[Interview] Song Young-gil: "Korea Should Become the Production Base for Moderna and Janssen... Institutional Protection for Cryptocurrency Needed"

Democratic Party Leader Candidate Relay Interview②
Vaccines Are the Most Urgent Livelihood Issue
Korea Must Become the 'Northeast Asia Vaccine Production Outpost'
Institutional Protection for Virtual Currency Is Necessary
Loan Regulations for Actual Users Should Be Eased

Song Young-gil, member of the Democratic Party of Korea./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Koo Chae-eun] Song Young-gil, a candidate running for the leadership of the Democratic Party of Korea, stated that “a production outpost for East Asia capable of contract manufacturing vaccines such as Moderna and Janssen will be established in Korea.” Through cooperation among the party, government, and Blue House, the goal is to expand the domestic vaccine production base and develop Korea into a global vaccine hub.

In an interview with Asia Economy on the 27th at his campaign office in Yeouido, Seoul, Song emphasized, “Vaccines are the most urgent issue for public welfare,” adding, “We will increase domestic production facilities and focus on quarantine and treatment to ensure smooth vaccine supply.” Currently, Moderna is in the process of establishing a Korean subsidiary, and contract manufacturing of Novavax and Sputnik V is underway in Andong and Chuncheon, respectively. Song’s plan is to further develop these efforts to create a vaccine hub. He explained that securing the Russian-made Sputnik V vaccine is necessary as a “third alternative” or “Plan B.” He stated, “Once safety is verified, shortages may occur. It is necessary to secure supplies in advance with a preparedness mindset.”

Regarding the alienation of the 2030 generation’s public sentiment in the April 7 by-elections, he interpreted it as “a voice demanding fairness and justice.” “I have a daughter born in 1991 and a son born in 1995. When I tell them ‘You don’t understand,’ they say ‘I will never talk to you again,’ lock themselves in their rooms, and stop communicating. That is what has happened to the Democratic Party now,” he continued. “We must focus on communicating with the 2030 generation. We need to listen carefully and respond with policies.” In line with this, Song believes that protection and institutionalization of investors in virtual currencies (digital assets), which have a high proportion of 2030 investors, are necessary. He said, “It is not right to say institutionalization is difficult while imposing taxes,” adding, “If elected, I will work closely with the government to thoroughly examine issues related to virtual currencies.”

Song Young-gil, member of the Democratic Party of Korea./Photo by Yoon Dong-joo doso7@

Song has pledged a “zero-tolerance” policy if speculative cases emerge from the comprehensive real estate investigation being conducted by the Anti-Corruption and Civil Rights Commission. He emphasized, “I will create a party that is strict with itself,” adding, “In future candidate nominations and party position elections, we will impose thorough disadvantages and establish and enforce ethical regulations stricter than any other group.”

Song has advocated easing the current 40% loan-to-value ratio (LTV) limit (based on speculative areas and overheated speculation zones) up to a maximum of 90%. Although there is opposition arguing that this could cause a housing price surge, his stance is that it is a necessary policy for genuine homebuyers to secure their own homes. He said, “Saying that loan regulations should not be eased because housing prices might rise is like opposing minimum wage increases because of inflation,” adding, “Telling people not to own a home and to live in rental housing for life because prices are rising is unreasonable. Just as wage increases due to productivity improvements are allowed while price controls are managed by other means, loan regulations should be eased for first-time homebuyers to realize housing welfare.”

Regarding Japan’s discharge of contaminated water from the Fukushima nuclear power plant, he pledged to exert maximum diplomatic efforts. Song stated, “I have extensive diplomatic experience. I will do my best to form international cooperation, condemn Japan’s wrongful actions, and protect the health and lives of our people.”

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