Lee: "We must ensure the momentum of consumption recovery does not stop"
President Lee Jae Myung is speaking at the Senior Secretary Meeting held at the Yongsan Presidential Office on the 14th. Photo by Yonhap News
On the 14th, President Lee Jae Myung stated, "I believe a second round of domestic demand stimulus may be necessary," adding, "To establish a stable foundation for growth amid rapidly changing trade dynamics, strategies to revive consumption and foster the domestic market are essential." This is interpreted as a call for new measures to stimulate domestic demand, following the second supplementary budget, which included the livelihood recovery consumption coupon initiative.
President Lee made these remarks while presiding over a Senior Secretary Meeting at the Yongsan Presidential Office on the same day. He said, "The effects of the livelihood recovery consumption coupons are gradually becoming visible," and urged, "We must ensure that this momentum in consumption recovery does not come to a halt." He emphasized, "In particular, I hope that more citizens will participate in the pan-government initiative to revitalize and support local regions."
On July 5, President Lee passed a supplementary budget of 31.8 trillion won at a Cabinet meeting, which included the livelihood recovery consumption coupon policy. Distribution of the coupons began on July 21. Regarding this, President Lee noted, "The consumer sentiment index in July reportedly reached its highest level in four years," and assessed, "It is said that 55.8% of small business owners saw an increase in sales."
President Lee also instructed, "Please proactively devise measures to boost domestic demand by utilizing the long Chuseok holiday in October and the year-end Asia-Pacific Economic Cooperation (APEC) summit."
Lee: "Swiftly establish comprehensive measures for the embattled petrochemical industry"
President Lee Jae Myung is entering the Senior Secretary Meeting at the Yongsan Presidential Office on the 14th. Photo by Yonhap News
President Lee also addressed the crisis facing the domestic petrochemical industry. He stated, "We are all aware that the petrochemical sector, one of our core industries, is facing a significant crisis," analyzing that "major companies are experiencing severe management difficulties due to sluggish global demand and supply glut stemming from China."
President Lee continued, "While creating growth engines for new industries, we must not abandon traditional industries in which we have strengths," and added, "We also need to focus on restoring the competitiveness of these traditional sectors." He requested, "Relevant ministries should promptly prepare restructuring and comprehensive measures for the petrochemical industry. I also ask related companies to participate with a sense of responsibility."
Meanwhile, regarding the heavy rainfall concentrated in the Seoul metropolitan area, President Lee pointed out, "Extreme downpours and severe droughts are becoming increasingly frequent," and stressed, "Climate issues have now become a matter for the entire nation and a critical national task that requires immediate action." He asserted, "It is time to completely rebuild the national response system for each type of disaster," and called for "step-by-step manuals, infrastructure improvements, and increased budget allocation throughout the prevention, response, and recovery stages."
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