Democratic Party's Park Kwang-on: "National Pension Should Invest in Self-Employed and Small Ventures... Contributing to New Deal"

Lee Hae-chan, leader of the Democratic Party of Korea, Kim Tae-nyeon, floor leader, and other party leaders attended the Supreme Council meeting held at the National Assembly on the 11th. Before the meeting began, they signed to donate emergency disaster relief funds and posed for a photo. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Park Cheol-eung and Jeon Jin-young] The Democratic Party has expressed the opinion that the National Pension Service should actively consider investing in self-employed individuals and small and medium-sized venture companies.

Park Kwang-on, a Supreme Council Member of the Democratic Party, said at the Supreme Council meeting held at the National Assembly on the 11th, "There is a way for the National Pension Service to contribute to the Korean-style New Deal," adding, "It is to actively invest in companies that protect and create jobs."

He continued, "This is the way to protect the people who pay into the National Pension and to secure the sustainability of the National Pension. Along with this, it is time for the National Pension Service to consider support for the self-employed and active investment in small and medium-sized ventures."

This suggests a different path from the National Pension Service's existing method, which prioritizes stability by mainly operating through bond and stock investments. Council Member Park argued, "There are many cases where self-employed people form cooperatives to contribute to the local economy. If the National Pension Service participates as a financial member or carries out projects, it will take the lead in protecting the self-employed and the local economy."

He added, "It is time to drastically change the investment methods for small and medium-sized venture companies," and said, "The Swedish pension fund separately manages venture investments and contributed to job creation. This fund, which operated at a level of about 4.3 trillion won, had a 9.6% rate of return in 2008 and also played a role in fund stability."

Council Member Park said, "Active investment by the National Pension Service in domestic small and medium-sized venture companies can be a win-win solution that fosters corporate growth and secures the sustainability of job creation."

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