President Yoon: "Companies Struggling with Sandbags... I Will Step In Directly" (Update)

-Attended the Senior Secretary Meeting… "It's time to ease regulations and respond"

-"Compensation for losses is a legal obligation of a rule-of-law country… Urges swift execution"

President Yoon Suk-yeol made requests regarding regulatory reform and other matters at the Senior Secretary Meeting held on the morning of the 30th at the Yongsan Presidential Office. / Presidential Office

[Asia Economy Reporter Bae Kyunghwan] President Yoon Suk-yeol stated, "We must abolish regulations that hinder corporate activities." This is interpreted as his intention to open investment channels for companies through regulatory reform, following the recent announcements of investment plans totaling 1,000 trillion won by major domestic groups such as Samsung, Hyundai Motor, and SK. In particular, President Yoon likened regulations that block corporate investment to "sandbags" and emphasized, "I will personally take charge of difficult and complex regulations."

On the morning of the 30th, at the Senior Secretary Meeting held at the Presidential Office in Yongsan, President Yoon said, "Our companies have announced a grand plan to invest 1,000 trillion won and hire more than 300,000 new employees over the next five years," adding, "Now it is time for the government to respond by easing regulations that block corporate investment."

On that day, President Yoon mentioned, "Our companies are competing and running in the global market with sandbags attached," and stressed, "All ministries should recognize themselves as regulatory relief departments and boldly abolish regulations that hinder corporate activities."

He also showed strong determination by saying, "I will personally step in to cooperate with ministries and handle difficult and complex regulations." President Yoon stated, "Shadow regulations such as administrative regulations unrelated to laws must be clearly improved, and regulations that can be handled by presidential decrees and ministerial ordinances among necessary legal improvements should be processed swiftly," adding, "For those requiring legislative amendments, we must cooperate with the National Assembly to abolish regulations."

He also mentioned concerns about inflation due to the execution of the supplementary budget (추경). President Yoon predicted, "Although the Bank of Korea has significantly raised this year's inflation forecast to 4.5%, the actual rate is expected to exceed 5%." He continued, "Inflation is the most important task for stabilizing people’s livelihoods; when prices rise, real wages decrease," urging, "The new government should mobilize all available means to fully stabilize the cost of living for the people."

He requested the swift disbursement of funds related to the supplementary budget execution. President Yoon explained, "Compensation for losses due to government restrictions on property rights is a natural obligation in a rule-of-law country," and added, "I urge the financial authorities to promptly execute the disbursement of livelihood stabilization funds to small business owners and micro-entrepreneurs who are almost breathless."

He also mentioned the prompt response to the African swine fever outbreak in Gangwon Province and the wildfire in Uljin, Gyeongbuk. President Yoon said, "If the highly fatal swine fever spreads, it will cause great damage to homes and farms," calling for cooperation from the Ministry of Agriculture, Food and Rural Affairs and the Ministry of the Interior and Safety, and separately ordered measures to prevent the recurrence of wildfires.

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