South Korean President Lee Jae Myung expressed the government’s commitment to enhancing the country’s advanced technology capabilities to become a leading industrial force. He emphasized the need to achieve “absolute competitiveness” in advanced technologies through a comprehensive effort involving both government and private resources. President Lee outlined plans for a significant investment initiative aimed at revolutionizing the nation’s growth strategy.
The President highlighted the importance of diversifying into new sectors beyond the semiconductor industry to drive future economic growth. He emphasized the importance of ensuring that the benefits of growth are distributed equitably across various sectors and regions, benefiting small and medium-sized enterprises, startups, and all segments of society. President Lee also pledged to crack down on irregularities and injustices, including stock price manipulation and real estate-related crimes.
In terms of national security, President Lee underscored his commitment to achieving tangible progress in acquiring nuclear-powered submarines and regaining wartime operational control of troops. He reiterated the government’s dedication to promoting peace and security on the Korean Peninsula and fostering peaceful coexistence and shared prosperity with North Korea. President Lee acknowledged the challenges posed by record profits in the semiconductor industry, emphasizing the need for a cautious approach in addressing issues related to increased corporate earnings.
Regarding the semiconductor boom’s impact on tax revenues, President Lee suggested that excess taxes could be strategically invested for future generations rather than being distributed or used to pay off national debts. He also mentioned potential real estate tax reforms and a new housing supply plan as part of efforts to stabilize home prices and address housing issues.
