Lee Jae-myung's Continuous Economic Moves, Declaration of Industrial Transformation

Announcement of 7 Pledges Including Digital Transformation
"Opening the Era of $1 Trillion Exports Within My Term"
Talk Concert with CEOs at Korea Employers Federation

Lee Jae-myung, the Democratic Party presidential candidate, is announcing industrial sector policy pledges at the Korea Industrial Technology Promotion Association in Seocho-gu, Seoul on the 12th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Jeon Jin-young] Lee Jae-myung, the Democratic Party presidential candidate, announced the ‘Industrial Transformation 7 Pledges’ on the 12th, following his new economic vision ‘Lee Jae-nomics’ which aims to create 2 million jobs. This ambition goes beyond the ‘555 Pledge’ of ‘$50,000 national income, KOSPI index 5000, and 5th largest national power’ revealed the previous day, aiming to open the era of $1 trillion exports through industrial sector transformation.

On the morning of the same day, Lee announced the 7 major industrial transformation pledges at the Korea Industrial Technology Promotion Association in Seocho-gu, Seoul, stating, “We will firmly establish the foundation for industrial transformation by creating the groundwork for digital transformation leading the 4th Industrial Revolution and energy transformation responding to the climate crisis.” He added, “Using this as a stepping stone, we will lead the global supply chain and innovate the industrial ecosystem through massive investment and support to build a stable foundation for future industries.”

The pledges are broadly divided into ▲innovation of core manufacturing through digital transformation ▲promotion of carbon-neutral industrial transition ▲promotion of the ‘Big 10 Industry Project’ ▲self-reliance and diversification of supply chains ▲promotion of the ‘SoBuJang 3.0 Project’ ▲customized innovative talent development and establishment of a participatory innovation network ▲and achieving the $1 trillion export era within the term. The Big 10 Industry Project combines semiconductors, future mobility, secondary batteries, displays, and bio-health industries into ‘5 major clusters,’ and adds the ‘Emerging 5 New Industry Project’ which includes robots, green energy, aerospace, fashion tech, and metaverse (extended virtual world). Lee pledged, “We will boldly improve the three major innovation foundations of manpower, capital, and regulations necessary to maximize the Big 10 industry capabilities.” He also emphasized opening the $1 trillion export era within his term through export market and product diversification, removal of trade barriers, and expansion of export financing.

In the afternoon, Lee will hold a talk concert with CEOs of major companies at the Korea Employers Federation building in Seoul. Attendees include Son Kyung-sik, chairman of CJ and president of the Korea Employers Federation, as well as CEOs from the top 10 groups such as Samsung, Hyundai Motor, SK, LG, Lotte, POSCO, Hanwha, GS, Hyundai Heavy Industries, and Hanjin. Lee plans to engage in discussions on individual corporate issues and management environments with them. A Democratic Party official said, “Lee will emphasize his commitment to creating a business-friendly environment and express his stance on introducing negative regulations,” adding, “He also plans to discuss reasonable alternatives for labor-management coexistence with the CEOs.”

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