Seoul Mayor Oh Se-hoon Boosts Economic Growth... "Need for Deputy Prime Minister for Corporate Growth" (Comprehensive)

Seoul Mayor Oh Se-hoon is intensifying his advocacy for 'economic growth' day after day. On the 4th, Mayor Oh stated, "Going forward, the government must become a 'service government' that removes obstacles encountered at every critical stage, from startups to unicorns to large corporations," adding, "Only then can global competitiveness be strengthened." He also proposed the establishment of a 'Vice Prime Minister for Corporate Growth' to support this initiative.

On the same day, Mayor Oh delivered a speech under the theme 'KOGA (Korea Growth Again)' at the 'Corporate-Centered Growth-Oriented Regulatory Reform' forum held at the Korea Chamber of Commerce and Industry. About 200 representatives from 26 associations, organizations, and companies related to new industries, including the Korea Chamber of Commerce and Industry, the Korea Federation of Small and Medium Business, and the Korea Artificial Intelligence Association, attended the forum.

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Mayor Oh presented a strategy for the re-acceleration of South Korea's economy, which is heading toward a 'zero growth' era with a long-term growth rate in the 0% range. His plan is to lead the stagnant South Korean economy into a 'scale-up' economy through regulatory reforms emphasized since the first day of the new year. Mayor Oh said, "Companies must be the main agents of innovation, and the most important task is to abolish regulations that hinder innovative growth by companies," adding, "The main agents of industrial growth are companies, and the government's raison d'?tre is to help those companies thrive, which is why I used the term 'service government.'"

He also set a goal of 'per capita income of $100,000' through growth by eliminating regulations. Mayor Oh said, "To achieve a 5% nominal growth rate, we need industrial policies, fiscal investment, financial revitalization, tax reform, labor reform, and regulatory reform," adding, "If we achieve a 5% nominal growth rate and a 3% real growth rate, by 2045, the 100th anniversary of liberation, we could also reach a per capita income of $100,000."

Specifically, Mayor Oh mentioned revitalizing the capital market. He said, "Yesterday, U.S. President Donald Trump announced the strategic assetization of coins including Bitcoin, and South Korea must not neglect establishing legislative grounds for digital assets at the level of the U.S.," adding, "Among other things, we need to reform dividend income separate taxation and the ISA system to build a system that allows funds to flow into the stock market."

He also proposed tax reform measures. Referring to overseas cases, Mayor Oh said, "In other countries, having more children can reduce income tax, but South Korea does not have much disparity in effective tax rates," adding, "In this regard, tax reform is necessary." Regarding inheritance and gift taxes, he explained, "By encouraging pre-gifts, it would be possible to boldly transfer assets for education expenses, startup and marriage costs, and other events from elementary school age, thereby expanding consumption and investment capacity through intergenerational asset transfer and promoting productive economic activities."

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Regarding the 'regulatory reform' that Mayor Oh is focusing on this year, he emphasized the need to create an organization at the central government level. He suggested, "Regulatory reform should not be a one-time effort only at the beginning of an administration but should be institutionalized and systematized by creating an organization," adding, "It is necessary to make the Regulatory Reform Committee a permanent body at the level of a single ministry."

In the same context, he also proposed the establishment of a 'Vice Prime Minister for Corporate Growth.' After the forum, Mayor Oh told reporters, "If a system is established so that all departments related to the Vice Prime Minister for Corporate Growth can simultaneously resolve the difficulties companies face, it will enable more proactive problem-solving capabilities." He further explained, "Now, the focus should shift from the industrial sector to each individual company," adding, "We want to create a corporate-centered policy decision and support system that can provide one-stop services to remove difficult problems that numerous newly established companies face at every critical stage through a single government agency."

Recently, Mayor Oh has been continuously delivering messages related to economic growth. Following policy proposals such as 'abolishing discrimination on capital gains tax for overseas stocks' and 'children's funds' via Facebook, he also criticized related remarks by the Democratic Party. Regarding Democratic Party leader Lee Jae-myung's suggestion to "share 30% of the shares of companies like Nvidia in the U.S. with all citizens," Mayor Oh pointed out, "It is a self-destructive idea that undermines the investment will that should be the driving force for corporate growth."

The content is also expected to be included in a book scheduled for publication this month. The keynote speech topic, 'Growth Again,' is also the core keyword of the book Mayor Oh plans to release at the end of this month. The book's title is 'Growth Again,' with the subtitle 'Oh Se-hoon's Five Major Companions Become the Future.' Through the book, Mayor Oh is expected to emphasize the need to find innovative driving forces for our society to grow again and to build confidence. Regarding the book, Mayor Oh said, "Each topic mentioned in the book may be perceived as segmented concepts such as economy, welfare, and trade, but if there is a consistent philosophy that connects them, it is the prosperity of the nation," adding, "In that sense, I named it 'Growth Again.'"

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