Seoul: President Lee Jae Myung has announced a bold initiative to achieve "absolute competitiveness" in advanced technologies as a cornerstone of his administration's strategy to transform the nation into an industrial powerhouse. He unveiled this vision during a press conference marking the first anniversary of his inauguration.
According to Yonhap News Agency, President Lee emphasized the mobilization of both government and private-sector resources to achieve this technological edge. He disclosed plans for a significant investment project aimed at reshaping South Korea's growth strategy and exploring new sectors beyond semiconductors to serve as future growth engines.
The president underscored the importance of equitable growth, stating that the benefits of national progress should extend beyond specific companies, regions, or industries. He called for the widespread distribution of opportunities generated by community resources to small and medium-sized enterprises, startups, and various regions.
Lee also addressed national security, pledging efforts to secure nuclear-powered submarines and regain wartime operational control of troops from the United States. He reiterated his commitment to peace and security on the Korean Peninsula, advocating for coexistence and shared prosperity with North Korea.
On the economic front, Lee responded to questions about record profits at semiconductor companies like Samsung Electronics Co. He warned against imposing additional taxes on corporate earnings, citing potential risks such as foreign firms and local businesses withdrawing investments. Instead, he suggested that increased tax revenues from the semiconductor boom should be strategically invested for future generations.
Lee also hinted at upcoming real estate tax reforms and a new housing supply plan as measures to address soaring home prices. He suggested a potential reform of the homeownership tax to encourage property sales.
The president remarked on the strong performance of the Korea Composite Stock Price Index (KOSPI), stating that despite recent gains, Korean stocks remain undervalued. He linked the market's potential growth to reduced geopolitical uncertainties and efforts to combat market manipulation.
Addressing last week's local election issues, Lee condemned the reported shortages of ballot papers as a "very serious problem" and promised a thorough investigation into the National Election Commission.
On the topic of North Korean nuclear threats, Lee stressed the importance of halting Pyongyang's nuclear and missile programs. He proposed short-term negotiation goals with North Korea, including freezing nuclear material production and halting ICBM development, as steps towards the long-term aim of denuclearizing the Korean Peninsula.