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🇰🇷 South Korea /Elections & Politics

President Lee: New mechanism needed for excess profit distribution, similar to basic income

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • President Lee Jae-myung stated that a new mechanism, similar to basic income, is needed to distribute excess profits to the public.
  • He expressed caution about implementing such measures unilaterally, citing potential corporate flight.
  • The President also discussed balanced regional growth and South Korea's nuclear policy in an interview with The Economist.

President Lee Jae-myung believes a new mechanism, akin to basic income, is necessary to distribute excess profits to the general public. He articulated this view in an interview with The Economist, published on June 10.

a new mechanism, similar to basic income, will be needed to distribute a portion of excess profits to the general public.

— President Lee Jae-myungStating his view on how to handle excess corporate profits in an interview with The Economist.

This statement follows his earlier remarks on June 8, where he emphasized the need for careful consideration regarding the debate on distributing excess corporate profits. President Lee voiced concerns that South Korea might face corporate emigration if it were the sole nation to implement such profit-sharing policies. He also advocated for more balanced regional development, noting efforts to encourage semiconductor manufacturers to establish supply chains in less developed areas of the country. Samsung Electronics and SK Hynix are reportedly considering new semiconductor plant locations in the Honam region.

What would happen if only our country did this (distribute excess profits)? Companies might all leave.

— President Lee Jae-myungExpressing concerns about the economic impact of unilateral profit distribution policies.

Regarding concerns about South Korea potentially developing its own nuclear weapons amid efforts to revise the US-South Korea nuclear agreement and build a nuclear-powered submarine, President Lee described such a possibility as "neither desirable nor realistic." He also commented on inter-Korean relations, suggesting that US President Donald Trump's "unique personality could be very helpful" in the current situation. President Lee further indicated that North Korea might be less inclined to abandon its arsenal following the US-Israel war with Iran.

neither desirable nor realistic

— President Lee Jae-myungDescribing the prospect of South Korea possessing its own nuclear weapons.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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