Economic Leaders Meeting Lee Jae-myung Call for "Rebuilding the Foundation of Economic Growth"

Chat with Chairman Chey Tae-won and the Chamber of Commerce Leadership
Proposal to Avoid Punitive Corporate Regulations
Request to Adjust the Pace of Carbon Neutrality Policies

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is speaking at the Gwanhun Debate held at the Press Center in Jung-gu, Seoul on the 10th. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Choi Dae-yeol] The business community plans to meet Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, to emphasize the need to rebuild the foundation for South Korea's economic growth, urging the avoidance of punitive corporate regulations and the adjustment of the pace of carbon neutrality policies.

Candidate Lee will hold a private meeting on the afternoon of the 10th with Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), and other chamber chairpersons. The KCCI has consistently held discussions during the election period by inviting major party candidates to hear their economic and corporate pledges and request necessary measures. Lee is the first candidate to meet ahead of the 20th presidential election scheduled for March next year.

The domestic business community, including the KCCI, does not view South Korea's current situation positively or optimistically. Economic vitality and the happiness of social members are declining, and there is growing concern that the current election phase is focused on past or domestic issues rather than future or global perspectives.

The first proposition in the economic recommendations recently delivered by the KCCI to various parties is "Rebuilding the foundation for sustainable economic development." Given that it is a transitional period where existing industries are declining and new industries are emerging, coupled with the retreat of free trade principles, the US-China hegemonic competition, North Korean nuclear issues, and strained Korea-Japan relations, the KCCI argues that a new foundation different from the past is necessary for steady economic growth. Immediate actionable recommendations such as expanding local currency policies to stimulate domestic demand and fostering new industries like big data, artificial intelligence (AI), and digital transformation are also points that Candidate Lee has consistently emphasized or recently included in his pledges.

On the other hand, energy policy shows similar yet differing positions, drawing attention to future developments. Candidate Lee has proposed creating a new Ministry of Climate and Energy to achieve carbon neutrality, expanding renewable energy, and increasing green jobs as key pledges. The KCCI also views carbon neutrality as a major challenge for companies and insists on creating a concrete and feasible roadmap, with the government making substantial investments in facilities and research and development (R&D). Regarding nuclear power, which has been a continuous controversy during the current administration, Candidate Lee previously took a hardline stance but has recently softened his position, stating that nuclear plants should be used sufficiently within their operational lifespan.

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