Daejeon: President Lee Jae Myung on Friday called for balanced economic growth and regional development, as the nation grapples with slow economic growth and rising income inequality.

According to Yonhap News Agency, Lee stated that business conglomerates, or chaebol, have been instrumental in South Korea's rapid economic development, but emphasized the need for a shift towards balanced growth. "The strategy of concentrating development in specific sectors has reached its limits. We've seen the emergence of privileged classes, and many aspects of our society have fallen short of fairness and transparency," Lee remarked during a town hall meeting held in Daejeon, approximately 160 kilometers south of Seoul.

Lee advocated for creating a healthy economic ecosystem that allows inefficient large companies to be phased out of the market, while competitive small businesses are provided opportunities to grow. He also criticized the concentration of resources in the Seoul capital region, highlighting how this has exacerbated the imbalance between the metropolitan area and other parts of the country.

"As all resources were funneled into the capital region, other areas have been pushed into a survival crisis," Lee noted, stressing the urgent need for regional development to prevent further disparities within the nation.