Lee Jae Myung: "We Need to Speed Up Construction" ... "Nuclear-Powered Submarine Special Bill" Passes State Council of South Korea

[Financial News] A special bill on the acquisition, operation and safety management of nuclear-powered submarines was approved at a State Council of South Korea meeting chaired by President Lee Jae Myung on the 29th. The government plans to submit the bill to the National Assembly and seek its enactment by the end of the year.
At the 42nd meeting of the State Council of South Korea, held that day at the main building of Cheong Wa Dae, the government deliberated and approved one bill, 14 presidential decrees and three general agenda items, including the "Special Bill on the Acquisition, Operation and Safety Management of Nuclear-Powered Submarines and Other Matters Concerning Nuclear-Powered Submarine Projects."
The special bill is intended to establish the legal and institutional foundation needed to introduce nuclear-powered submarines, a national strategic project requiring long-term efforts that draw on national capabilities in shipbuilding, nuclear energy and defense. It comprehensively regulates special provisions on the acquisition and operation of nuclear-powered submarines, as well as nuclear safety management.
Because the project combines a weapons system with nuclear energy, the bill is designed to address matters covered by multiple laws, including the Defense Acquisition Program Act and the Nuclear Safety Act.
The government's Jangbogo-N Project, which seeks to introduce South Korean nuclear-powered submarines, aims to launch the lead vessel in the mid-2030s and deploy it in the late 2030s. The bill approved by the State Council of South Korea that day will be submitted to the National Assembly for deliberation.
In his opening remarks, President Lee Jae Myung emphasized, "A strong national defense is the foundation and central pillar for protecting the lives of our people and the national interests of the Republic of Korea." He continued, "Above all, we must move more quickly to build nuclear-powered submarines, the key to self-reliant defense, and advance missile technologies, including hypersonic missiles."
Regarding his meeting with U.S. President Donald Trump held on the sidelines of last week's UN General Assembly, he also explained, "We held in-depth talks on major issues, including shipbuilding, nuclear energy, nuclear-powered submarines and wartime operational control." He urged relevant ministries to thoroughly implement follow-up measures so that the results of the trip would lead to tangible gains for the national interest.
An extension of fuel tax cuts aimed at easing the public's fuel-cost burden was also approved. Temporary reductions in flexible tax rates for the traffic, energy and environment tax on gasoline, diesel and similar alternative fuels, as well as for the individual consumption tax on butane, will be extended for two months, from the 30th of this month through November 30.
An amendment to the Enforcement Decree of the Framework Act on Supply Chain Stabilization Support for Economic Security, aimed at strengthening the response system for supply chain crises, was also approved. The amendment adds the minister of the Ministry of Planning and Budget to the Supply Chain Stabilization Committee and includes the Korea Institute for International Economic Policy (KIEP), the Korea Trade Security Administration and the Defense Agency for Technology and Quality (DTaQ) among institutions entrusted with supply chain status surveys and the early warning system.
An amendment to the Enforcement Decree of the Telecommunications Network Act establishing criteria for calculating surcharges for repeated cyber incidents and illegal spam also passed. The measure follows the October 1 enforcement of amendments to the Telecommunications Network Act, which strengthen the prevention of and response to cyber incidents and enable the recovery of unjust gains made throughout the stages preceding the transmission of illegal spam.
An amendment to the Enforcement Decree of the Inheritance and Gift Tax Act exempting property gifted to the Korea-U.S. Strategic Investment Fund established within the Korea-U.S. Strategic Investment Corporation from gift tax was also approved. A proposal to spend 301 million won from general reserve funds on the installation and operating costs of the Police Reform Task Force also passed.
The meeting also included reports from ministries on four matters: preparations for the first Korea-Central Asia Summit and follow-up measures related to the UN General Assembly and the trip to the United Mexican States; the status of the response to the war in the Middle East; supplementary plans to improve the agricultural products distribution structure; and measures to innovate the power grid for 100 GW (+α) of renewable energy in 2030.
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