"Completely Reexamine Industrial Policy from A to Z"
President Lee Orders Thorough Measures for Grocery Price Stabilization
Calls for Improvements in the Distribution Structure of Agricultural and Fisheries Products
On September 4, President Lee emphasized that a renewed leap in the manufacturing sector, which serves as the foundation of the economy, is essential to establish a basis for sustainable growth. He called for accelerating the development of the "K-Manufacturing Renaissance Plan," not only to keep up quickly and effectively but also to pioneer and lead areas that overseas companies have yet to reach.
That day, presiding over a senior aides’ meeting at the presidential office in Yongsan, President Lee stated, "One of the most important tasks of our government is to lay the groundwork for sustainable growth by raising the potential growth rate," and gave these instructions. He added, "The Republic of Korea is a global manufacturing powerhouse with competitiveness across various sectors," but stressed that the country can no longer remain complacent with past success strategies in the face of serious challenges such as the pursuit of latecomer nations, advances in artificial intelligence technology, and the reorganization of trade order.
President Lee further stated, "We must completely reexamine industrial policy from A to Z to align with the new rules of the game," and called on all ministries to work together to formulate a comprehensive K-Manufacturing Renaissance Strategy. He emphasized that this strategy should encompass innovation in fiscal, tax, and regulatory areas, with a focus on the AI transformation, fostering next-generation growth industries, and improving the structure of vulnerable sectors.
In addition, ahead of the Chuseok holiday, President Lee instructed that thorough measures be prepared to stabilize grocery prices. "Although it is fortunate that the overall consumer price index remained in the 1% range last month, prices of agricultural, livestock, and fisheries products rose by about 4.8% compared to last year," he noted, adding, "Unprecedented abnormal weather conditions are causing significant concern over grocery prices."
In particular, President Lee said, "With about a month left before Chuseok, relevant ministries must act carefully and proactively to prevent further price instability," and requested that detailed price stabilization measures be prepared, especially for high-demand holiday goods.
He also asked for measures to improve the distribution structure of agricultural and livestock products. President Lee stated, "There may be various reasons for the volatility in grocery prices, but it appears that irrational distribution structures play a significant role," and added, "We must also work together to rationally reform the distribution structure of agricultural, livestock, and fisheries products. There are many aspects of price fluctuations in these products that are difficult to understand."
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