President Lee Jae-myung was sworn in as the 21st president in an inauguration ceremony at the National Assembly in Yeouido, Seoul, on June 4.
After taking an oath at the ceremony, President Lee delivered his inaugural speech in which he declared a “pragmatic and market-oriented government” and pledged to devote himself to restoring people’s livelihoods and boosting the national economy.
New President Lee Jae-myung and First Lady Kim Hye-kyung sends greetings to enthusiastic supports by showing a heart sign along with First Lady Kim Hye-kyung as they walked out of the National Assembly Building after President Lee took an oath.
“Embracing the 52 million aspirations and hopes given to me by the people of this nation, I now take my first step as the 21st president of the Republic of Korea, toward a truly democratic republic, and it is the time to make all happy by reviving people’s livelihoods from the end of the cliff and restoring growth,” he said.
“In accordance with another meaning of the president, calling for unity regardless of support to any side during the presidential election, I will be a president for all, embracing all the people and serving them,” President Lee vowed.
Asking for outdated ideologies to be sent to the museum of history, President Lee said, “There are no progressive issues or conservative issues — only the people’s issues and Korea’s issues.”
“Whether it be policies from Park Chung-hee or Kim Dae-jung, if they are useful and necessary, we will adopt them without bias,” he said.
President Lee declared “The President Lee Jae-myung government will be a pragmatic, market-oriented government — not one of control and regulation, but of support and encouragement. The newly inaugurating President Lee Jae-myung government of the Democratic Party of Korea will be a just, unity government, a flexible and pragmatic one,” he said.
President Lee said, “In order to protect creative and proactive corporate activity, we will transition to a negative regulatory system and provide strong support so that entrepreneurs can freely start businesses, grow and compete globally.”
The President Lee government embarked on efforts to restore people’s livelihoods and revive the national economy.
He plans to inaugurate an emergency economy response taskforce to wage “a war against recessions.” He pledged to use public finance to pump-prime the economy and revive a virtuous cycle of the national economy.
As for the Dec. 2 declaration of martial law, he said, rebellion, depriving people’s sovereign rights with the guns entrusted by people, should no longer be repeated from now on, and he promised to get to the bottom of the facts, asking for just responsibility and countermeasures to prevent it from happening again.
As for the diplomatic and security sectors, President Lee said, “We will build cooperation between Korea, the United States and Japan based on a strong Korea-U.S. alliance and approach our neighboring countries in the perspective of national interest and pragmatism.”
President Lee said his government will widen its diplomatic horizon and expand the nation’s economic territory by raising its national standing.
President Lee said his government will take steps against North Korea’s nuclear arms and military provocations with a strong deterrence based on the Korea-U.S. military alliance on top of military spending equivalent to twice of North Korea’s GDP, and the world’s fifth largest military power, while building peace on the Korean Peninsula through the opening of communication channels with the North as well as dialogue and cooperation.
President Lee promised to make massive investments and support in advanced technology industries, such as AI and semiconductors, and transition to a renewable energy-oriented society to cope with climate change.
He called for a great shift in growth development strategies for sustainable growth and stressed “balanced development, just growth strategies and just society.”
President Lee Jae-myung delivers a speech at a field meeting with working-level officials of the Market Surveillance headquarters designed to uproot unfair trade practices at the Integrated Control Center of the Korea Exchange in Yeouido, Seoul, on June 11.
President Lee Govt. Makes All-Out Efforts to Revive Economy
President Lee Jae-myung is mobilizing the country’s fiscal expansion and regulatory alleviation to revive the national economy to tackle declining domestic demand and worsening trade environment conditions.
It plans to offer support to self-employed businesspeople and spur consumption with a second supplementary budget, worth at least 20 trillion won, and back corporate activities through a variety of institutional reform packages in the mid-term perspective.
In a short-term perspective, the new government is embarking on a fiscal expansion, such as a second supplementary budget. Unlike a first supplementary budget worth 13 trillion won, already approved, the value of the upcoming second supplementary budget will be at least 20 trillion won.
The second supplementary budget plan will include “public livelihood support money,” paying 250,000 won to everyone, and will include debt relief for self-employed businesses and small merchants, who accumulated huge debts during the Covid pandemic.
President Lee Jae-myung poses with participants of a meeting with top five business group leaders and heads of six economic organizations at the Presidential Office in Yongsan, Seoul, on June 13. They are (from left) Chmn. Choi Jin-sik of the Federation of Middle Market Enterprises of Korea,; LG Group Chmn. Koo Kwang-mo,; Lotte Group Chmn. Shin Dong-bin,; Hyundai Motor Group Chmn. Chung Eui-sun,; Samsung Electronics Exe. Chmn. Lee Jay-yong,; President Lee,; SK Group Chmn. Chey Tae-won, concurrently chairman of the Korea Chamber of Commerce and Industry,; Chmn. Sohn Kyung-shik of the Korea Enterprises Federation, concurrently chairman of CJ Group,; Chmn. Ryu Jin of the Federation of Korean Industries,; Chmn. Yoon Jin-sik of the Korea International Trade Association and Chmn. Kim Ki-moon of the Korea Federation of SMEs.
President Lee Meets with Business Leaders
President Lee had a meeting with business leaders to lend an ear to their voices on the pending economic tasks and trade issues at the President’s Office in Yongsan, Seoul, on June 13, which was 10 days after he took office.
Presidential spokesperson Kang Yoo-jung said the meeting was designed to listen to the voices of economic leaders to tide over a global trade crisis, the most urgent pending issue of the Korean economy ahead of President Lee’s participation in the G7 Summit in Canada.
The G7 leaders and other invited heads of state, including Korean President Lee Jae-myung, pose during the 51st G7 summit, which took place from June 16 to 17 in Kananaskis, Alberta, Canada.
President Lee Makes International Debut at G7 Summit in Canada
President Lee Jae-myung returned home on June 19 after participating in the Group of Seven (G7) Summit in Canada.
President Lee launched his summit diplomacy through bilateral talks with South Africa and Australia on June 16.
The next day, he participated in an extended session of G7 member states and invited countries, followed by a series of meetings with the leaders of Brazil, Mexico, India, the U.K., Japan and Canada.
In talks with the heads and representatives of global organizations like NATO, the United Nations and European Union, he disclosed his intent to promote international cooperation.
But his planned summit with U.S. President Donald Trump was canceled after President Trump cut short his itinerary, abruptly returning to Washington citing escalating tension in the Middle East.
President Lee’s attendance at the G7 Summit was his international stage debut to inform the world of the Republic of Korea’s recovery of democracy and the inauguration of a new government, the Presidential Office said.
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