South Korea President Lee Announces KRW 30.5T Stimulus
Seoul, South Korea - Seoul, South Korea - President Lee Jae Myung said his government prepared a KRW 30.5 trillion supplementary budget plan during a press conference marking one month since taking office.
Lee said the measure was intended to promote economic recovery and foster sustainable growth.
He stated his administration aims to achieve a KOSPI index level of 5,000 and change "Korea Discount" to "Korea Premium."
The president said that his government had made progress in international relations and was implementing what he termed a "people's sovereignty government" through regular communication with citizens.
He announced that three special prosecutor investigations would address what he called insurrection and rebuild the constitutional order.
Lee said South Korea spends military funds equivalent to 1.4 times North Korea's GDP.
He stated his administration would prepare thoroughly against provocations while resuming severed communication and pursuing peace and coexistence.
The president said social safety measures would protect citizens' lives and prevent social disasters. He stated that families of victims would not need to cry in the streets.
Lee said he directly oversees the Minister of Agriculture, Food and Rural Affairs position, which remained unchanged from the previous administration.
He announced plans to proceed with the reorganization of power institutions.
When asked about his first month in office, Lee said he wished days had 30 hours.
He said his staff worked intensively, with some experiencing physical strain, but stated the effort by public officials produces benefits multiplied by 51.17 million citizens.
Lee said stock market performance was visible evidence of progress. He stated that the country's system returning to normal could push the index above 3,000, with additional improvements possible through industrial policy, a peace framework, institutional improvements, and resolving unfair competition factors.
Regarding cooperation with other parties, Lee noted that different elements must be combined to create concrete, likening it to mixing cement, gravel, sand, and water.
He said selecting only aligned members leaves nothing remaining.
Lee said that civil servants follow personnel authorities and move according to leadership direction when they possess the necessary capability and basic qualifications. He compared this to a robot that behaves according to its operator.
Lee said there was no reason to avoid meeting opposition parties. He stated that politicians serve as representatives of citizens and should not maintain private emotions.
The president said compromises were possible when directions aligned, using transportation method choices as an example. He said certain fundamental obligations could not be compromised.
Regarding the four-and-a-half-day workweek, Lee stated that the matter required gradual implementation through social dialogue rather than forced legislative action. He said that large companies and public enterprises might begin first, acknowledging potential concerns about inequality.
Lee said that North Korea dialogue was necessary even during periods of hostility. He stated politics and diplomacy should exclude emotions in favor of rational and logical responses.
The president said his administration suspended anti-North Korea broadcasts, which received a quicker response than expected despite initial concerns. He said the approach would continue in steps.
Lee said the economic support payment served both consumption stimulation and income support functions. He referenced his experience as governor of Gyeonggi Province during the COVID-19 pandemic, citing research that showed positive consumption multiplier effects for small businesses and local economies.
The president stated that the measure would benefit street-level commerce and have redistributive effects. He noted no additional payments were currently planned.
Lee announced weighted indicators for budget allocation based on distance from metropolitan areas, with additional support for regions facing population decline. He said the administration was developing a mandatory regional balance development capacity analysis.
The president confirmed the relocation of the Ministry of Oceans and Fisheries to Busan despite objections from other regions. He suggested maritime courts could operate in both Busan and Incheon.
On trade negotiations, Lee said efforts continued but declined to specify whether discussions would conclude by July 8. He stated that neither side had clarified their positions.
Lee stated that South Korea and Japan maintain inseparable relations, sharing strategic common interests and numerous opportunities for cooperation. He said dialogue and collaboration should continue even during conflict, referencing his meeting with Japanese Prime Minister Ishiba Shigeru.
The president stated that conflicts in the medical sector stemmed from distrust and required honest discussion. He described this as an area where he lacked confidence but noted improvements.
Lee said public institution relocations would proceed when standards and content were appropriate, despite regional conflicts.
When asked about presidential system reform, Lee said the situation always involved either opposition or the ruling party's legislative majorities. He said citizens would decide through regular evaluations and elections.
Lee said that comprehensive anti-discrimination legislation was not a priority compared to economic and livelihood issues, stating that social discussion was needed. He told the National Assembly to address the controversial problems first.
The president said planned new town construction would accelerate, but additional new cities would not be created. He described loan regulations as minimal measures compared to supply policies.
Questions were selected by lottery without prepared topics.
Lee acknowledged uncertainty on several issues and emphasized that results would demonstrate policy effectiveness.