Lee Kwang-jae: "Local Governments and Large Corporations Should Overcome the Crisis Through 'Prepayment'... Victory Is Foretold"

Lee Kwang-jae, Chief Director of the Digital New Deal Subcommittee of the Democratic Party of Korea, and other subcommittee members visited Amsa Smart General Market in Gangdong-gu, Seoul on the 5th, touring the market. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Lee Kwang-jae, a member of the Democratic Party of Korea, is emphasizing the nationwide expansion of the 'prepayment' campaign to overcome the novel coronavirus infection (COVID-19) crisis.

On the 14th, Lee said in a phone interview with Asia Economy, "There is a possibility that vaccines and treatments will be introduced in February to March, and although there are many difficulties, since victory is anticipated, we need to expand prepayment by purchasing necessary supplies in advance."

He also said, "Korea showed world-class standards in testing, and I believe it will also make a global name in treatments."

The prepayment campaign is being conducted by some local governments and individuals. They also urge participation using the hashtag '#선결제'. Lee believes that not only local governments but also large corporations should participate.

He explained, "For example, if you know how much copy paper is needed annually and the business promotion expenses are set, the idea is to purchase in advance to overcome this liquidity crisis," adding, "Companies also need to actively engage in win-win prepayment with their partner companies."

This is proposed as a general campaign separate from the profit-sharing system targeting companies whose profits have increased during the COVID-19 crisis. Lee said, "We are trying to make it a nationwide campaign like collecting gold," and added, "For example, the financial sector reportedly made huge profits, but this is not about asking for additional money, but about prepaying money that would be spent anyway."

He continued, "Gangwon Province has already started the prepayment campaign. I am also proposing to fellow lawmakers to join in spreading it."

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