[Full Text] Lee Jae-myung: "First Pledge, Will Transition to an 'Upward Trending Sustainable Growth Economy'"

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the Democratic Party presidential candidate and Governor of Gyeonggi Province, presented “Turning the South Korean Economy’s Growth Trajectory Upward for Sustainable Growth” as his ‘First Pledge’ on the 18th.

On the afternoon of the same day, Lee held a press conference to announce his first pledge, stating, “In this era of great transformation, as a leading investment nation, we will strongly promote transitional fair growth that turns the crisis of transformation into an economic leap forward and a new growth opportunity.”

Lee emphasized, “As the first pledge, I promise to stop the long-term downward trend of economic growth rate and turn it into an upward sustainable growth through transitional fair growth.” He mentioned measures for transitional growth including △ rapid industrial restructuring and support and fostering of new growth engine industries △ strengthening future science and technology capabilities △ deregulation of future advanced industries △ strengthening regulations for fair competition △ nurturing future talents.

As for fair growth measures, he advocated △ securing fair competition order △ granting collective organization and negotiation rights to the ‘Eul’ in the ‘Gap-Eul’ relationship △ enhancing labor productivity by adhering to the principle of equal pay for equal work for agricultural and daily labor △ guaranteeing economic basic rights such as basic income, basic housing, and basic finance.

Lee added, “As a public official for the past 11 years, I have only kept my promises,” and said, “To create a better world, the courage and strong drive of a leader who endures fierce resistance from vested interests are necessary. Based on this, I will definitely fulfill the first pledge.”

Below is the full text of the first pledge announcement press conference.

South Korea’s Re-Growth in the Era of Great Transformation, Lee Jae-myung Will Make It Happen!

1. With a transitional fair growth strategy,

we will turn the downward South Korean economy into an upward sustainable growth economy.

(1) The world is at the beginning of a new normal.

In the new era starting with the energy transition due to the climate crisis, digital transformation driven by technological revolution, and the COVID-19 pandemic, crisis and opportunity coexist. Falling behind means becoming a weary follower in extreme competition, but taking a half-step ahead can lead the global economy and open the path to economic revival.

In this era of great transformation, as a leading investment nation, we will strongly promote transitional fair growth that turns the crisis of transformation into an economic leap forward and a new growth opportunity.

(2) Our society suffers from serious unfairness and inequality.

The “stream where the dragon was born” has dried up, and the ladder of social mobility has disappeared. Survival of the fittest disguised as meritocracy rationalizes unfairness and inequality, and the inefficiency and despair caused by unfairness and inequality block growth. The lack of opportunities due to low growth is the deep root of extreme competition and conflict.

In the high-growth era when there were many places to invest and the economy circulated well by focusing on investment, growth was more important than fairness. However, now that there is excess capital and unfairness and inequality are the main causes of low growth, fairness guarantees growth, and growth becomes the foundation of fairness. Even the conservative opposition party, obsessed with growth supremacy, advocates wealth income tax, and international organizations recommend inclusive growth. Distribution enhancement, once the opposite of growth, has become a key means to resolve polarization and achieve fair growth.

We must restore the growth potential of the Korean economy by overcoming unfairness and inequality to recover the efficiency of all national resources and enable people and companies to challenge with motivation through fair growth policies.

If transitional growth and fair growth policies combined as transitional fair growth are promoted rapidly with strong leadership, a new chapter of sustainable growth will open through swift industrial transition and restructuring, guaranteed new investment opportunities, discovery of future new industries, and creation of good jobs.

Dear fellow citizens,

As my first pledge, I promise to stop the long-term downward trend of economic growth rate and turn it into an upward sustainable growth through transitional fair growth.

Today, I will explain the outline of the plan to transition to an upward sustainable growth economy.

Each detailed measure of transitional fair growth is an independent major national policy, so I will regularly announce detailed pledges in the future.

2. Outline of transitional growth measures

We will support and foster new growth engine industries and rapidly restructure industries through large-scale government-led investment in infrastructure needed for future industries such as energy and digital transition and bio-industry development in the pandemic era.

We will strengthen future science and technology capabilities by establishing the Ministry of Climate and Energy, the Presidential Space Industry Strategy Headquarters, a dedicated data department, and expanding investment in basic and advanced science and technology.

For future advanced industries that require creativity and speed, we will change the regulatory approach from prior regulation to post-regulation, and from positive to negative regulation.

We will strengthen regulations for fair competition and rationalize regulations by abolishing those that hinder competition and innovation, expanding opportunities for discovering new industries and innovation.

We will nurture future talents through public education innovation, expansion of lifelong education systems, and capacity-building education.

3. Outline of fair growth measures

We will correct the ‘Gap-Eul’ relationship among large corporations and SMEs, small business owners, capital and labor, regular and irregular workers by strengthening the Fair Trade Commission, imposing severe punitive damages for unfair trade and malicious illegal acts, and social grand compromise, thereby securing fair competition order.

We will grant collective organization and negotiation rights to the ‘Eul’ in the ‘Gap-Eul’ relationship such as subcontractors, suppliers, dealerships, franchises, and small business owners.

We will restore the balance of power between capital and labor and enhance motivation and labor productivity at workplaces by ensuring the principle of equal pay for equal work.

The government will fulfill its role as a fair order maintainer and ensure that the term ‘0pia’ is not heard in the bureaucracy.

By guaranteeing economic basic rights such as basic income, basic housing, and basic finance, we will catch two rabbits: alleviating polarization and revitalizing the economy.

4. As a public official for the past 11 years, I have only kept my promises.

Once I make a pledge, I keep it, with an average pledge fulfillment rate of 95%.

Problems created by people can be solved by people.

I have learned through overcoming crises in life that “crisis is another name for opportunity.”

My competence as a public official has been proven by the top national ranking in Seongnam city administration performance and provincial satisfaction.

To create a better world,

the courage and strong drive of a leader who endures fierce resistance from vested interests are necessary.

Turning the crisis of transformation into an opportunity for a leap forward and rebuilding the foundation of growth by securing fairness,

I will stop the downward trend of economic growth rate with a transitional fair growth strategy,

and definitely fulfill the first pledge of restoring upward sustainable growth.

South Korea’s re-growth in the era of great transformation, Lee Jae-myung will make it happen!

A new South Korea, Lee Jae-myung will make it happen!

Thank you.

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