President Lee Orders Swift Establishment of Comprehensive Government Plan to Raise Potential Growth Rate

Presiding Over Cabinet Meeting to Discuss National Growth Strategy
Keynote Speech Scheduled at UN General Assembly on the 23rd

On September 2, President Lee Jaemyung presided over a Cabinet meeting at the Yongsan presidential office regarding the national growth strategy. He instructed the government to swiftly establish a comprehensive, cross-government plan to raise the country’s potential growth rate, which has fallen to around 1%.

Yonhap News Agency

On this day, President Lee received work reports from related ministries, including the Ministry of Economy and Finance, the Ministry of Science and ICT, and the Ministry of the Interior and Safety, and discussed the national growth strategy. President Lee stated, "Industrial production, consumption, and facility investment have all shifted to an upward trend, and retail sales, boosted by consumption coupons, saw their largest increase in 29 months." However, he added, "Unless we raise the potential growth rate, any policy will only have a fleeting effect."

President Lee called for the preparation of a comprehensive plan that encompasses support for innovation in new technologies, regulatory reform, industrial restructuring, and talent development, with proactive fiscal policy and productive finance serving as the two main driving forces. He particularly emphasized, "Do not be bound by any constraints, and I hope you will prepare bold solutions."

Additionally, regarding the amendments to the Commercial Act and the so-called Yellow Envelope Law (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act) included in the Cabinet's legislative promulgation agenda, President Lee said, "As I often say, a bird flies with both wings. Both business and labor are important." He continued, "We must not take sides. In trying to straighten a cow’s horn, we must not make the mistake of killing the cow," referencing the Korean proverb "gyogaksalwoo."

Yonhap News Agency

Meanwhile, President Lee will deliver a keynote address at the 80th United Nations (UN) General Assembly to be held in New York, United States, on September 23. On September 24, in his capacity as president of the UN Security Council, he will directly preside over an open debate on artificial intelligence (AI) and international peace and security. This marks the first time a South Korean president will do so, as Korea takes on the role of Security Council president for the month of September.

Kang Yoojeong, spokesperson for the presidential office, announced in a briefing, "President Lee will attend the high-level meeting of the 80th UN General Assembly to be held in New York on September 23." President Lee is scheduled to appear as the seventh keynote speaker during the first session, which will take place between 9:00 a.m. and 2:45 p.m. local time on September 23, and will deliver a 15-minute speech.

The UN General Assembly is the world's largest multilateral diplomatic stage, held annually for one week starting on the third Tuesday of September, with the participation of heads of state and senior officials from all 193 member countries. Spokesperson Kang stated, "We plan to carry out a variety of diplomatic activities to strengthen solidarity with the international community and elevate Korea's status as a globally responsible nation."