Yoon Seok Yeol will be 13th person to hold the title of President of Korea. Immediately after his narrowest of victories, he stated that his priorities are recovery from the pandemic, boosting growth, and dealing with the rapidly aging society.
He pledged to overcome them by supporting the values of an open society and economy and by fostering integration and prosperity. He wants a business-led economy less incumbered by regulation.
Choi Kyung Mi and Alex Jensen go through his major policy platforms, as they relate to business, and then look at the former Prosecutor General’s problematic relationships with many in the Korean business community.
As Kyungmi says, “Yoon has emphasized that the private sector should be the driving force for a fair and innovative economy, blaming the government for its debt incurring spending. He has vowed to give the private sector more freedom or in order to raise Korea’s potential growth rate from the current two to 4%. And some measures to achieve this includes increased flexibility in working hours, extending tax benefits for small companies, even after they become larger in scale. And he’s expected to focus on building business friendly environments and support measures so that companies can create quality jobs.”
With such a small victory and a potentially unfriendly legislature, it will be intriguing to see if Yoon can accomplish is priorities.