Lee Jae-myung, the Democratic Party of Korea presidential candidate, proposed a plan to create a venture investment market worth 40 trillion won, centered on allowing venture investments in retirement pensions. He also reiterated his commitment to a 100 trillion won investment in artificial intelligence (AI) and the establishment of a 100 trillion won sovereign wealth fund.
The candidate announced his economic policy promises through Facebook on the 17th, stating, "I will open an era of technological growth and growth for all."
The pledges are categorized into ▲ leap to become one of the world's top 3 in AI ▲ nurturing global advanced corporations ▲ supporting innovation in small and venture corporations ▲ building energy highways ▲ forming a global cultural powerhouse with a Big 5 soft power ▲ region-led growth.
First, the candidate reaffirmed his commitment to the "100 trillion won investment in AI," which was his first pledge. He stated, "I will significantly increase the government budget to act as a catalyst for private investment, and create a national AI data integration cluster to make South Korea a global AI hub. I will expand and integrate not only general AI but also industry-specific AI to achieve a technology-driven AI industrial revolution across all sectors, including industry, culture, defense, and energy."
He also stated that he would expand research and development (R&D) support to nurture global advanced corporations. He noted, "I will invest the largest amount ever in advanced industry R&D, including AI, biotechnology and healthcare, content and cultural industries, defense and aerospace, energy industries, and manufacturing sectors, and create a 100 trillion won fund that the public and corporations can participate in together."
The candidate also expressed plans to make small and venture corporations the core growth foundation of the economy. He stated, "I will create a venture investment market worth 40 trillion won and expand the budget for the mother fund, and extend its lifespan for stable operation."
He continued, "I will allow venture investments in retirement pensions and expand venture investments in pension investment pools," and added, "I will introduce a Business Development Company (BDC) to provide stable funding to venture companies with high growth potential."
He also specified his "energy highway" pledge announced during a recent campaign in Honam. The candidate said, "Renewable energy is a key means for responding to the climate crisis and a driving force for industry and national competitiveness," and added, "I will build an offshore power grid along the west coast by 2030." He continued, "I will link solar and wind energy with energy storage systems (ESS), green hydrogen, heat pumps, and establish an AI-based intelligent power grid to create RE100 industrial complexes."
As a regional growth strategy, he said, "I will realize an industrial renaissance in the Busan-Ulsan-Gyeongnam and Honam regions, and the southern manufacturing belt," stating that he would foster Honam as a leading AI region and turn it into a hub for eco-friendly and future industries such as renewable energy and white bio. He added, "The central region will be nurtured as a key area for science-based technology-driven growth, while Gangwon and Jeju will be developed as tourist capitals."
Additionally, the candidate stated, "I will fully support the global market entry of K-pop, K-drama, K-food, K-beauty, K-webtoons, and K-games to open the K-culture market worth 300 trillion won."