Lee Jae-myung Promises to Make South Korea a Top 4 Global Defense Industry Powerhouse 🚀

Lee Jae-myung, a candidate in the Democratic Party of Korea’s presidential primary, has pledged to develop Chungcheong into an administrative and science capital and to make South Korea a global top 4 defense industry powerhouse. Here’s a breakdown of his key promises:

Key Promises

• Transform Chungcheong into an administrative and science capital.
• Establish a Sejong National Assembly building and a presidential office in Sejong within his term.
• Promote the complete relocation of the National Assembly and the presidential office to Sejong, subject to social consensus.
• Resume the relocation of public institutions that are currently suspended.
• Make South Korea a global top 4 defense industry powerhouse.

Supporting the Defense Industry

Lee emphasized the importance of the K-defense industry, highlighting that South Korea, which once couldn’t even produce a single rifle, is now writing new history in K-defense every day. He noted that the order backlog of the seven major domestic defense companies exceeded ₩100 trillion (approximately $76 billion USD) at the end of last year.

He believes K-defense, armed with AI advanced technology based on a strong manufacturing sector, is a new growth engine to overcome the low-growth crisis of the South Korean economy and an important driver of national wealth.

Proposed Support System

To support this vision, Lee proposed strengthening a pan-governmental support system, including:

• Establishing a control tower for defense exports.
• Regularizing presidential-led defense export promotion strategy meetings.
• Reorganizing the defense support policy financial system.
• Providing R&D tax credits for defense export companies.

Lee Jae-myung’s vision aims to position South Korea as a leader in both administrative innovation and the global defense industry. 🇰🇷