President Lee: "Financial Firms Should Focus on Investment, Not Easy Mortgage Interest Gains"

Video of Foreign Worker Tied to Forklift Goes Viral
President Lee: "A Very Serious Crime"

President Lee Jae Myung is speaking at the 5th Chief Secretary and Aide Meeting held on the 24th at the Yongsan Presidential Office Building in Seoul. Photo by Yonhap News

On July 24, President Lee Jaemyung issued a warning to domestic financial institutions, stating, "Instead of clinging to easy interest gains through home mortgage loans, I hope you will also pay attention to expanding investments."

President Lee made these remarks while presiding over a senior aides' meeting at the presidential office in Yongsan on the same day. He said, "Only then can the pie of the national economy grow, and financial institutions themselves will be able to grow and develop in a sound manner." He also requested, "Please take measures so that each ministry pays special attention to promoting corporate investment, revitalizing the capital market, and thereby increasing national income."

President Lee's comments came amid forecasts that the four major financial holding groups (KB, Shinhan, Hana, Woori) will achieve record-high performance this year. According to financial information provider FnGuide, the four major financial holding groups are expected to record a net profit of 9.9498 trillion won in the first half of this year. This represents a 6.5% increase from the previous year and is the highest ever for a half-year period.

President Lee further stated, "For the national economy to thrive, companies must survive, and for companies to survive, more citizens must invest." He argued, "In this regard, improvements to the capital market system have a dual effect: they promote investment in innovative new-growth companies and also increase the income of ordinary individual investors." He added, "In particular, the reform of the dividend income tax system needs to be discussed from this perspective."

Video of Foreign Worker on Forklift Spreads... Lee: "A Very Serious Crime"

President Lee Jae Myung is presiding over the 5th Senior Secretary and Aide Meeting held on the 24th at the Yongsan Presidential Office Building in Seoul. Photo by Yonhap News

President Lee also commented on a recent video showing a foreign worker being tied to and lifted by a forklift. He said, "It is truly concerning to think about how people around the world will view Korea after seeing such scenes," and pointed out, "Discrimination and violence are very serious crimes." President Lee emphasized, "We must respond thoroughly to ensure that acts of violence and human rights violations against the socially vulnerable never happen again."

Previously, a video was posted on YouTube and other platforms showing a Sri Lankan worker being tied with plastic wrap and moved by a forklift at a brick manufacturing plant in Naju, Jeollanam-do.

President Lee also called for public officials to abandon the passive attitude known as 'Bokjibudong' (bureaucratic inertia). He criticized, "Whenever there is a change of administration, even reasonable administrative actions often become the target of excessive audits or investigations. As a result, the public sector tries to do nothing except for routine tasks." He added, "These days, it is not just 'Bokjibudong' but 'Nakjibudong' (like an octopus stuck and never letting go)," making a pointed remark.

He instructed the participating senior aides to change organizational culture and systems so that public officials can work proactively, and to ensure that politically motivated audits or investigations never occur.

Meanwhile, regarding discipline among public officials, President Lee stated, "If reports are made carelessly, omitted, distorted, manipulated, or falsified, decision-making will be distorted." He continued, "Make sure that false reports, exaggerated or manipulated reports, and omissions do not occur, and respond to such cases with utmost strictness."