First Cabinet Meeting After Overseas Trip: President Lee Says "Next Year's Budget to Catalyze Growth and Recovery Through Major Economic Transformation"

Calling for Bipartisan Cooperation on U.S. and Japan Trip Achievements
"I Will Personally Brief Party Leaders on the Outcomes"
On the Yellow Envelope Act: "Labor Organizations Must Also Embrace the Spirit of Mutual Growth"

President Lee Jae Myung is speaking at the temporary Cabinet meeting held on the 29th at the Yongsan Presidential Office building in Seoul. Photo by Yonhap News

On the 29th, President Lee Jae Myung identified "innovation in the industrial economy led by new technologies" and "an export-dependent economy vulnerable to external shocks" as the main challenges facing the Korean economy. He assessed, "Next year's budget proposal serves as a priming pump to simultaneously address these two challenges and to drive recovery and growth through a major economic transformation."

Presiding over a temporary Cabinet meeting at the Yongsan Presidential Office on this day, President Lee stated, "Our economy faces two simultaneous tasks: innovation in the industrial economy driven by new technologies, and improving our export-dependent economy, which is vulnerable to external shocks." He emphasized that this is a time when an active fiscal role is necessary. President Lee explained, "We cannot make the mistake of leaving the field fallow simply because we lack enough seeds. It is only reasonable and common sense to borrow seeds if necessary and sow them to prepare for farming."

President Lee also stressed that bipartisan cooperation is essential to build on the achievements of his recent six-day, three-night visits to the United States and Japan, which concluded on the 28th. He remarked, "Diplomacy is ultimately conducted by people, and to protect our national interests, we must win hearts. Based on the warm trust established during this trip, we will safeguard our national interests and further expand cooperation with neighboring countries."

He continued, "To carry forward the achievements of this trip, bipartisan cooperation must be ensured. On matters of diplomacy and national interests, I hope there will be no dissenting voices. I will do my best to arrange a meeting with the leadership of both the ruling and opposition parties as soon as possible to directly explain the outcomes of the trip and discuss ways to cooperate."

Regarding the recently passed "Yellow Envelope Act" (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act), President Lee pointed out that the labor sector also needs to embrace the spirit of mutual coexistence. He appealed, "The true purpose of the Yellow Envelope Act is to promote mutual respect and cooperation between labor and management. I earnestly ask the labor sector to demonstrate the spirit of coexistence and, as responsible economic actors, to join efforts for the development of the national economy."

He added, "Korea must now meet international standards and levels in all fields. I hope that thorough follow-up measures will be prepared to ensure the system is firmly established on the ground."