President Lee vows greater impact on citizens' lives in second year

President Lee Jae-myung declared his administration's commitment to delivering more substantial and accelerated changes to the lives of citizens in its second year. Speaking at a cabinet meeting and emergency economic review on Tuesday, he stressed the need to broaden the benefits of economic recovery, particularly export growth, to encompass small and medium-sized enterprises, self-employed individuals, and vulnerable segments of the population.

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We must focus on spreading the achievements of key indicators like exports across the entire spectrum of people's livelihoods, including small and medium-sized businesses, the self-employed, the poor, and the vulnerable.

"We must focus on spreading the achievements of key indicators like exports across the entire spectrum of people's livelihoods, including small and medium-sized businesses, the self-employed, the poor, and the vulnerable," Lee stated. He outlined a vision for his second term, building on existing policy successes to "create greater practical changes in people's lives, increase the speed, and broaden the scope."

The president highlighted the importance of strengthening the material and institutional foundations for the AI revolution and energy transition. He also called for accelerating the growth of advanced industries beyond semiconductors, including robotics and defense, to solidify the nation's position as a global leader in high-tech economies.

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We must build a solid material and institutional foundation for the AI revolution and energy transition, and accelerate the growth of advanced industries such as robotics and defense, not just semiconductors, to fully open the door to becoming a global leader in advanced economies.

Lee's remarks followed the announcement of May's export figures, which reached a record $87.75 billion. While acknowledging this macroeconomic improvement, the president underscored that the real measure of success lies in its tangible impact on everyday citizens and businesses.

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The prolonged Middle East war has increased the burden of prices on the public. If the real income of the vulnerable decreases due to price increases, polarization will expand, and economic vitality will inevitably falter.

Addressing concerns over rising inflation due to the prolonged conflict between the U.S. and Israel against Iran, President Lee urged a full-scale effort to manage price stability. He warned that rising prices could reduce the real income of vulnerable households, exacerbate inequality, and dampen economic vitality. To counter this, he called for swift implementation of measures such as preemptive supply of government reserves, enhanced discount support, and expanded tariff quotas. Lee also vowed strict investigations and severe penalties for market-distorting practices like hoarding and collusion, stating, "Companies must feel that even a single offense will lead to ruin."

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We need to swiftly implement necessary measures such as preemptive supply of government reserves, enhanced discount support, and expanded tariff quotas to stabilize urgent market prices.