Presiding Over Cabinet Meeting in Sejong Room of Blue House Main Building
Korea Becomes Sixth Country to Surpass $700 Billion in Exports
Foreign Investment Attraction Also Hits All-Time High
President Stresses 'National Unity' as Greatest R
On December 30, President Lee Jaemyung, in his first Cabinet meeting since returning to the Blue House, stated, "As of the 29th, this year's exports have surpassed a record-high 700 billion dollars, and foreign direct investment has also reached an all-time high." He added, "This achievement is thanks to the people and companies who have done their utmost on the front lines."
Presiding over the Cabinet meeting in the Sejong Room of the Blue House's main building, President Lee said, "This year, we overcame an unprecedented national crisis through the unified strength of our people, and we have laid a valuable foundation for the recovery of the people's livelihood and the normalization of the nation." He continued, "In the new year, based on the great potential of the Korean people, we will boldly advance toward a grand leap forward and growth for all. In particular, we will transcend ideology to unite our strength and go beyond factions to gather wisdom."
According to the Ministry of Trade, Industry and Energy and the Korea Customs Service, South Korea's exports have surpassed 700 billion dollars for the first time in history. This milestone comes 77 years after the establishment of the government in 1948. With this, South Korea has become the sixth country in the world to surpass 700 billion dollars in exports, following the United States (2000), Germany (2003), China (2005), Japan (2007), and the Netherlands (2018).
Additionally, President Lee reiterated that the most important responsibility of the president is 'national unity.' He said, "With the year-end and New Year period and so many domestic and international issues, I keep reflecting on what the role and duties of the president actually are." He continued, "The conclusion is that, until you become president, you represent a particular group, but the moment you become president, you must represent everyone." This remark is interpreted as a response to political controversy surrounding the nomination of Lee Hyehoon, a former People Power Party district chairperson, as Minister of Strategy and Finance.
President Lee explained the difference between war and politics, emphasizing that politics must not become war. He said, "In war, you occupy and take everything. If necessary, you can eliminate everything. But politics must not be like that. If only the group that participated in seizing ultimate power enjoys everything and excludes the rest, that becomes war." He added, "Even if those who like blue hold power, they cannot turn the whole society blue. The idea that everyone who is not with me is an enemy to be eliminated ultimately led to civil unrest. To make concrete, you need to mix sand, gravel, cement, and water. Only then can we move forward into a new world."
President Lee announced that he would conduct a comprehensive work report from all ministries at the one-year mark of his administration, and asked for acceleration in the consolidation and establishment of public institutions as part of public sector reform. He said, "I will conduct another work report in six months. Sometimes, people spend time without knowing what they should do and only enjoy the benefits. In six months, I plan to check affiliated agencies and subordinate organizations as well." He continued, "It is clear that public institutions need to be reformed. Please quickly prepare a basic plan on how to reform public institutions, including whether there is a need for consolidation or new establishments."
Meanwhile, following President Lee's opening remarks, the Cabinet heard reports from the Office for Government Policy Coordination on the 'Implementation Plan for Follow-up Measures to Ministry Work Reports' and the '2025 Progress and 2026 Plans for National Policy Tasks,' as well as from the Ministry of Economy and Finance on the operational plan for the pan-governmental K-Green Transformation (K-GX) task force.
At the Cabinet meeting, the agenda included the 'Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. (False Information Eradication Act),' which would allow for punitive damages against media outlets and YouTubers who intentionally distribute false or manipulated information, and the 'Special Act on Criminal Procedures for Crimes such as Insurrection, Treason, and Rebellion (Special Court for Insurrection Cases Act),' which establishes a dedicated court for cases such as former President Yoon Sukyeol's insurrection charges.
Additionally, the Cabinet discussed the 'Partial Amendment to the Enforcement Decree of the Securities Transaction Tax Act,' which restores the securities transaction tax rate to its previous level, a rate that had been reduced on the premise of introducing the Financial Investment Income Tax (FII Tax). The introduction of the FII Tax, promoted by the Lee Jaemyung administration, was scrapped due to opposition from the younger generation. As a result, starting January 1 next year, the transaction tax rate for the Korea Exchange (KOSPI) will be raised from the current 0% to 0.05%, and with the addition of the 0.15% Special Rural Tax, the total applicable rate will increase from 0.15% to 0.2%. For the KOSDAQ and the over-the-counter stock market (K-OTC), which are not subject to the Special Rural Tax, the rate will rise from 0.15% to 0.2%.
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