Current Korea

Again,
Republic of Korea

New President, New Korea

The 20th president of the Republic of Korea, Yoon Suk Yeol was sworn into office, promising a ¡°new nation of the people.¡±
President Yoon vowed to strengthen South Korea¡¯s democracy and economy. ¡°It is our generation¡¯s calling to build a nation that espouses liberal democracy and ensures a thriving market economy, a nation that fulfills its responsibility as a trusted member of the international community, and a nation that truly belongs to the people,¡± he said in his May 10 inauguration speech.

President Yoon took office at a time of pressing international issues, including the COVID-19 pandemic, conflict in Ukraine, an escalating nuclear threat from North Korea, and growing friction between the U.S. and China.

The new leader, however, is confident that the nation under his leadership will be able to tackle the complex and multi-faced challenges by championing ¡°freedom,¡± ¡°liberal democracy¡± and ¡°rapid economic growth.¡±

Ready to Tackle Challenges

President Yoon affirmed that his country would play a greater role in promoting freedom and human rights around the world. ¡°We, as global citizens, must make a stand against any attempt that aims to take our freedom away, abuse human rights or destroy peace.¡±

The new administration surely places North Korea at the top of its security agenda as the nation¡¯s nuclear-armed neighbor recently intensifies its missile testing of increasingly varied types and ranges. President Yoon made it clear that his administration would firmly address Pyeongyang¡¯s growing nuclear threat, but in a peaceful manner.

An ¡°audacious plan¡± will be pursued to vastly strengthen North Korea¡¯s economy and improve the quality of life for its people, as well. President Yoon stressed that such a move would be possible only ¡°if the North genuinely embarks on a process to complete denuclearization.¡±

Along with North Korea issues, securing economic security is another top priority that the government has high on agenda.

President Yoon cited low growth, rising unemployment, and wage gaps as key economic challenges, pledging to address those challenges by focusing on ¡°science, technology and innovation.¡±

Behind the pledge lies the president¡¯s strong belief that retaining a competitive edge in future industries will expand the trade territory of Korea. ¡°It is critical that we achieve rapid growth, and this will only be possible through science, technology and innovation,¡± President Yoon said.

110 National Tasks

To reinforce its capabilities to address all pressing challenges that the nation faces both at home and abroad, the new administration has unveiled 110 key policy tasks to pursue over the next five years.

The tasks are aimed to realize six broader goals under the vision of ¡°A Republic of Korea that leaps anew, a people¡¯s nation of co-prosperity.¡± The six goals are to establish an upright country where common sense is restored; a dynamic economy led by the people and backed by the government; a society where everyone is happy, in warm company; a bold future created through freedom and creativity; a global leading nation that contributes to freedom, peace and prosperity; and an era of regions that makes it good to live anywhere in the Republic of Korea.

Among others, the tasks for foreign policy and security include pursuing North Korea¡¯s ¡°complete and verifiable¡± denuclearization, normalizing inter-Korean relations, strengthening the South Korea-U.S. military alliance, and a revolutionary reinforcement of the country¡¯s capability to respond to the North¡¯s nuclear and missile threats.

The government¡¯s major economic tasks will focus on securing an overwhelming lead in the semiconductor, artificial intelligence (AI), battery, green energy, bio healthcare and other future strategic industries. These tasks aim to help the nation regain economic security, especially by assisting small businesses in fully recovering from the damage of the COVID-19 pandemic, so that the Korean economy will reenforce its global status as a leading economic powerhouse in the world.

Despite facing a myriad of challenges ranging from war and the pandemic to economic slowdown, South Korea now has a new president determined to tackle them audaciously with an ultimate goal of achieving what is indicated in his inauguration slogan, ¡°Again, Republic of Korea! A new nation of the people.¡± Clearly, there is no better time than now to start building a new nation with a new president.