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| President-elect Yoon Suk-yeol, left, points toward a site reserved for building a financial complex during his visit to the National Pension Service headquarters in Jeonju, North Jeolla Province, Wednesday. Joint Press Corps |
By Nam Hyun-woo
President-elect Yoon Suk-yeol said Wednesday that he will "lift as many regulations as possible" during his tenure in order to help domestic and foreign businesses rake in profits and pay taxes.
During his visit to the National Pension Service headquarters in Jeonju, North Jeolla Province, Yoon said business growth results in the happiness of shareholders and workers, and that the government's role is establishing a safety net through welfare policies.
"China is a country full of risks ― it is a socialist country and foreign businesses there suffer difficulties sending dividends back home," Yoon said. "However, (Korea) offered its state-owned land for free to businesses, and companies have come in. There's no need to say anything about regulations."
Yoon was referring to the Saemangeum area, an estuarine tidal flat in North Jeolla Province which, following a 20-year battle with environmentalists and local residents, the government built a seawall for land reclamation and designated spaces for international businesses. On his way to Jeonju, Yoon was debriefed about the Saemangeum Reclamation Project, which is in its second phase of development, setting up industrial complexes focused on renewable energy businesses.
"Saemangeum is full of empty slots, while having one of the best geographical conditions in the world for businesses," Yoon said. "If we fail to host domestic and international companies here, that will be a critical mistake."
Yoon underscored that his only goal in running state affairs is improving the people's livelihoods.
"For example, we can ensure national security only when we are living well to pay for soldiers and arm them with advanced weapons," Yoon said. "Eating well and living well is everything."
For this goal, Yoon said he will lift every possible regulation to help North Jeolla Province become "an ecosystem for investment banks."
"There are too many regulations related to financial businesses," Yoon said. "By easing regulations, we can create many high-income jobs and help the local economy grow."
"The NPS Investment Management (NPSIM), which is running about 1,000 trillion won ($809.2 billion) of funds, is based in Jeonju, and investment banks, brokerages and other financial companies can come here to work with the NPSIM. This will build an ecosystem of investment banks, which can boost the economic growth of North Jeolla Province."
