Seohun Oh Focuses on 'Economic Initiatives'... Establishing a 'Corporate-Centered Growth Theory'

Proposal for 'Deputy Prime Minister for Corporate Growth,' Emphasis on 'Corporate Growth'
Criticizing Boxpi and Tax Discrimination... Mentioning Child Fund and More
Differentiation from Lee Jaemyung... "Ideas That Crush Entrepreneurial Spirit"
Meeting with Lee Myungbak to Discuss Regulatory Reform... Full-scale Presidential Bid Begins

Seoul Mayor Oh Se-hoon is expanding his economic initiatives. From the economic downturn subdued by the martial law situation, he has introduced methods to maintain a 'current growth rate' of 5%, which combines economic growth rate and inflation rate, led by 'regulatory reform.' In a political climate where the possibility of an early presidential election is increasing, he appears to be building his own economic growth theory.

Mayor Oh met with businesspeople at the Korea Chamber of Commerce and Industry (KCCI) the day before. The forum was attended by about 200 representatives from 26 associations, organizations, and companies related to new industries, including KCCI, the Korea Federation of Small and Medium Business, and the Korea Artificial Intelligence Association. Mayor Oh said in his speech, "Going forward, the government must become a service government that removes obstacles that companies inevitably face at critical points, from startups to unicorns to large corporations." The theme was set as ‘KOGA (Korea Growth Again).’

In his speech, Mayor Oh revealed ideas related to positions responsible for the 'service government' tasks. He proposed establishing a new position of ‘Deputy Prime Minister for Corporate Growth.’ Again, the words ‘growth’ and ‘corporate’ are combined. In this speech, he also said, "If we achieve an economic growth rate of 5% and a real growth rate of 3%, it will be possible to reach a per capita national income of $100,000 by 2045." People around Seoul noted that this recalls the ‘747 pledge’ made by former President Lee Myung-bak, who called himself the ‘economic president’ during the 2007 presidential election campaign. The 747 pledge referred to a 7% economic growth rate, $40,000 per capita national income, and entry into the world’s top 7 powers.

Mayor Oh has shown a different economic approach from other presidential candidates amid the martial law situation and impeachment turmoil. His economic policy is based on a so-called ‘corporate-centered growth strategy,’ focusing on active fiscal investment and reforms in taxation, labor, and regulation. He believes that achieving a current growth rate of 5% and a real growth rate of 3% will enable the creation of a $100,000 national income by 2045, the 100th anniversary of liberation.

On the 26th of last month, he pointed out problems in the domestic capital market, stating, "We must free investors from the prison of KOSPI and tax discrimination." He proposed concrete measures such as providing clear benefits to long-term investors, lowering dividend income tax rates, and abolishing discriminatory capital gains tax. Mayor Oh said, "If this happens, the public’s funds will flow into the stock market instead of real estate, starting a virtuous cycle of capital market growth and overall asset increase for the people."

On the 25th, he also introduced the 'Child Seed Money Fund' and 'Child Seed Money Savings.' The idea is to go beyond cash payments like parental allowances and provide parents with the option to invest long-term in funds or savings accounts under their child's name if they wish. Mayor Oh said, "If this system is established, children will have a lump sum when they turn 18, giving them a foundation to plan their own future," adding, "It will be a meaningful change that creates a fair starting line for our society, beyond just changing the lives of individual youths."

He clearly differentiates himself from Lee Jae-myung, leader of the Democratic Party. When Lee recently suggested that if companies like Nvidia emerge, 30% of their shares should be shared by all citizens, Mayor Oh criticized it as "a self-destructive idea that dampens the investment will that should be the driving force of corporate growth." He said, "In a national crisis sinking into a low-growth swamp, such ideas that crush entrepreneurial spirit will only lead to deeper recession."

Regarding the inheritance tax reform proposed by the Democratic Party, he stated, "It should not be a mere palliative measure aimed at the votes of the 'middle class owning one house in Seoul,' but a fundamental reform reflecting the realities of the Korean economy and changes in asset accumulation structures," adding, "More sophisticated reform is needed, not just a simple increase in deduction amounts."

With the impeachment judgment on President Yoon Seok-youl approaching, he is also actively using the 'constitutional amendment' card. Mayor Oh said, "Without constitutional amendment, such political turmoil may repeat anytime in the future," and warned, "If (Lee Jae-myung) tries to evade this situation by superficially prioritizing resolving the impeachment phase because it is politically disadvantageous to him, he will likely face significant public resistance."

The day before, he visited former President Lee Myung-bak to discuss economic growth strategies including regulatory reform. At the meeting, former President Lee supported Mayor Oh’s ‘regulatory reform’ policy. Politicians interpreted this meeting as part of Mayor Oh’s presidential bid, but the discussion focused more on economic growth direction than on the impeachment turmoil.

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