President Lee Jae-myung chaired a staff meeting on the evening of the 27th (local time) during his state visit to Brazil, directly reviewing the results of his diplomatic tour and addressing domestic economic issues. The meeting focused on achievements from his U.S. visit and policy responses to oil price volatility and economic challenges. Lee emphasized maintaining oil price controls and exploring additional measures to stabilize living costs amid Middle East tensions.
President Lee Highlights AI Declaration and Tech Partnerships from U.S. Visit
President Lee described the San Francisco AI Declaration as "a national declaration that the Republic of Korea will become an irreplaceable leader in the artificial intelligence era." He stated that the government "elevated partnerships with global big tech to the level of an AI alliance through ultra-large-scale supply and investment cooperation, and further strengthened the foundation for cooperation with world-class venture capital." Lee directed the government to "make every effort in follow-up measures so that these achievements can lead to a greater leap forward for our economy and substantial improvement in people's lives."
South America Diplomacy Expansion Announced
Lee announced that "the first South American tour since the government's inauguration has begun in earnest." He stated that "in a situation where the international order is rapidly being reorganized, efforts to diversify and multilayer diplomatic networks are essential for the stable development of the nation." Lee characterized South America as "a region with a huge population and abundant resources, one of the most necessary places to broaden the horizon of diplomacy," and said the tour would "further strengthen Global South diplomacy and further solidify the status and role of the Republic of Korea as a global core country."
Q2 Economic Growth Reaches 3.7% with Record GDI Increase
President Lee noted that "the second quarter growth rate recorded 3.7%, close to 4%, and the real Gross Domestic Income (GDI) growth rate also showed 15.6%, the highest in 38 years." He attributed this to "results of balanced recovery in domestic demand and facility investment centered on exports." However, Lee pointed out that "behind the economic indicators, there is a dark shadow of sluggish youth employment and high loan delinquency rates among small and medium-sized enterprises." He warned that "if the fruits of growth are concentrated only in some classes and sectors, economic imbalance will deepen and the economy that has barely revived will inevitably cool down again."
Oil Price Cap and Tax Cuts to Continue Amid Volatility
Lee stated that "since oil price volatility is likely to continue for the time being, preemptive efforts are needed to minimize the impact on domestic prices." He directed that "until international oil price instability is resolved, policy measures such as the oil price cap and oil tax cuts should be maintained as much as possible, and if the situation worsens, additional measures should also be actively considered." The president also instructed that "measures to ease the burden on classes with high diesel dependence, such as truck and construction machinery drivers, farmers and fishermen, and mobile workers, should also continue to be pursued," and ordered staff to "actively review additional measures for stabilizing people's livelihoods."
Government to Crack Down on Oil Industry Collusion
Referencing recent investigation results into oil industry collusion, President Lee stated that "behavior that illegally seeks to make money by exploiting difficult times for the people must be clearly punished." He ordered that "related authorities should make every effort to crack down to prevent market disruption activities such as hoarding or collusion not only in oil but also in key livelihood items."
FAQ
What did President Lee Jae-myung announce about oil price controls on the 27th?
President Lee stated that the oil price cap and oil tax cuts will be maintained until international oil price instability is resolved. He directed the government to actively consider additional measures if the situation worsens and to continue pursuing measures to ease the burden on diesel-dependent workers.
What economic data did President Lee cite during the staff meeting in Brazil?
President Lee cited a second quarter growth rate of 3.7% and a real Gross Domestic Income (GDI) growth rate of 15.6%, which he described as the highest in 38 years. He noted these results came from balanced recovery in exports, domestic demand, and facility investment.
