Hong Joon-pyo, a leading candidate for the People Power Party's presidential primary, said on 16th, "I will invest at least 50 trillion won in global leading research and development fields such as artificial intelligence (AI), quantum, and room-temperature, atmospheric pressure superconductors over the next five years."
He also emphasized the need to commercialize small modular reactors (SMR), which can be deemed essential in an AI era that requires a lot of power.
On that day, Hong noted at the election office in Yeouido, Seoul, "The 'super-gap technology-driven growth' proposed as one of the five economic policy directions under the principles of the economy of the 7th Republic is the core strategy for economic growth."
On that day, Professor Lee Byung-tae of KAIST's Department of Industrial Engineering, who is the policy headquarters chief of Hong's 'Stage Hong Camp,' attended the vision presentation.
Professor Lee pointed out that it is "an anachronistic idea" to invest 100 trillion won (Lee Jae-myung, former leader of the Democratic Party of Korea) and 200 trillion won (Han Dong-hoon, former leader of the People Power Party) in AI, claiming that it is to develop industries under government leadership by injecting one-third of the national budget and to control inflation.
Additionally, the specific directions for economic policy included ▲promotion of public-private economic revival plans ▲distribution based on productivity ▲job creation and welfare focused on ordinary citizens ▲managing national liabilities in proportion to growth without burdening future generations.
To pursue this, Hong emphasized the need to establish a '5-Year Public-Private Economic Revival Plan' led by the private sector with government support. He also proposed the introduction of the 'Gate Free' system, which allows entry without prior government approval for new technologies and businesses, followed by post-approval.
Hong stated that he would supply 1 million dwellings over the next five years by redeveloping and reconstructing aging urban housing and significantly easing housing-related regulations, such as abolishing the 'excess profit recovery system for redevelopment.'
He also mentioned plans to actively adopt the 'Singapore housing supply' model, expanding the supply of half-price apartments for young people and newlyweds. The intention is for the government to lead efforts to supply housing at an affordable and stable rate by owning the land and only selling the dwellings.
Furthermore, Hong proposed the introduction of the 'total debt service ratio (DTI)' for the nation, akin to how individuals undergo credit assessments when taking out loans, to manage national liabilities at a suitable level linked to gross domestic product (GDP).
He also revealed plans to establish the 'Great Korea sovereign wealth fund' through oil development in areas such as the 7th mining area, to build a foundation for the prosperity of future generations.