Party and Government Discuss Lee Jaemyung Administration's Economic Growth Strategy: "Strategic Fostering of New Growth Engines"

Discussion of New Growth Strategy at Party-Government Consultation
Emphasis on Technology Investment and Industrial Innovation
Goal to Secure 50,000 GPUs by 2030

On August 20, the Democratic Party of Korea and the government held a party-government consultation to discuss the economic growth direction of the Lee Jaemyung administration through artificial intelligence (AI) and a super-innovation economy. The focus was on creating a sustainable future through growth driven by technological development.

At the National Assembly, the party-government consultation was attended by Kim Byunggi, floor leader of the Democratic Party, Han Jeongae, chair of the Democratic Party's Policy Committee, and other members of the party's policy leadership, as well as Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol, Minister of Science and ICT Bae Kyunghoon, and other government officials. They discussed the new government's economic growth strategy.

Regarding the Lee Jaemyung administration's economic strategy, Floor Leader Kim stated, "The core of the Lee Jaemyung government's economic growth strategy is that technology drives growth, all citizens share in the results, and a sustainable future is built on a foundation of fairness. The government must boldly invest in technology in cooperation with businesses, and the private sector should use this as a springboard to accelerate industrial innovation. All economic actors must collaborate and converge." He emphasized, "The Democratic Party and the government will make the dream of becoming one of the world's top three AI powers, achieving a 3% potential growth rate, and joining the world's top five economies a reality."

On the 20th, Kim Byunggi, the floor leader of the Democratic Party of Korea, is speaking at the party-government consultation on the new government's economic growth strategy held at the National Assembly Members' Office Building in Yeouido, Seoul. Photo by Yonhap News

The importance of AI was also highlighted. Floor Leader Kim said, "The era of AI transformation is an era of opportunity for us," and added, "We must achieve sustainable growth through AI and a super-innovation economy."

Policy Committee Chair Han stated, "For Korea to overcome internal and external economic challenges and make a new leap forward, a new growth engine is necessary," adding, "The strategic fostering of new growth engine industries is an urgent task for us." He continued, "I believe the new government's economic growth strategy will transform our economy into an innovation-driven one and lay the foundation for sustainable growth," and pledged, "The Democratic Party will give its full support to ensure the Lee Jaemyung administration's economic growth strategy proceeds smoothly."

Deputy Prime Minister Koo said, "Recently, Korea's potential growth rate has been declining rapidly, and the old formula for success has reached its limits. The government has developed a new economic growth strategy to transform Korea's economy from a catch-up model to a leading one, realizing genuine growth where national development and citizens' happiness form a virtuous cycle." He added, "If even some of the super-innovation items prepared by the government succeed, I believe Korea's economy will enter a new phase of growth. If everyone joins forces for this major economic transformation, the government will also do its utmost to deliver results as quickly as possible."

Minister Bae stated, "The Ministry of Science and ICT will treat the goals of becoming one of the world's top three AI powers and top five science and technology powers not as mere slogans but as national objectives, and will do everything possible for Korea's genuine growth." He continued, "To achieve the leap to one of the top three AI powers, we will focus on three core tasks: building an AI superhighway, developing next-generation AI technologies, and securing top AI talent." He added, "By 2030, we will secure more than 50,000 advanced GPUs and support the expansion of the open-source ecosystem by developing world-class proprietary AI foundation models. We will also proactively support the development of domestic microprocessor units (MPUs), artificial general intelligence (AGI), and physical AI technologies, which are key to next-generation AI competition. In addition, we will work to attract top-tier overseas talent and create an environment where domestic talent can grow stably, strengthening both the cultivation and retention of talent."