Seoul: President Lee Jae Myung announced on Monday the government's plan to enhance "absolute competitiveness" in advanced technologies as a key strategy to transform the nation into an industrial powerhouse. The statement was made 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 goal. He revealed that a significant investment project would soon be unveiled, aimed at reshaping the country's growth strategy. This project is expected to explore new sectors beyond the semiconductor industry, which could serve as future growth engines.
President Lee stressed the importance of distributing the benefits of growth across various sectors, including small and medium-sized enterprises, startups, and regions nationwide. He also committed to addressing irregularities and injustices, such as stock market manipulation and real estate-related crimes, while pursuing structural reforms to dismantle entrenched interests.
On national security, Lee pledged to make substantial progress in securing nuclear-powered submarines and regaining wartime operational control from Washington. He also highlighted the government's commitment to peace and shared prosperity with North Korea.
Addressing concerns about record profits at semiconductor companies like Samsung Electronics, Lee cautioned against imposing additional taxes on increased corporate earnings, warning it could deter investment. He acknowledged the complexity of the issue, suggesting it might require international discussions.
Recent wage agreements at Samsung Electronics, amid booming semiconductor earnings, were also discussed. Lee suggested that excess tax revenues from the semiconductor boom could be invested for future generations rather than used to pay off national debts.
To address housing market concerns, the president proposed potential real estate tax reforms and a new housing supply plan. He highlighted the low homeownership tax, suggesting reforms could encourage property sales.
Lee also commented on the performance of the Korea Composite Stock Price Index (KOSPI), asserting that despite recent gains, Korean stocks might still be undervalued due to reduced geopolitical risks and efforts to prevent market manipulation.
The president addressed the issue of ballot paper shortages during recent local elections, announcing a prompt investigation into the National Election Commission to determine the cause.
Lastly, Lee clarified his stance on Israel's seizure of aid vessels carrying South Korean humanitarian workers, emphasizing the importance of protecting human rights and national sovereignty.