'The Politics of Movement (動線)', President Moon's Focus on Livelihood and Economic Revival

Visit to Namdaemun Market on the 12th, COVID-19 Economic Meeting on the 13th... "We must unite efforts to revive the economic recovery momentum"

[Asia Economy Reporters Jeongmin Ryu, Changhwan Lee, Dongwoo Lee] President Moon Jae-in’s decision on the 13th to hold a 'COVID-19 Response Economic Leaders Meeting' with heads of major business groups and economic organizations signals a focus on public livelihood and the economy in state governance. It reflects the view that the economic vitality threatened by the COVID-19 crisis can no longer be neglected.

President Moon said, "Now is the time for the government and the business community to unite and make efforts to revive the momentum of economic recovery," adding, "A good example is the joint effort by the government and companies to closely coordinate with Chinese authorities to expedite the reopening of automobile parts factories in China."

The Blue House holds the position that considering the domestic quarantine system and advanced medical infrastructure, COVID-19 is fully surmountable. President Moon’s statement that "COVID-19 will soon come to an end" reflects this confidence.

[Image source=Yonhap News]

The business community also agrees on the need to overcome the economic contraction caused by COVID-19. Vice Chairman Lee Jae-yong of Samsung Electronics, Vice Chairman Yoon Yeo-cheol of Hyundai Motor Company, Chairman Choi Tae-won of SK Group, Chairman Koo Kwang-mo of LG Group, Vice Chairman Hwang Gak-gyu of Lotte Holdings, Chairman Lee Jae-hyun of CJ Group, among others, exchanged views on overcoming the crisis at the meeting.

President Moon emphasized the need to turn the crisis into an opportunity. He said, "In difficult times, bold investments toward the future have revived the economy and laid the foundation for innovative growth." This implies that the government will strive to address the pressing needs of companies and asks for a reciprocal response. President Moon pledged, "The government will also expand financial support for small and medium-sized enterprises and small business owners, and minimize damage through extensions of tax payment deadlines," adding, "Proactive countermeasures for expected damages in sectors such as aviation, shipping, transportation, and tourism will soon be prepared."

In this regard, the Democratic Party of Korea also echoed President Moon’s stance. Policy Committee Chair Cho Jung-sik said at the policy coordination meeting that "while steadily strengthening quarantine and prevention systems until the complete resolution of COVID-19, it is a critical time to actively implement measures and efforts to minimize economic shocks and livelihood damages caused by excessive anxiety and fear," and added, "The party and government will soon prepare additional support measures for sectors such as aviation, shipping, transportation, and tourism."

[Image source=Yonhap News]

President Moon’s focus on revitalizing economic vitality in state governance is noteworthy. His recent movements encapsulate the blueprint for the direction of state governance. After emphasizing 'everyday economic activities' during a luncheon with residents of Asan, Chungnam on the 9th, President Moon consecutively visited Namdaemun Market in Seoul on the 12th and held the economic leaders meeting on the 13th.

For President Moon’s recent efforts to translate into results, there is a widespread perception inside and outside the business community that substantial changes dismantling the 'regulatory barriers' hindering corporate growth must be supported. Sohn Kyung-shik, Chairman of the Korea Employers Federation, said, "We appreciate the government’s expansion of reasons for special extended work hours, which has eased the burden on companies. To respond to various situations, supplementary legislation for flexible working hours is necessary."

President Moon stated, "The government will actively support corporate activities and public safety through necessary financial support, expedited customs clearance, approval of special extended work hours, and rapid certification of alternative products," and added, "We will also actively support sectors directly hit by COVID-19, such as tourism, as well as small and medium-sized enterprises and small business owners facing difficulties."

Leaders of five economic organizations, including Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry; Kim Young-joo, Chairman of the Korea International Trade Association; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Kim Ki-moon, Chairman of the Korea Federation of SMEs; and Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises, proposed various solutions. Economic figures unanimously agreed that given the significant damage to companies caused by COVID-19, full-scale support must continue. Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, diagnosed that the domestic economy is affected in both exports and domestic demand due to COVID-19.

This content was produced with the assistance of AI translation services.