Sunday, November 28

Presidential Candidate Jae-myung Lee’s first promise is ‘a great digital transformation’… Focus on ‘growth’ through extensive deregulation

Democratic Party presidential candidate Lee Jae-myung announces a promise of ‘a great digital transformation’ at the company’s headquarters in Yeongdeungpo-gu, Seoul on the morning of the 23rd. Parliamentary photojournalists

Democratic Party presidential candidate Lee Jae-myung announced on the 23rd that “the digital transformation of the country and industry is an important moment that determines the future of the Republic of Korea.” This is the first public promise he has made since he was elected as a presidential candidate last month. Candidate Lee suggested extensive deregulation, saying that it must keep pace with the rapid development of the digital industry.

Candidate Lee held a press conference at the Democratic Party of Korea in Yeouido, Seoul on the same day, and announced the promise of digital transformation, saying, “I will make a great digital transformation to lay the foundation for growth recovery and make the economy take a leap forward.” Candidate Lee has presented a series of promises of ‘Small but certain happiness’ through social networking services (SNS), but this is the first time that he has announced his promise in public since becoming a Democratic presidential candidate.

Candidate Lee said that he would ease innovation regulations, saying he would quickly build an institutional foundation for digital transformation. Candidate Lee said, “Korea’s product market regulation index ranks second among OECD (Organization for Economic Cooperation and Development) countries. He announced that he would convert positive regulation to negative regulation and eliminate excessive and redundant regulation by designating a digital regulatory control tower.

Candidate Lee said, “The conflict between new and old industries caused by technological innovation will be actively resolved by making a regulatory conflict mediation body under the direct control of the president. · We will grant enforcement authority and support the integrated convergence and linkage of data by department.”

When asked by reporters about the purpose of digital deregulation, Lee said, “In a rapidly changing society, it is impossible for the government to predict everything and determine what is possible. Rather, it hinders industrial development,” he said.

Candidate Lee said that he would build an Internet of Things (IoT), cloud, and 5/6G (generational) physical infrastructure that collects, accumulates, and delivers data to support digital transformation. It promised to support early deployment of 5G only nationwide and support for research and development of 6G satellite communication technology.

Candidate Lee said he would expand Wi-Fi in public facilities and guarantee digital access by allowing anyone to use the minimum amount of data. He also announced a plan to strengthen digital-related economic rights by expanding the ‘My Data System’ used in the financial sector to all industries.

In this way, Candidate Lee emphasized that he would invest a total of 135 trillion won in digital transformation investments during his tenure. Candidate Lee said, “For the five years since he took office, 30 trillion won from the government for investment in physical, institutional and human infrastructure, 40 trillion won from the government for digital transformation of traditional industries, new industry territorial expansion, and support for the growth of start-ups, and 15 trillion won from the government to guarantee digital sovereignty. We will invest 20 trillion won in local expenses and 30 trillion won in private investment,” he said.

The nominee emphasized growth, referring to digital transformation. Candidate Lee said, “It is important not to be exposed to and dragged away from the pandemic that is expected to occur periodically, but to actively utilize the circumstances to lead the world and create opportunities for growth. In the end, a major industrial transformation is necessary.” He said, “It may sound like a very unfamiliar and special story in the high-tech field, but I hope you will think of it as an immediate task that is already in front of our reality.”

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