Seoul: Lee Jae-myung, the Democratic Party's presidential contender, has unveiled a series of pro-business and centrist policies, signaling a notable shift to the right as the June 3 snap election approaches. Recently, Lee announced a climate policy aimed at phasing out coal power by 2040, proposing an energy mix centered on nuclear power and renewables, marking a departure from the Moon Jae-in administration's previous antinuclear stance.
According to Yonhap News Agency, this climate policy is part of a broader strategy of business-friendly initiatives. Lee has also laid out plans to invest over 100 trillion won ($72.2 billion) in the artificial intelligence sector. His campaign think tank, "Growth and Integration," has introduced a "3-4-5 strategy," aiming for 3 percent potential growth, elevating South Korea into the top four global exporters, and achieving a per capita income of $50,000 by 2030.
In a recent social media post, Lee reiterated his commitment to "resolve the Korea Discount with recovery and growth," pledging to propel the benchmark Kospi index to 5,000, a promise echoed from his previous presidential campaign. This pro-business rhetoric contrasts with the Democratic Party's earlier legislative focus on increasing corporate regulation during the Yoon Suk Yeol administration, raising questions about whether this pivot represents a genuine policy shift or an electoral tactic.
Skepticism regarding Lee's intentions arises from his past campaign actions, where he proposed tax cuts on real estate and other moderate measures, only to retract them under pressure from hard-liners post-election. This strategic shift damaged his credibility and has led to doubts about the sincerity of his current pro-business stance.
These doubts were further fueled when Lee, at a financial investment roundtable in Yeouido, promised to revisit a controversial commercial law revision. The bill, previously vetoed by Acting President Han Duck-soo due to concerns about excessive litigation, sought to expand directors' fiduciary duty to include both the company and its shareholders. Critics argue that such a move contradicts Lee's stated commitment to corporate-led growth and raises questions about the consistency of his economic platform.
The success of Lee's pro-business agenda will depend on his ability to withstand internal opposition. Earlier this year, he showed support for easing Korea's 52-hour workweek, a demand from the semiconductor industry, only to withdraw his remarks following backlash from progressive lawmakers. Without a decisive break from the Democratic Party's past regulatory practices, Lee's economic pledges may lack substance, and his vision of a 5,000-point Kospi could remain elusive unless he demonstrates a willingness to pursue a different path.