I am grateful to the Government, businesses and the people for
coming together to deliver a concerted response to Japan’s trade retaliation.
We must turn this situation into an opportunity to engage in a
sober self-reflection and establish a springboard for the Republic of
Korea to reach a new level. We must not stop at merely overcoming
Japan’s trade retaliation, but proceed further to adopt an even wider
perspective and summon an unshakable resolve that will help us surpass
the Japanese economy. In parallel with the efforts to dramatically
enhance the competitiveness of our component and materials industries,
we have to implement wide-ranging economic policies to reinvigorate
the economy across the board.
Following the recent passing of the supplementary budget, I urge
you to ensure that this stated policy objective of the Government is
fully represented in the process of drafting next year’s budget.
Moreover, we have to rekindle and fuel dynamism, which is the
Korean economy’s biggest strength.
As an IT powerhouse equipped with world-class ICT, Korea is also
highly rated for its innovative capabilities across the globe. The
creation of a second venture boom has provided further drive for
innovative startups, while commercial 5G services were launched for
the first time in the world. New industries designated as our future
growth engines – system semiconductors, electric cars, hydrogen
vehicles and bio-health – have also achieved remarkable progress.
Furthermore, the scope of our economy is rapidly expanding through the
diversification of trade facilitated by the New Southern and New
I believe that stepping up innovative growth in this manner and
expanding our economic sphere will be the fundamental solution.
Japan will never succeed in impeding our economic drive. Rather, it
will only serve to inspire us to fortify our resolve to become an
The recent incident reaffirmed our sense of the urgent need to
create a peace-driven economy. The Japanese economy holds advantages
over the Korean economy in terms of the size of its economy and the
domestic market. The realization of a peace economy through
inter-Korean economic cooperation will allow us to immediately catch
up with Japan’s advantages.
We cannot let ourselves languish in pessimism or give up on peace
economy because of fluctuations in inter-Korean and North Korea-U.S.
relations. Since there have been many years of confrontation and
distrust, this will only become reality when we recover mutual trust
through persistent efforts. When the two Koreas make concerted efforts
with the confidence that peace economy will open up a unique future of
opportunities for us, we will be able to achieve denuclearization and
ensuing peace on the Korean Peninsula and bring about common
prosperity upon this foundation.
The Japanese Government is inflicting great pain on the people of
our two countries who have developed mutually beneficial bilateral
relations thus far by overcoming the painful past. The Japanese
Government is bringing upon itself the criticism that Japan is a
country that does not remember its past.
The international community is strongly criticizing Japan for
undermining the free trade order. Japan must realize that it will not
be able to assume the role of a global leader through economic
While renewing our resolve to become an economic powerhouse, we
will also cherish the value of democracy and human rights above all
and consistently seek a free and fair economy as well as a peaceful
and cooperative order.
We will take the lead in establishing an order of peace on the
Korean Peninsula and stand firm in implementing the spirit of
coexistence, co-prosperity and mutually beneficial cooperation on the
international stage. As a responsible member of the international
community, we will uphold the universal value of humanity and
The Republic of Korea will raise its stature as a peaceful nation
and a cultural powerhouse and usher in a new future as an economic
force upon the foundation of moral high ground and mature democracy.
The Korean Government will move forward with a bold objective and a
sense of duty steeped in history.
I hope that the people, with a sense of pride and confidence, will
join us in ushering in a future of a triumph for the Republic of Korea.