President Lee Jae-myung said Sunday that he would "discover a 'global super-gap growth engine' that can serve as South Korea's next-generation source of income in industrial sectors beyond semiconductors," signaling the unveiling of a large-scale national investment project. The remarks are interpreted to mean that a Korean-style sovereign wealth fund will be revealed this month, at which time the investment targets for the fund will be announced.
Holding a press conference marking his first anniversary in office, Lee said, "Soon, I will unveil to the public a large-scale investment project that will achieve a 'grand shift in growth strategy.'"
Lee then stressed the need to support industrial sectors beyond semiconductors. "If we grow complacent because we are temporarily ahead in a particular field, we will quickly fall behind," he said, emphasizing, "We will secure overwhelming competitiveness in advanced technology sectors." He went on to argue, "The fruits of growth must not remain with specific companies, specific regions, or specific sectors," adding, "The achievements and opportunities built by the capabilities of the entire community must flow even to small and medium-sized venture firms and spread evenly across all sectors, leading to changes that all citizens can feel in their lives."
Analysts say Lee's remarks revealed the blueprint for the sovereign wealth fund scheduled to be unveiled this month. The fund's design is underway, in line with the president's words that he would "discover super-gap growth engines without settling for semiconductors." Koo Yun-cheol, deputy prime minister and minister of economy and finance, said in a YouTube program last month, "Using the revenue from memory semiconductors, we will develop items equivalent to a second and third memory semiconductor and invest boldly," adding, "We will inject a significant portion of the excess tax revenue as funding for the sovereign wealth fund."
Meanwhile, Lee emphasized structural reform to dismantle privilege. "We will advance toward a normal society in which the norms and rules agreed upon by all citizens are firmly upheld," he said. "We will thoroughly and sternly punish livelihood crimes such as stock price manipulation and real estate crimes that disrupt market order. No matter how trivial a problem may seem, we will resolutely correct foul play, privilege, and unfairness that hinder the lives of citizens, pursuing the 'normalization of the abnormal' across society even more forcefully."
