Ahn Cheol-soo: "Yoon Government Will Give Freedom to Businesses"

Published 25 Apr.2022 14:38(KST)

Three Principles Presented: Autonomy, Fairness, and Social Safety Net

Ahn Cheol-soo, Chairman of the Presidential Transition Committee

[Asia Economy Reporter Buaeri] Ahn Cheol-soo, chairman of the Presidential Transition Committee, stated on the 25th, "The new government will somehow grant freedom to businesses."

At a briefing on the new government's national strategy related to the 'future food industry' sector held at the transition committee press conference in Tongui-dong, Seoul, Ahn said, "The Moon Jae-in administration was government-centered and focused on income growth."

Ahn explained, "Both I and the new government believe that job creation is fundamentally the role of the private sector," adding, "And we think the market plays that role. This is the most fundamental philosophical difference between the Moon Jae-in administration and us."

He then presented three principles for economic recovery: autonomy, fairness, and social safety nets.

Ahn criticized, "In South Korea, due to government-controlled economy and various regulations, the economic freedom of businesses and individuals is being taken away," and added, "Our country's potential growth rate has been steadily declining, approaching nearly 0%, which is an unfortunate situation."

Regarding the principle of 'fairness,' Ahn explained, "In a healthy ecosystem, it is not always the largest and wealthiest conglomerates that win; if a small or venture company has the capability, it can defeat large corporations and grow into a mid-sized company, and mid-sized companies can grow into large corporations." He continued, "The market structure should allow success based on capability."

Concerning social safety nets, Ahn said, "(In our country) it is difficult for ordinary people to start a business. If they fail in entrepreneurship, they immediately become credit delinquents and can never restart their business for life." He emphasized, "Even if 8 out of 10 fail, if 2 succeed and create added value, they can cover the losses of the other 8. That is the true free market economy and the structure of a developing economy," stressing the necessity of these three principles.