Vision of pragmatism: Envisioning a unified economic front

Lee Jae-myung, Presidential Hopeful, Proposes a Tech Boost for South Korea

In the race to become South Korea's next president, Lee Jae-myung, the Democratic Party's candidate, has unveiled ambitious plans to revamp the nation's research and defense industries. Here's a lowdown on his vision for these sectors.

Research and Development (R&D)

With an eye on innovation, Lee aims to shake up South Korea's R&D landscape with the following policies:

Boosting R&D Budget: Seeking to remain competitive globally, Lee plans to bump up the R&D budget to exceed 5% of the national budget. At present, the budget stands at around 4.38%, approximately 30 trillion won, a figure Lee wants to surpass.
Advancing Strategic Tech R&D: He also wants to allocate extra funding for national strategic tech R&D, targeting 10 trillion won within the next five years.
Empowering Scientists: To ensure a conducive environment for researchers, Lee seeks to enact the "Basic Act on Science and Technology," guaranteeing betterworking conditions and status for scientists and technicians.
Streamlining Bureaucracy: In a bid to expedite research and improve collaboration between ministries and research institutes, Lee proposes abolishing the R&D preliminary feasibility study.
Cultivating Talent: To nurture the brightest minds, Lee intends to double the budget for research and life incentives for graduate students, increase scholarships for top students, and support post-doctoral researchers.

Defense and Aerospace

Sensing an opportunity to propel South Korea into the final frontier, Lee wants to vigorously support the aerospace industry with the following plans:

Space Fund: He plans to create a "space fund" with a target of 100 billion won to indirectly back the development of the aerospace industry.
Aerospace Hubs: Lee envisions the creation of aerospace complex cities in Jinju and Sacheon, Gyeongnam, focusing on research talent development and manufacturing capabilities.
Regional Specialization: In a bid to capitalize on each region's strengths, Lee proposes designating specialized districts in Gyeongnam, Daejeon, and Jeonnam for focused development in manufacturing, research, and talent development.

While Lee's proposal focuses on increasing R&D and aerospace support, specific defense spending hikes have yet to be explicitly detailed. However, it's worth noting that previous Democratic Party leadership saw reductions in R&D spending, a trend now aimed to be reversed under Lee. His policies could spearhead a shift towards a more innovative and technologically advanced South Korea if elected as president.

Lee Jae-myung's proposal for South Korea's future president emphasizes enhancing the nation's research and defense industries, aiming to boost competitiveness globally.
To achieve innovation, he plans to escalate the R&D budget beyond 5% of the national budget, surpassing the current 4.38% (30 trillion won).
Lee also intends to earmark extra funding for strategic tech R&D, allotting 10 trillion won within the next five years.
For a conducive research environment, he seeks to enact the "Basic Act on Science and Technology," enhancing working conditions and status for scientists and technicians.
To expedite research and improve collaboration, Lee plans to abolish the R&D preliminary feasibility study.
For talent cultivation, he intends to double the budget for research and life incentives for graduate students, increase scholarships for top students, and support post-doctoral researchers, all indicative of a future prioritizing science and technology.

In the realm of defense and aerospace, Lee envisions South Korea's foray into the final frontier with proposals such as creating a "space fund," establishing aerospace complex cities, and regional specialization, all aimed at fostering a technologically advanced nation.