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President Park Orders to “Revive Economy No Matter What”
1st Priority 2nd Cabinet
President Park Orders to “Revive Economy No Matter What”
  • By matthew
  • July 23, 2014, 02:43
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President Park Geun-hye (third from right) and her newly appointed cabinet officials walk to the function hall after the appointment ceremony on July 18.
President Park Geun-hye (third from right) and her newly appointed cabinet officials walk to the function hall after the appointment ceremony on July 18.

 

President Park Geun-hye emphasized, “The most urgent task is to boost the Korean economy and establish a foundation for an economic renaissance.”

President Park said at the first meeting after the second cabinet formation, “We do not have sufficient time. We need to desperately realize that this is the last opportunity.”

As the second cabinet aims to overcome the aftermath of a human resources crisis and promote the “stabilization of public welfare” and an “economic renaissance” as the main national issues during the second half of this year, President Park stressed that all the government policies should be geared towards improving the economic sentiment index through a revival of the domestic economy.

President Park added, “A vessel is deserted when restoring forces are lost. If we lose this chance to restore the economy, we will move backwards to lose ten or twenty years. This shall not happen.”

President Park ordered to the second cabinet, “Actual performances that could meet the demands of the people must be in place through three-year economic innovation plans based on national reformation and economic revival.” In addition, she requested, “Economic departments as a whole have to move organically to create jobs, stabilize the housing market, and ultimately restore the entire economy. Three-year economic innovation plans shall be promoted constantly as well.”

She selected the top priority agenda of the second cabinet as “economic revival.”

President Park emphasized, “All the possible government policies ranging from finance and economy shall be committed to revive the economy. The domestic economy shall be activated through the rise of household income based on employment.”

This means that selective concentration and maximized optimization, for example investing in the biggest job creating and most effective fields, are necessary in order to make people actually feel economic growth, not improve the simple index and numbers.

At this meeting, Kim Dong-yeon, Minister of the Office of Government Policy Coordination under the Prime Minister, introduced the newly designed “regulation information portal site” to warn that unreasonable deregulations will be strictly reformed. This portal site has been upgraded so that the general public and proposers could monitor the regulation trends and progress through real-time disclosure of the regulatory reformation processes.