New york: President Lee Jae Myung concluded his four-day visit to New York, where he introduced a new peace initiative, advanced trade discussions with the United States, and proclaimed South Korea's full reinstatement to the global stage after a period of political turbulence.
According to Yonhap News Agency, Lee participated in the U.N. General Assembly for the first time since taking office in June. This visit marks South Korea's intensified diplomatic efforts to restore its international standing following political instability triggered by former President Yoon Suk Yeol's unsuccessful martial law attempt in December and his removal from office in April.
During his address at the U.N. on Tuesday, Lee emphasized that a "new" South Korea has fully reemerged on the global scene. He stated, "I proudly announce that a new Republic of Korea, which will be a beacon of light for global citizens, has completely returned to the international community." He further highlighted South Korea's commitment to being a leading nation, sharing its experiences and history of democratic restoration.
The economic discussions also took center stage during Lee's visit. The Bank of Korea (BOK) reported that although uncertainties persist due to delays in U.S. tariff negotiations, the manufacturing sector, led by semiconductors, showed slight improvement. Non-manufacturing sectors, particularly retail and wholesale, benefited from government measures such as consumer coupons aimed at boosting domestic demand. However, the overall industry outlook for October declined by 3.3 points to 88.5.
The recent trade deal between Seoul and Washington, reached in late July, saw the United States reduce "reciprocal" tariffs for South Korea to 15 percent from a proposed 25 percent. In exchange, South Korea pledged to invest $350 billion in the U.S. Ongoing bilateral talks are set to finalize the agreement details, with no formal agreement yet in place.
The BOK's survey, conducted earlier this month, included 3,298 companies, among them 1,843 manufacturers, reflecting the current economic sentiment and the impact of ongoing policy measures.