealthy. Policies centered on the Seoul metropolitan area hindered regional growth, and by labeling scientists and engineers as a cartel, even the seeds of cutting-edge technology were trampled." He directly criticized the 'fake growth' trend that continued through the Lee Myung Bak, Park Geun Hye, and Yoon Suk Yeol administrations.
He emphasized, "I will create a 'real Korea, an era of real growth' through sustainable growth rather than short-term stimulus, growth that can be tangibly felt rather than just numbers, and growth led by cutting-edge technologies with overwhelming advantages."
His six specific economic policies include: ▲ ushering in an era of 100 trillion won in AI investment ▲ fostering global high-tech enterprises ▲ creating a 40 trillion won venture investment market ▲ building a West Coast offshore power grid by 2030 ▲ expanding the national cultural budget to boost content technology (R&D) and policy finance support ▲ and promoting region-led growth.
In particular, regarding AI, he reiterated his previously announced commitment to invest 100 trillion won. Lee explained, "The government will significantly increase its budget to serve as a catalyst for private investment. We will expand and integrate not only general-purpose AI but also industry-specific AI, achieving a technology-driven AI industrial revolution across all sectors, including industry, culture, national defense, and energy."
He also pledged to expand research and development (R&D) led by the private sector to foster global high-tech enterprises.
Regarding the creation of a venture investment market, he added, "We will transform small and medium-sized enterprises into intelligent and autonomous factories, promote customized AI-driven manufacturing innovation based on manufacturing data, support the digital transformation of foundational industries, secure future technologies linked to advanced strategic industries, and foster manufacturing SMEs that attract top talent."
On the construction of the West Coast offshore power grid, he explained that he would establish a dense power network as an 'energy superhighway.' He also expressed his intention to revitalize local economies by expanding solar and wind energy dividends in regions at risk of extinction.
In the cultural sector, he stated, "We will fully support the global expansion of K-pop, K-drama (movies), K-food, K-beauty, K-webtoons, and K-games, opening an era where the K-culture market reaches 300 trillion won. We will provide artists with creative funds and spaces so they can focus solely on creative activities, and we will significantly expand the national cultural budget to boost content technology (R&D) and policy finance support."
He also presented a blueprint to change the economic paradigm through region-led growth. Lee said, "We will realize an industrial renaissance in the Busan-Ulsan-Gyeongnam and Honam, and southern manufacturing belts. The Honam region will be fostered as a leading AI hub and become the center of eco-friendly and future industries such as renewable energy and white bio." He further emphasized, "The central region will be developed as a core area for science-based, technology-driven growth, while the Gangwon and Jeju regions will be nurtured as tourism capitals."
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