Kim Yong-beom "No reason to reverse growth strategy... Policies should be implemented to spread effects faster"

Kim Yung-bum, Deputy Chief of the Presidential Policy Division, stated that the three mega projects of South Korea are a major investment for the nation's industry, but now it is time to invest in the revitalization of every individual. On the 29th, Kim shared on Facebook that while the growth strategy centered around artificial intelligence (AI) and semiconductors opens up unprecedented opportunities for South Korea, the benefits are not arriving at the same speed for all citizens.

Kim explained that firms, talents, and capital that have embraced new technologies are witnessing significant opportunities, but workers transitioning industries, small and medium-sized enterprises, young people, and local communities are facing the challenges of change first. He emphasized the need to address the K-type growth issue together, as growth outcomes can only benefit more citizens when their lives and opportunities are connected to the growth momentum.

Kim reiterated that there is no reason to reverse the growth strategy to date, but rather, the weight of the government must shift to deliver the benefits of growth more rapidly and evenly across the nation's life and opportunities. He highlighted the importance of reducing housing burdens, providing expanded opportunities for income and career to those who desire work but lack access, and offering robust support for those who lose jobs due to industrial transitions, ensuring they have income and assistance as they move to the next job.

Kim also stressed the need to open opportunities for education and training to all individuals, regardless of age or background, who wish to learn new knowledge and skills in the AI era, and to create a ladder for entrepreneurship and revival for young people and SMEs. He further emphasized the interconnected nature of distribution and growth strategy, noting that the growth of advanced industries creates business and employment opportunities for the nation, which can then be reinvested into citizens' capabilities and opportunities, leading to a virtuous cycle of increased productivity, consumption, entrepreneurship, and innovation.

Kim concluded by stating that the nation needs not just more spending, but a financial strategy that addresses recovery in underdeveloped areas and reignites the spark of growth while redistributing the weight of policies to ensure the benefits of growth reach every corner of citizens' lives.