Youth, Opportunity, Fairness... Lee Jae-myung Counters with Win-Win Pledge for Large and Small-Medium Enterprises

Second Pledge Following Digital Transformation
"Fair Competition Is the Solution to Low Growth" Emphasized
Kim Jong-in's Progressive Policy Response in Focus

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is announcing policy pledges for small and venture businesses on the 8th at the Korea Industrial Complex Employers' Association meeting room in SKV1, Gasan Digital Complex, Geumcheon-gu, Seoul. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Jeon Jin-young] Lee Jae-myung, the Democratic Party of Korea's presidential candidate, announced seven major pledges for coexistence between large and small-to-medium enterprises (SMEs) on the 8th. This move came as a counter to Kim Jong-in, the People Power Party's general election campaign committee chairman, who proposed "resolving economic polarization" as his first pledge the day before. It also reflects Lee's determination to take the lead on the "progressive camp agenda" in the fierce upcoming competition between the two major parties.

During the pledge announcement held at Gasan Digital Complex in Geumcheon-gu, Seoul, Lee emphasized fair competition, stating, "Fair growth through coexistence and cooperation between large corporations and SMEs, capital and labor, is the solution to escape the quagmire of low growth." This was Lee's second formal press conference to announce pledges, following last month's digital transformation policy announcement. This underscores the weight Lee places on economic democratization pledges, such as restoring the balance of power between large and small enterprises.

Lee raised his voice, saying, "The Lee Jae-myung administration will make a leap forward to a Korean economy where the people grow together through building a fair industrial ecosystem and bold investment in SMEs and venture companies." The pledges included policies to realize this vision. These include implementing a linkage system for SME supply prices, improving various tax systems to enhance SME welfare, and revitalizing the Tomorrow Filling Deduction (Naeilchaeum Gongje). He also viewed state support as essential. Lee proposed ▲establishing a 1 trillion won Startup Solidarity Fund ▲creating a large-scale mega tech fund ▲improving tax systems for startup companies ▲actively supporting re-startups through a re-challenge support fund and coexistence cooperation fund. The pledges also included bold policies such as deferring the registration of credit delinquents among re-challenging entrepreneurs and reducing their debts.

Both ruling and opposition parties, recognizing "fairness" as a key issue in the presidential election, are expected to competitively present policies to resolve economic polarization. The inclusion of Kim Jong-in, who has advocated economic democratization led by coexistence between large and small enterprises, is seen as a signal of this trend. Even as he launched the "Yoon Seok-youl campaign committee," Kim named resolving economic polarization as his first pledge. His stance that state intervention is essential in economic matters remains unchanged. This aligns with the agenda direction advocated by the progressive camp. Kim Jong-in has experience in securing such agendas, having helped elect Park Geun-hye as president.

Within the Democratic Party, there is also a sense of crisis over this momentum. A first-term lawmaker said, "There are concerns that the selection of progressive agendas, like economic democratization in the 2012 presidential election, could be taken away by Chairman Kim Jong-in."

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