'Korea Growth Again' aims for 5% real growth rate via reforms
Seoul Mayor Oh Se-hoon has unveiled the regulatory reform slogan "KOGA" — "Korea Growth Again" — presenting it as both his governance philosophy and national vision, in an implicit signal of his presidential ambitions.
During a city government-led forum Tuesday, Oh brought up the KOGA concept, suggesting fundamental systemic changes to the country.
"(KOGA) is not just about individual policies; it's about a unified philosophy and direction. Ultimately, it aims to present solutions for economic prosperity and national sustainability," he said in a keynote speech.
"Politics should not be a source of concern for the people. Without constitutional reform, political turmoil will continue to repeat itself. Instead of focusing on short-term political advantages, we must focus on fundamental changes. Otherwise, there will be strong public resistance," Oh said during the event, addressing the current political turmoil involving impeached and suspended President Yoon Suk Yeol.
Later in the afternoon, Oh also met with former President Lee Myung-bak for a closed-door meeting.
Before serving as a president from 2008 to 2013, Lee was Seoul Mayor from 2002 to 2006.
"Regulatory reform is essential for growth. We have too many regulations. While the world is adapting to the digital age, politics remains stuck in the analog era. Global competition is evolving to a whole new level, and the people must be feeling frustrated. I see that the Seoul mayor is addressing this issue, but politics needs to go beyond that. Without economic growth, we cannot earn global recognition," Lee told Oh in front of reporters, prior to their meeting Tuesday afternoon.
Lee, 83, also commented on Oh's new slogan "KOGA," encouraging the idea.
"This is the most relevant slogan for our time. ... Seoul functions almost like a nation in itself, so it should be managed well based on experience," Lee added.
Oh, reelected as Seoul mayor in July 2022, has long argued that the nation's economy has been trapped in a cycle of declining growth. Industries worldwide have rapidly evolved with artificial intelligence, biotechnology, financial technology and robotics, while Korea has remained reliant on its traditional industries for the past 20 to 30 years, according to Oh.
The mayor said he believes that the country's economic growth is being hindered by unreasonable tax structures like the inheritance tax and high regulatory barriers that could restrict even top 100 global companies and startups from conducting business here.
Stressing the need for bold industrial policies, Oh also proposed ways to keep a 5 percent real growth rate — a combination of the economic growth rate and inflation rate — such as through active fiscal investment in infrastructure, future talent development and tax and labor market reforms, as well as deregulation led by the private sector.
Details of Oh's envisioned regulatory reform are to be published in a book to be released by the city government, titled with the slogan he unveiled Tuesday. "KOGA: Oh Se-hoon’s Five Pillars of Partnership Become the Future” is set for release later this month.
The book will also reflect Oh’s administrative philosophy, incorporating insights from his leadership experience and Seoul’s policy achievements.
Kim Byung-min, Seoul’s deputy mayor for political affairs, told reporters that the book aims to identify new growth drivers for South Korea.
"South Korea is at a critical juncture where people are concerned about whether the country can sustain its growth momentum. … Through this book, Mayor Oh will stress the need for innovation and national confidence.”
Emphasizing that the book is not like a conventional memoir or a collection of personal opinions, the city government said the book was “a strategic blueprint” for South Korea’s future.
ddd@heraldcorp.com
