President Yoon: "Pension, Labor, and Education Reforms Are Inevitable Tasks... Bipartisan Cooperation Is Necessary"

First National Assembly Policy Speech Since Inauguration... Emphasizing Cooperation in a Minority Government
"Discussed Global Supply Chain Cooperation with President Biden"... Official Mention of IPEF

[Image source=Yonhap News]

[Asia Economy reporters Ki-min Lee and Bo-ryeong Geum] President Yoon Suk-yeol emphasized the necessity of addressing the economic crisis and pension reform on the 16th, urging "bipartisan cooperation between the government and the National Assembly." This is interpreted as a signal that parliamentary cooperation is crucial for the prompt approval of the Prime Minister nominee and the supplementary budget bill (추경) that remain unresolved in the current opposition-majority political landscape.

On the morning of the 16th, just six days after his inauguration, President Yoon returned to the National Assembly in Yeouido to deliver the 2022 second supplementary budget address, stating, "The next five years of the new government will be a very important time that will determine the future of our society."

Referring to the partnership between Churchill and Attlee during World War II, President Yoon said, "The severity of the crises and challenges we face demands bipartisan cooperation beyond factions or political camps more than ever," adding, "Although each side has different political values, we must willingly join hands to overcome the common crisis."

President Yoon cited the supplementary budget and various reform tasks such as pension reform as reasons for the need for bipartisan cooperation. He said, "Pension reform is necessary to implement a sustainable welfare system and provide a seamless social safety net," and emphasized that "labor reform aligned with global standards is needed to create many jobs." He also mentioned that "education reform is an unavoidable task to fairly provide education that matches the level of technological advancement to our students." Furthermore, regarding the 59.4 trillion won supplementary budget, he urged, "Now is the time for the government and the National Assembly to step forward."

At this event, President Yoon also formalized discussions on the Indo-Pacific Economic Framework (IPEF). He stated, "At the summit with U.S. President Joe Biden, who will visit Korea this week, we will discuss ways to strengthen global supply chain cooperation through IPEF," adding, "Various economic security issues including the digital economy and carbon neutrality will also be included."

Regarding North Korea, President Yoon explained, "We must create sustainable peace through a virtuous cycle of North Korea's denuclearization process and trust-building between the two Koreas," and added, "However, separate from military crises, we will not spare necessary support such as medicines, medical equipment, and healthcare personnel for the North Korean people amid the spread of COVID-19."

After President Yoon's speech, all members of the People Power Party stood and applauded energetically. Representative Kang Min-guk raised both fists above his head. Emphasizing 'cooperation' and 'unity,' President Yoon walked around the plenary hall before leaving, shaking hands with all members regardless of party affiliation. He extended his hand even to members who only nodded while seated. A moment was also captured where he appeared to exchange greetings with Shim Sang-jung, a Justice Party member and former presidential candidate.

When reporters asked President Yoon about his impressions of the first policy speech after the address, he said, "Having this opportunity at the National Assembly, I hope it will be a page in the development of our democracy and parliamentary system. Personally, I am very pleased and honored." Regarding the significance of shaking hands with opposition Democratic Party and Justice Party members, he emphasized, "In the relationship between the government and the legislature, there should be no division between ruling and opposition parties."

The People Power Party also called for cooperation from the Democratic Party. On the same day, Yang Geum-hee, the party's floor spokesperson, said in a statement, "(The policy speech just six days after inauguration) shows how urgent the people's livelihood issues are and how much respect is given to the National Assembly," adding, "We firmly believe that the Democratic Party, which has governed before, will join us in this effort."

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