Seoul: President Lee Jae Myung has vowed to secure "absolute competitiveness" in advanced technologies as a cornerstone of his administration's strategy to transform South Korea into an industrial powerhouse. The president outlined his policy vision and goals at a press conference marking the first anniversary of his inauguration, emphasizing the importance of leveraging both government and private-sector resources.

According to Yonhap News Agency, President Lee announced plans for a large-scale investment project aimed at fostering transformative change in the country's growth strategy. He highlighted the need to explore new sectors beyond the semiconductor industry, positioning them as potential growth engines for future generations. The president stressed the importance of ensuring that the benefits of growth are shared broadly, reaching small and medium-sized enterprises, startups, and regions across the country.

In addition to economic strategies, President Lee committed to addressing irregularities and injustices, vowing to crack down on stock price manipulation and real estate-related crimes. He also emphasized the importance of structural reforms to dismantle vested interests. On national security, the president underscored efforts to secure nuclear-powered submarines and regain wartime operational control of troops from the United States, while continuing to pursue peace and security on the Korean Peninsula.

Addressing the issue of record profits at semiconductor giants like Samsung Electronics Co., President Lee differentiated between increased tax revenues from corporate earnings and the potential imposition of additional taxes. He warned against rash taxation measures that could deter investment, advocating for a cautious approach that might necessitate international discussions.

The context of these remarks includes recent developments at Samsung Electronics, where a labor union reached a wage agreement following significant profits from AI-related semiconductor business. President Lee suggested that increased tax revenues from the semiconductor boom could be best invested in future generations, rather than being used for immediate financial relief or debt repayment.

In efforts to tackle rising home prices, President Lee announced the possibility of introducing real estate tax reforms and a new housing supply plan in the coming months.