Yoon: "All-Out Effort for Livelihood Stability and Economic Recovery to Make Change Tangible" (Comprehensive)

"6.6 Trillion Won Saemangeum Agency Investment Since Government Inauguration"
"Achieved Through Sales Diplomacy and Deregulation"
Follow-up Measures Urged After France and Vietnam Visits
Yoon "Will Continue to Support Dynamic Business Activities"

President Yoon Suk-yeol mentioned on the 27th that investment in the Saemangeum National Industrial Complex has significantly increased over the one year since the government was launched, stating, "We will continue to support companies so that they can carry out dynamic business activities." He especially noted, "The large-scale investment attraction was possible because we created an institutional environment that companies need by easing regulations along with sales diplomacy and efforts to improve Korea-US and Korea-Japan relations," and instructed the Cabinet members to devote all efforts to stabilizing people’s livelihoods and economic recovery.

On the same day, President Yoon presided over a Cabinet meeting at the Yongsan Presidential Office building in the morning, saying, "As a salesperson of the Republic of Korea, I have actively carried out economic diplomacy and sales diplomacy," further announcing the government’s business- and economy-friendly policies.

[Image source=Yonhap News]

He also brought up the results from the domestic industrial sector achieved through sales diplomacy and regulatory reform. President Yoon explained, "Since the establishment of the Saemangeum Development Authority in 2013, the scale of investment attraction in the Saemangeum National Industrial Complex was 1.5 trillion won over nine years, but after our government took office, 30 companies decided on investments exceeding four times that amount, totaling 6.6 trillion won." He added, "Such large-scale investment attraction was possible because we created an institutional environment that companies need by significantly easing regulations along with sales diplomacy and efforts to improve Korea-US and Korea-Japan relations."

Last week, considering the characteristics of the Saemangeum project, which encompasses industry, research, and tourism, the government passed a revision of the ‘Enforcement Decree of the Special Act on Promotion and Support of the Saemangeum Project’ at the Cabinet meeting, which greatly expands the target industries compared to the Jeju and Gwangju Investment Promotion Districts. Through this, the investment amount is also set according to the type of project, and the minimum investment amount was lowered to 500 million to 2 billion won, reducing entry barriers.

President Yoon emphasized on the same day, "We will support companies to freely operate and carry out dynamic business activities not only in Saemangeum but anywhere across the country," and urged the Cabinet members, "Please devote all efforts to stabilizing people’s livelihoods and economic recovery so that the public can feel the fruits of change."

Regarding the 111 memorandums of understanding (MOUs) obtained during his recent visit to Vietnam, President Yoon requested, "Relevant ministries and agencies should make thorough follow-up measures to quickly achieve results." He then pointed out economic cooperation between the two countries following the state visit to Vietnam, stating, "We will expand defense cooperation with Vietnam while actively supporting the enhancement of Vietnam’s coastal security capabilities."

Instead, he expressed the intention to share responses to North Korea’s nuclear issue with Vietnam. President Yoon evaluated, "It is significant that the Vietnamese government agreed to cooperate with us in responding to North Korea’s nuclear issue and to work together in upholding the free navigation order and international norms in the Indo-Pacific region." He continued, "We will create a cooperation model that stabilizes the supply chain of our key industries by combining Vietnam’s abundant mineral resources with our excellent processing technology," and instructed, "Conduct prompt consultations between authorities to resolve difficulties faced by our companies operating in Vietnam."

President Yoon also emphasized the government’s safety system in preparation for the full-fledged rainy season. He said, "Above all, the most important thing is to reduce casualties," and instructed, "All related agencies should conduct thorough inspections and double-check." He added, "When heavy rain occurs, risk warnings should be issued for vulnerable facilities and areas, and prompt evacuation and access control must be carried out."

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