President Lee Jae Myung on July 30 chairs the third meeting of a task force for emergency economic inspection at the Office of the President in Seoul. (Office of the President)

By Xu Aiying

President Lee Jae Myung on July 30 pledged to immediately launch a task force for rationalizing economic sanctions "to ensure no hindrance to corporate activity," adding, "Systematic improvements are needed since the abuse of breaches of trust limit corporate activities."

He announced this while chairing the third meeting of a task force on emergency economic inspection at the Office of the President in Seoul. "Our government will be a pragmatic, market-oriented government that supports and stimulates businesses and corporate activity to create opportunities for and drivers of growth."

"From the next regular session of the National Assembly, we will begin a full-scale overhaul (to improve the economic punishment system) and set clear goals such as 30% reform within a year and implement them."

He added, "We will swiftly set up a plan for a national fund worth over KRW 100 trillion to allow participation by the public and business and investments in future strategic industries that will lead the next two decades."

"We will also quickly decide on development goals by industry including revolutionary regulatory reform so that cutting-edge technology sectors such as artificial intelligence create future drivers of economic growth."

The president also reiterated a strategy for national growth. "Balanced regional development is an inevitable survival strategy for growth in the Republic of Korea," he said. "Through fair growth in which everyone shares opportunities for growth and the results, we need to ease polarization, the country's most severe problem and the root of all national issues."

xuaiy@korea.kr