President Moon: "The World Enthralled by Korean Culture... We Will Establish Our Status as a Soft Power Nation"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in stated, "We will further develop the cultural content industry as a new growth engine for the economy and firmly establish South Korea's status as a soft power nation."

On the morning of the 12th, President Moon presided over the 44th Cabinet meeting held via video conference between the Blue House, the Government Seoul Office, and the Government Sejong Office, saying, "The world is enthusiastic about Korean culture."

President Moon emphasized, "The Korean Wave (Hallyu) craze is leading to rapid growth in the cultural content industry," adding, "Exports have increased more than twelvefold over the past decade, reaching 11 billion dollars last year, and the trade surplus has steadily expanded, recording a historic high of 1.96 billion dollars in the first half of this year," pledging to further develop the cultural content industry.

At the same time, he highlighted the severe difficulties faced by cultural and artistic workers due to the prolonged COVID-19 pandemic, stating, "The government will devise multifaceted support measures so that artists can focus on creative activities without worrying about their livelihoods and so that the public can enjoy culture together."

President Moon said, "The most certain way is to swiftly move toward the stage of daily recovery," explaining, "As of yesterday, the first dose of vaccination has surpassed 40 million people, and the completion rate has exceeded 60% of the total population. For the adult population aged 18 and over, these figures are 90% and 70%, respectively."

He added that the 'Daily Recovery Support Committee,' established to prepare phased daily recovery measures, will begin full operation this week, emphasizing, "If we endure just a little longer as we have done so far, we will be able to move to the daily recovery stage that everyone hopes for as planned."

President Moon also expressed confidence in South Korea's robust economy amid COVID-19, stating, "Last week, we issued euro and dollar-denominated foreign exchange bonds worth 1.3 billion dollars at the lowest ever spread, and over the weekend, the lowest spread was again recorded in the secondary market," adding, "This shows the high trust in our economy despite the increasing uncertainties in the global market."

However, he stressed the need to focus on managing inflation, saying, "We must spare no effort to prepare for uncertainties in the global economy," and explained, "Prices in major countries worldwide are rising sharply due to increases in international oil and raw material prices and demand expansion following economic recovery," urging, "The government should closely monitor inflationary pressures caused by international factors and devote all efforts to stabilizing living costs, including freezing public utility rates and managing the supply and demand of agricultural, livestock, and fishery products."

At the Cabinet meeting that day, the 'Basic Data Act' was promulgated. President Moon said, "Following last year's amendment of the 'Data 3 Acts,' which opened the way for data utilization, a solid institutional foundation for building a data economy has been established," and pledged, "We will do our best to make South Korea a 'data powerhouse' that utilizes data better than any other country in the world."

Meanwhile, to mark Hanbok Culture Week, President Moon and Cabinet members wore hanbok during the Cabinet meeting. President Moon emphasized, "Hanbok is a traditional costume representing our traditional culture and is recognized by people worldwide for its beauty and unique value."

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