Ruling and Opposition Parties Eager for Early Election... Now Competing in Livelihood Campaigns

Ruling Party Holds Consecutive Policy Meetings on Livelihood Issues
Opposition Party Hosts Forums to Hear Industry Demands

Following the 12·3 emergency martial law crisis, the ruling and opposition parties, which had maintained a steep confrontation line, have entered into a policy competition to revitalize livelihoods amid changes in the international situation and worsening domestic economic conditions. Although political confrontation is inevitable for the time being, the shared recognition that the economic spark must be revived has led to changes in actions.

Song Eon-seok, a member of the People Power Party and chairman of the National Assembly's Planning and Finance Committee, held a "Policy Meeting for the Economic Re-Leap of the Republic of Korea - Construction Sector" on the morning of the 5th at the National Assembly Members' Office Building. This came the day after the People Power Party requested the government at the party-government council to temporarily ease the application of the Debt Service Ratio (DSR) to resolve issues such as unsold housing in non-capital areas. Song listened to the requests of industry officials immediately. He pointed out, "The construction industry, which accounts for about 15% of our country's Gross Domestic Product (GDP) and plays a central role in economic growth, is facing great difficulties due to the construction recession and the increase in unsold houses, yet bills that could alleviate the burden are being held up in the National Assembly."

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Following the construction industry meeting on the same day, Song plans to hold meetings with the shipbuilding industry on the 6th and the aviation industry on the 7th. Following the birth of Chat GPT at the end of 2022 and the recent global shock from China's Deep Seek, the need to catch up in the artificial intelligence (AI) industry has emerged, and the People Power Party leadership is also concretizing moves to pass the National Power Grid Expansion Act to support this.

Kwon Young-se, chairman of the People Power Party's Emergency Response Committee, and Kim Sang-hoon, chairman of the Policy Committee, visited the Godeok Substation in Pyeongtaek, Gyeonggi Province, on the morning of the same day to explore ways to "expand the power grid for the AI revolution." The Godeok Substation is responsible for supplying power to the Pyeongtaek semiconductor specialized complex.

Lee Jae-myung, leader of the Democratic Party of Korea, listened to the difficulties faced by export companies and sought solutions together on the 5th to prepare for the era of Donald Trump 2.0, which has threatened a "tariff bomb." In his greeting, Lee emphasized, "The opinions of frontline companies and businesspeople are the most important when it comes to finding efficient and fast ways to solve (international trade) problems." He added, "I will consider how to reflect and realize the opinions of companies and businesspeople who are routinely overcoming the big wave of international competition in politics and administration." At the comprehensive meeting that day, Lee met with representatives from Samsung, LG, SK, and the Korea Chamber of Commerce and Industry.

Earlier, the Democratic Party held four consecutive meetings last month focusing on semiconductors, secondary batteries, automobiles, and small and medium-sized enterprises to listen to industry demands. Lee proposed the formation of a "bipartisan National Assembly Special Committee on Trade" to the ruling party at the party's highest council meeting for two consecutive days. Lee stressed, "The tariff shock from the United States is a direct blow to our companies," adding, "With the uncertainty of economic indicators increasing due to additional U.S. tariffs, not only companies but all citizens are anxious, so we must come up with countermeasures."

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