On the 2nd, President Lee Jae-myung publicly praised Deputy Chairman Kwon Dae-young of the Financial Services Commission again during a Cabinet meeting and promised budget support. President Lee noted, "These days, the Financial Services Commission is working hard," encouraging them for their good work.
This 'encouragement for the Financial Services Commission' came after a report by Minister Han Seong-suk of the Ministry of SMEs and Startups on the creation plan for the 1.1 trillion won fund, followed by discussions on fund investment and management strategies. President Lee emphasized, "In an era of technological competition, investors may hesitate to invest in risky areas, but if the public takes on a certain level of risk, investments would be much more active."
In response, Deputy Chairman Kwon said, "There is a greater need for venture capital investments," and added, "If we receive support from the budget, we can achieve 10 to 20 times better results in finance." He further recalled President Lee's opening remarks emphasizing 'active finance and productive financing,' stating, "We are preparing to actively promote productive financing as mentioned by the president."
Then, President Lee said, "Financial institutions need to change from just margins on deposits and loans to engaging in investment projects. That's not easy, so it would be great if you can set a good example by taking on risks in the fiscal sector. Spending money wisely is a skill, not just saving it."
In response, Deputy Chairman Kwon emphasized, "Even if you don't give too much, as long as you provide a reasonable amount of the budget, we can maximize investment leverage while minimizing fiscal input." President Lee then asked, "How much more should we increase the relevant budget?" After Kwon replied that it would be good to have more, President Lee said, "Name the amount."
President Lee responded to Deputy Chairman Kwon's mention of '500 billion won' by saying, "Let's think about it. We need to give opportunities to corporations, investors, and venture entrepreneurs, right?" Following that, President Lee praised the Financial Services Commission's 'hard work,' and Deputy Chairman Kwon responded, "I will work harder." President Lee reiterated, "You are doing well."
Earlier, President Lee also publicly praised Deputy Chairman Kwon at a town hall meeting in Daejeon held in July. At that time, Kwon was the Secretary-General of the Financial Services Commission and was a key player in the financial policy that introduced measures to strengthen housing loan regulations in the metropolitan area. President Lee commended Kwon, stating, "This is the person who created the real estate loan restrictions," and added, "Well done."