Yoon: "To Ensure Success of Advanced Cluster, Regulatory Reform and Legalization of Fair Compensation System Needed" (Update)

President Yoon Chairs 5th Export Strategy Meeting
Boldly Remove Unreasonable Regulations, Revitalize Market
Overcoming Economic Crisis Only Through Advanced Science and Technology

President Yoon Suk-yeol emphasized the government's role on the 1st, stating, "To ensure the successful operation of the (advanced science and technology) cluster, unreasonable regulations must be boldly lifted, and a fair compensation system based on a free market economy must be legislated."

On the same day, President Yoon chaired the 5th Export Strategy Meeting at 'Seoul Startup Hub M+' located in Magok-dong, Gangseo-gu, Seoul, and said, "Economic crises must be overcome through productivity improvement, and the only way to improve productivity is advanced science and technology."

While the previous 1st to 4th Export Strategy Meetings, which President Yoon presided over, mainly focused on support for export companies, this Export Strategy Meeting was organized in Magok, where the pharmaceutical and bio cluster has been formed, to explore ways to enhance the competitiveness of advanced industries.

President Yoon first cited the Boston cluster case he visited during his state visit to the U.S. in April, explaining that a fair market order and a fair compensation system based on it are essential to securing international competitiveness of industries. The idea is that when market order and compensation systems are fair, top talents from various fields such as advanced industries, engineering, medicine, law, and finance can gather and produce results.

[Image source=Yonhap News]

To this end, as advanced industries have expanded beyond simple competition between companies to the level of national economic and security competition, the government pledged not to spare institutional and financial investments for this purpose.

President Yoon said, "We need to properly legislate and design a fair compensation system based on free market principles, boldly lift unreasonable regulations, and make policy efforts that invigorate the market. I believe the government's role is to wisely select and make leading investments using government finances so that private interest and investment can be attracted."

He added, "Currently, due to various external factors, economic instability continues, and there are many difficulties in exports and trade, but such crises can turn into opportunities if reversed. Countries that overcome these challenges with an innovative mindset succeed, while those that hesitate fall behind."

Furthermore, he stressed, "Economic crises must be overcome through productivity improvement, and productivity improvement can only come from advanced science and technology. That is the path we must take."

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