Campaign Promises of South Korea's New Leader, Lee Jae-myung
SOUTH KOREA'S NEW PRESIDENT LEE JAE-MYUNG SETS OUT AMBITIOUS PLANS TO REVITALIZE THE ECONOMY AND FOREIGN RELATIONS AMID STABILIZATION EFFORTS
Newly elected South Korean President Lee Jae-myung has promised a series of political and economic reforms to help the country rebound from the recent martial law crisis. Here's a truncated glimpse into some of his key policy proposals:
ECONOMY
The Democratic Party, backed by Lee, aspires to gradually beef up funding for research and development, seemingly earmarking substantial investments in artificial intelligence, which will kick off with the current year's additional budget. The party also envisions defense as one of the nation's cornerstone industries, hoping to bolster local businesses and increase South Korea's influence through bolstering its soft power.
On the trade front, Lee sees no urgency in reaching a quick deal with the United States regarding tariffs, acknowledging protectionism as a widespread trend. He underscores the need for a diverse global trade portfolio as the long-term solution.
FOREIGN POLICY
Lee intends to adopt a new strategy in Asia while deepening cooperation with the "Global South" and strengthening ties with the European Union. In terms of North Korea, he wants to alleviate tensions first by re-establishing a military hotline and military agreements abandoned by Pyongyang, while maintaining the aim of denuclearization on the peninsula. Lee also recognizes the importance of the alliance with the United States, but underlines the need for diplomatic finesse with regional powers, including China and Russia.
POLITICAL STABILITY
The Democratic Party plans to work towards a revitalization of South Korea's democracy following the political fallout brought about by Yoon Suk Yeol's declaration of martial law in December. The administration also aims to tighten the president's power to impose martial law and plans to reform the legal system due to politicization concerns in prosecutorial agencies.
WORK CULTURE
Lee's administration might advocate for a four-and-a-half-day working week, in a bid to decrease excessive working hours, a common feature of South Korea's work culture. Plans to bring the number of working hours below the OECD average and lift the retirement age could also be on the table.
POPULATION CRISIS
In an effort to counter the country's dwindling birth rates, Lee may propose income tax deductions for credit card expenses based on the number of dependents a family has. Additionally, increasing the supply of public rental housing for newlyweds might be among his initiatives.
CLIMATE CHANGE
Lee's administration may prioritize green economy initiatives to combat climate change and environmental issues. The gradual phase-out of coal plants by 2040, while maintaining a calibrated nuclear power generation strategy, appears to be a possibility.
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In summary, Lee's presidency is likely to prioritize economic stabilization, strengthen key international alliances, forge new regional partnerships, and tackle social and environmental challenges head-on.
- In addition to economic policies, Lee Jae-myung's administration may focus on environmental science, vowing to prioritize green economy initiatives to combat climate change.
- Understanding that climate-change is a global concern, Lee intends to implement policy-and-legislation that addresses environmental issues, such as the gradual phase-out of coal plants by 2040.
- As part of his commitment to tackle climate-change, Lee's plans for environmental-science policy could also involve strengthening South Korea's position in general-news related to renewable energy and sustainable development.
