Seoul Mayor Oh Se-hun introduced a slogan reminiscent of U.S. President Donald Trump's campaign slogan 'Make America Great Again' as 'KOrea Growth Again' on the 4th.
Mayor Oh delivered a keynote speech on 'KOrea Growth Again' at the forum on 'Regulatory Reform Oriented Towards Corporate Growth' held at the Korea Chamber of Commerce and Industry International Conference Hall.
The mayor noted, "These days, there are many news stories attracting attention to President Trump, and I decided to name it KOrea Growth Again by benchmarking MAGA."
He added, "We need to expand investment in future industrial infrastructure and core technology R&D and pursue sustainable regulatory reform for the restructuring of the industrial structure, combining digital transformation and AI-ization."
He also stated, "While the main agents of innovation are corporations, the government's role in removing obstacles for corporations and leading regulatory reform as a 'problem-solving service government' can enhance the global competitiveness of both corporations and the country," stressing that "the government exists to provide comprehensive support so that corporations, which are the main agents of industrial growth, can thrive."
The mayor mentioned that to achieve a 5% economic growth rate (real economic growth rate plus inflation), bold industrial policies, active financial investments, and three major reforms including tax reform, labor reform, and regulatory reform must work together.
He proposed establishing a legislative basis for digital assets and various tax reforms, including income tax and inheritance tax, to achieve social benefits and alleviating inheritance tax as solutions to the low birth rate issue. He also added that labor market flexibility, changes in the wage structure, and strengthening employment safety nets are crucial for economic growth.
The mayor presented three principles and directions for regulatory reform, including the establishment of the 'New Industry Regulatory Innovation Committee' composed of private experts in new industries, the introduction of a comprehensive negative system of 'prior authorization and post-regulation,' and maintaining 'regulatory minimalism' at an international level to gain a competitive edge globally. He suggested making the Regulatory Reform Committee an independent and permanent organization for ongoing promotion.
He then stated, "By broadly addressing R&D investment, financial innovation, deregulation, and other multifaceted perspectives, we can overcome the 1% low-growth era," adding, "Economic growth occurs when there is a belief that proper rewards will follow challenges and achievements."
Afterward, Mayor Oh participated in a discussion with the chair of the Regulatory Reform Committee, Yoo Il-ho (former Deputy Prime Minister of Economics), while other participants included former Financial Services Commission Chairman Jeon Kwang-woo (current chairperson of the World Financial Research Institute), former Minister of Trade, Industry and Energy Yoon Sang-jick, and others.
In the discussion, the mayor said, "The fact that discussions about 'Peak Korea' have emerged, indicating that South Korea's economy has peaked and is now on a downward slope, reflects signs of change. In that sense, we need to shift our thinking and rejuvenate, and I would like to emphasize to the younger generation the need to start anew with 'Growth Again.'"
On that day, the second part of the forum presented future tasks for discovering driving forces in new growth sectors such as artificial intelligence (AI), bio, fintech, and robotics.
Following the subject presentation, Yang Joon-seok, chairperson of the Korean Regulatory Society, moderated a comprehensive discussion on the necessary roles and efforts of the government and Seoul City in effectively abolishing regulations in emerging industries such as artificial intelligence, bio, fintech, and robotics.