President Lee Jaemyung: "If Fiscal Resources Can Help Build the Foundations for Sustainable Growth, We Should Invest in the Future"

President Lee meets officials before budget address
Draws line at calls to prioritize national debt repayment

President Lee Jaemyung said on Nov. 2 that, with fiscal leeway created by factors such as the semiconductor boom, the government should invest in the future rather than prioritize paying down national debt.

President Lee, who visited the National Assembly to deliver an address on next year's budget proposal, held a meeting with National Assembly Speaker Cho Jung-sik, Supreme Court Chief Justice Cho Heedae, Constitutional Court President Kim Sang-hwan, Prime Minister Han Seongsook and other senior officials representing the four branches of government, as well as Board of Audit and Inspection Chair Kim Ho-cheol and leaders of the ruling and opposition parties, before his address to the plenary session. At the meeting, Lee said, "People Power Party lawmakers argue that the additional fiscal resources should be used to pay down debt, and that view has some merit." He added, "But if we determine that investing for the future would help lay the groundwork for sustainable growth, then I believe that is the right thing to do."

President Lee Jaemyung greets Supreme Court Chief Justice Cho Heedae in a reception room before delivering his 2027 budget address at the National Assembly on the 2nd. Yonhap News

Lee added, "Contrary to concerns, the national debt ratio is actually falling to around 48%, so there is little need to worry about the national debt."

Earlier, speaking about the fiscal situation, Lee said, "The leaders of the ruling and opposition parties and the heads of constitutional institutions have greatly helped the government during this difficult time, enabling the country to make significant progress and become more stable." He added, "Thanks to the efforts of the public, businesspeople and workers over the past year or so, the South Korean economy has grown enormously."

He said, "I believe the reason a state exists is to build a better future for the country, protect the lives and safety of its people, and improve their quality of life. That responsibility rests with us. We must constantly consider what would be best for the country and its people, and I ask you to understand that next year's budget is the result of that deliberation."

On relations between the ruling and opposition parties, he said, "Competition is good, but it must not become a war. I believe it would be better to show the public that we can compete reasonably, all together, to build a better world."

President Lee Jaemyung speaks with attendees in the reception room before delivering his policy address on the 2027 budget proposal at the National Assembly on the 2nd. Yonhap News Agency

In his opening remarks, National Assembly Speaker Cho Jung-sik said, "The 2027 budget proposal that the president will present amounts to approximately 820 trillion won, making it the largest ever." He added, "I believe it reflects much consideration of the major issues facing the country today: the sweeping transformation driven by artificial intelligence (AI) and the recovery of people's livelihoods." Cho said, "The National Assembly will carefully review the proposal to ensure that it is put to vital use for people's lives and South Korea's future." He also pledged, "The ruling and opposition parties will do their best to pass it on time, within the deadline set by the Constitution."

This content was produced with the assistance of AI translation services.