President Lee: “Full preparation for a Korean-style sovereign wealth fund... Bold innovation with the nation’s fate at stake”

[The Financial News] President Lee Jae-myung of South Korea stressed, “We must make thorough preparations for measures such as innovating local manufacturing capabilities, building an artificial intelligence (AI)-based manufacturing ecosystem, and establishing a Korean-style sovereign wealth fund to secure stable manufacturing sovereignty.”
Presiding over a senior secretaries’ meeting at Cheong Wa Dae that day, President Lee said, “Given that our economy has a high share of manufacturing, we must embark on bold innovation with the fate of the nation at stake.”
He went on to emphasize, “To this end, the state must prioritize the protection of advanced technologies and talent as a matter of national security, and the government should take the lead in creating demand for innovative products through public procurement and other means.”
He added, “At this point, we must go beyond merely enduring and overcoming crises. We need the capability and determination to turn this crisis into an opportunity.”
On the Middle East war, he noted, “It has presented us not only with the task of industrial restructuring and supply chain diversification, but also with an opportunity to reassess the status and role of our diplomacy,” adding, “The Republic of Korea (South Korea) has now risen to the ranks of leading nations that draw global attention. We bear an undeniable responsibility not to ignore universal values such as world peace, international norms, and the protection of human rights, nor can we turn away from them.”
“From the standpoint of national interest,” he continued, “we must calmly build up the trust and respect of people in other countries so that we can secure greater benefits in the long term. As a responsible global leading nation, we must steadfastly and confidently fulfill our duties, enhance our national standing, and properly safeguard our national interests.”
This was widely interpreted as a renewed rebuttal to attacks from the opposition, which criticized Lee Jae-myung after he shared a video of the Israel Defense Forces (IDF) via social networking service (SNS). Observers say he was underscoring that, in the long run, this approach serves South Korea’s broader national interest.
President Lee also praised Chief of Staff Kang Hoon-sik, who visited four countries in the Middle East and Central Asia as a special envoy for strategic economic cooperation and secured an additional 273 million barrels of crude oil and 2.1 million tons of naphtha, a key feedstock for the petrochemical industry. “This will greatly help stabilize domestic supply and minimize economic and industrial damage,” he said, adding, “The government must move quickly with follow-up consultations and related procedures so that the volumes we have secured can be brought into the country without delay.”
“As the Middle East war enters its seventh week, supply chain risks could rapidly spread across the manufacturing sector,” President Lee warned. “We must tighten our emergency response system once again and make every effort to secure additional crude oil and essential raw materials.” He added, “We have secured 273 million barrels of crude oil and 2.1 million tons of naphtha from four countries in the Middle East and Central Asia as alternative supply sources. Chief of Staff, you have worked very hard. You probably barely slept, yet you achieved major results, and I commend you for that.”
Marking the 12th anniversary of the Sewol ferry disaster, President Lee also stated, “As the person ultimately responsible for state affairs, I pledge to do my utmost to ensure that the lives and safety of our people are never again put at risk because of money or because the state is absent.”
He said, “I pray for the souls of the victims and once again offer my deepest condolences to the bereaved families and survivors,” adding, “We must remember the pain of this tragedy, warmly embrace the wounds of the victims, and eradicate the misguided mindset that prioritizes cost over safety and profit over life. We must also firmly establish a social culture that truly values life over money.”
cjk@fnnews.com Choi Jong-geun, Sung Seok-woo Reporter