Lee Jae-myung, the leader of the Democratic Party of Korea, faced opposition from both ruling and opposition parties over his comments regarding the 'Korean version of NVIDIA's equity ownership structure.' Members of the conservative camp accused him of ignoring the principles of a market economy, labeling him with terms like 'anti-corporate sentiment' and 'socialist.' Conversely, the opposition defended him, saying, "What is wrong with suggesting operating sovereign wealth funds?"
On the 4th, Lee posted on Facebook, "I said that sovereign wealth funds or the National Pension Service should jointly invest in AI-related corporations needing large-scale investments to secure equity, and if those companies succeed like NVIDIA, it can alleviate the tax burden on the public." He added, "How can you be responsible for South Korea with such intellectual abilities that do not even properly understand Korean?"
The 'Korean version of NVIDIA' mentioned by Lee is a comment he made during an appearance on the YouTube channel OPQR of the Democratic Research Institute, the Democratic Party's policy research organization, on the 2nd. At that time, he stated, "It is my dream that individuals or specific corporations do not monopolize everything and that a significant portion is shared among all citizens. If a company like NVIDIA were to emerge in Korea, 70% would be owned by the private sector and 30% would be shared among all citizens, creating a society that does not need to rely on taxes."
In response, candidates from the ruling camp criticized Lee. Oh Se-hoon, the mayor of Seoul, posted an article titled 'Is this socialism after claiming a rightward shift?' on Facebook the previous day. Mayor Oh described it as "a self-destructive idea that undermines the willingness to invest, which should be the driving force behind corporate growth," stating, "This reveals a vision of a basic society where the state plans to monopolize corporate performance under the guise of a rightward shift, leading to socialism."
Former lawmaker Yoo Seung-min remarked, "There is no way to create a company like NVIDIA, and we are merely imagining and scheming to take away from such an imaginary company," adding, "Is the nationalization of 30% equity the Lee Jae-myung style growth strategy? This is just a nonsensical argument without even a basic understanding of big tech and startups."
Yoo continued to criticize further on that day.
He commented, "Without a basic understanding of how creative destruction and innovation flourish in a market economy, such ignorant words are easily spoken. The generation of NVIDIA will not happen just because the state holds 30% equity. The important question is how to nurture innovative talents and how to advance cutting-edge science and technology."
Lawmaker Lee Jun-suk of the Reform Party also joined the fray. He stated, "No matter how much you turn on the right blinker, the essence of being an anti-corporate and anti-market figure has been proven," continuing, "I hope that a company like NVIDIA is born in South Korea, but if someone becomes a leader who claims that if a corporation succeeds, not only will corporate taxes be taken but 30% equity must be distributed to the public, will there be a reason for corporations to operate in Korea?"
On the other hand, there were also reactions agreeing with Lee's assertions.
Lee Kwang-jae, a former Secretary-General of the National Assembly and a figure in the anti-Lee Jae-myung camp, noted, "There are criticisms that the Korean version of NVIDIA violates market principles. This has been a topic of longstanding contemplation," adding, "The principle of economics is to reduce taxes and make money work. Why is it a problem to strategically invest national wealth like Singapore's Temasek, Norway's sovereign wealth funds, and Middle Eastern sovereign wealth funds to foster future technologies and maximize the revenue that returns to the public?"