S. Korea’s President Eyes Strategic Shift to Counter Global Uncertainties

(MENAFN) South Korean President Lee Jae Myung vowed Thursday to turn the ongoing wave of "unprecedented" protectionism and security concerns into a strategic advantage, seizing opportunities to safeguard the nation’s interests, according to a local news agency.

"The world has entered an unprecedented major turning point in the global economy and security environment," Lee remarked, highlighting rising geopolitical tensions, intensifying competition over technological dominance, disrupted global supply chains, and the widespread rise of protectionist policies.

"Now is the time when a strategic approach is more necessary than ever to address global uncertainties and external risks," he emphasized.

Affirming his commitment to deepening ties with Japan and China, Lee reiterated his focus on strengthening the South Korea-US alliance. He pledged to take proactive steps to adapt to shifts in the global trade landscape, ensuring South Korean companies remain competitive on the world stage.

In a separate development, Lee addressed parliament for the first time in his role, underscoring that the revival of South Korean citizens' livelihoods was his administration's "most pressing task." He stressed the importance of the government's proposed 30.5 trillion won ($22.5 billion) supplementary budget, as reported by media. This marks Lee's second supplementary budget proposal for the year and the first since his inauguration, which now awaits approval by the National Assembly.

"Rebuilding the collapsed economy and reviving people's livelihoods is the most pressing task we must tackle," Lee said in his address.

He warned that if the nation continues on its current trajectory of low economic growth, South Korea risks entering a vicious cycle where opportunities shrink, and competition and conflicts escalate.

The proposed budget includes a 13 trillion won plan to provide cash grants to every South Korean citizen, alongside measures to stimulate the domestic economy amid growing recession fears.

Lee also outlined an additional 3.9 trillion won in investments aimed at infrastructure, construction, artificial intelligence, renewable energy, and startups. Furthermore, the plan proposes a 5 trillion won allocation to clear debts for around 1.1 million South Koreans struggling to pay.

"The reason why the government that came into being without a transition team rushed to come up with the extra budget plan is that the economy is in a dire situation," Lee explained. "Fiscal austerity at a time of economic crisis would be irresponsible and would go against the purpose of the government," he added.

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