President Yoon: "Promoting the Special Act on Nuclear Power Industry Support... Entering the 1,000 Trillion Global Market"

Establishing a Global Market Foothold with Czech Nuclear Power Plant Contract
Promoting Export Support Policies... Additional Contracts Needed
Abolishing Financial Investment Tax... Introducing Tax Incentives to Encourage Shareholder Returns

President Yoon Suk-yeol is presiding over a Cabinet meeting at the Presidential Office building in Yongsan, Seoul, on the 30th. [Image source=Yonhap News]

President Yoon Suk-yeol emphasized on the 30th that with the successful bid for the construction project of a nuclear power plant in the Czech Republic, a foothold has been established for entering the global nuclear power market worth 1,000 trillion won. He stated that the 'Special Act on Nuclear Industry Support' will be enacted and export support policies will be implemented to secure additional nuclear power projects.

At the Cabinet meeting held at the Yongsan Presidential Office that morning, President Yoon said, "Our country has been finally selected as the preferred negotiator for the Czech nuclear power plant construction project, establishing a strong foothold to enter the global nuclear power market worth 1,000 trillion won." He urged, "Please do your best in the remaining negotiations to ensure the final contract is successfully concluded early next year."

He added, "In this bid, we had to make great efforts to overcome the loss of trust caused by the nuclear phase-out policy," and explained, "It is urgent to establish an institutional foundation so that our nuclear industry is not influenced by the nature of the administration and can grow steadily without wavering."

To this end, President Yoon stressed, "Let us all work together to enact the Special Act on Nuclear Industry Support and more vigorously promote the restoration of the nuclear ecosystem and export support policies so that the third and fourth bids will follow." Regarding the Czech Republic, which won the nuclear power project, he said, "All ministries should strive to discover cooperative projects with the Czech Republic, covering not only economy and diplomacy but also education, science, defense, and culture."

Regarding the recently announced '2024 Tax Reform Bill,' President Yoon emphasized, "I hope it will be thoroughly and meticulously prepared so that the National Assembly can properly discuss and evaluate what path is best for the livelihood and economy."

President Yoon explained, "We will extend tax benefits for national strategic technologies and expand corporate tax reductions for companies that increase investments. Also, to protect individual investors, we will abolish the financial investment income tax and introduce tax incentives that encourage active shareholder returns, including dividends."

In particular, President Yoon reiterated, "We will adjust the inheritance tax rates and exemption ranges, which have been maintained for 25 years without reflecting economic growth and the times, and significantly increase the child deduction amount from the existing 50 million won to 500 million won to reduce the burden on middle-class households. To ensure corporate sustainability, outdated tax systems must be reformed."

President Yoon Suk-yeol is speaking while presiding over the Cabinet meeting at the Presidential Office building in Yongsan, Seoul, on the 30th.
[Image source=Yonhap News]

At the Cabinet meeting that day, the draft 'Regulations on the Establishment of the National Artificial Intelligence Committee' and the 'Strategic Command Ordinance' were also submitted. President Yoon requested, "Please prepare thoroughly so that the public and private sectors can discuss future strategies to leap forward as one of the 'top three AI powers'."

Meanwhile, President Yoon also cheered on the national team athletes participating in the Paris Olympics, saying, "The sweat and efforts of the athletes are further elevating the status of the Republic of Korea." He emphasized, "I hope all our athletes achieve good results without injury, and I will also wholeheartedly support 'Team Korea.'"

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