President Yoon, in Office for 100 Days, Prioritizes ‘Capable Govt’ to Boost Industry and Economy
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President Yoon, in Office for 100 Days, Prioritizes ‘Capable Govt’ to Boost Industry and Economy
President rolls out private-sector economic policies and plan to nurture science technology and future industries

27(Sat), Aug, 2022

President Yoon Suk-yeol speaks about his government’s achievements and future plans at a news conference to celebrate the new government, 100 days in office at the Presidential Office in Yongsan, Seoul, on Aug. 17. (Photo on the courtesy of the Presidential Office)

President Yoon Suk-yeol picked private-sector economic policies and the nurturing of science technology and future industries as the first and second outcomes of his government, 100 days in office. 

Bue doing so, President Yoon might evade controversies and confrontation among ruling and opposition circles.
They may be also construed to be on the same wavelength of the new government leaning on a “capable government,” prioritizing the national economy and industry. 

President Yoon cited other achievements, such as the relocating of the Presidential Office from Cheong Wa Dae to Yongsan, the first president to introduce doorstepping, establishing labor-management relationships and Korean-Japanese relationships in the later order.

At a news conference marking the new government, which marked its first 100 days in office on Aug. 17, President Yoon reversed the order of this government’s top achievements, unlike the official list released by the Presidential Office. 

As for the 10 outcomes of his government in the first 100 days, the Presidential Office cited communication with people, shaking off an authoritarian presidency, establishing the identity of Korea, the private sector-oriented economic policies, livelihood for low-income people, housing prices, reversing a policy of weaning the nation off nuclear power, nurturing advanced science technology such as the semiconductor industry, the defense industry and labor-management relations based on law and principle, in that order. 

On the other hand, President Yoon selected the private sector-oriented economic policies as the first outcome of his government. 

Yoon discarded income-led growth from his predecessor, ex-president Moon Jae-in, the government’s fiscal splurge and shut off the government’s indiscriminate market intervention. 

President Yoon presided over a strategic meeting of regulatory reform in person and saw as one of the outcomes eliminating core restrictions, such as those related to robots and EV car chargers. 

He said his government implemented steps such as lowering the maximum corporate tax to 22 percent, tax incentives to spur investments and job creation, supporting SMEs’ inheritance, innovation of public entities and downsizing of government committees. 

President Yoon picked advanced science technology as the second achievement of his government, saying that “innovation of advanced science technology and nurturing of future industries are backbones of the leap forward and the growth of the Korean economy.” 

He cited the semiconductor sector as an example, saying that strategies of major industries have been fleshed out one by one.

President Yoon said, “The semiconductor sector is a core part of the future industry and a national security asset, and it is a task of national survival amid the U.S.-China hegemony competition.” 

He introduced strategies for the country to become a semiconductor “superpower,” such as expanding support to corporate investments, securing leading system semiconductor technologies and the implementation of projects to build raw materials, parts and equipment ecosystems as major achievements of his government. 

He saw the implementation of policies, such as ones designed to ramp up cyber security, chosen as a national security industry in the digital economy era as one of his government’s achievements. 

Prof. Choi Kyung-jin of Gachon University was quoted as saying that a shift in the private sector-oriented economic policies, starting with the retracting of income-led growth initiative among other things, advanced science technology and nurturing future industries have been evaluated as undisputed achievements of the President Yoon’s government.” 

President Yoon promised to listen to people’s will meticulously and his government would reform itself and take a humble attitude after he announced his government’s achievements during a 20-minute session. 

“Now, marking 100 days in office, I have in my deep heart my start for people, the direction for people and goals targeting people,” he said. 

At the first Q&A session on his lower approval rating, President Yoon said it was more important to listen to people’s views, reflected in opinion surveys, rather his approval rating. 

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