People Power Party presidential candidate Kim Moon-soo speaks during an event held to nominate members of the People Power Party's election management committee held at the party headquarters in western Seoul on Monday. (Im Se-jun / The Korea Herald)
People Power Party presidential candidate Kim Moon-soo speaks during an event held to nominate members of the People Power Party's election management committee held at the party headquarters in western Seoul on Monday. (Im Se-jun / The Korea Herald)

People Power Party presidential candidate Kim Moon-soo on Monday pledged to create a more business-friendly environment and create more jobs amid the export-reliant economy’s growing exposure to risks posed by the US-China trade war.

Unveiling his top 10 policy promises if elected as president, Kim said that his primary goal is to turn South Korea into “a country that is good for businesses and creates jobs.”

“The number one pledge is a key pledge that reflects candidate Kim Moon-soo’s vision to open a new era of prosperity and economic growth based on equity, technology and labor,” read materials distributed by Kim’s campaign to reporters. “The pledge comes during a period of economic crisis posed by risks including the US-China trade war and domestic political turmoil.”

Kim said that this business-friendly environment would be created through easing regulations, tax reform and stimulating investments. Global business lobby groups, including the American Chamber of Commerce in Korea, have called for the South Korean government to reform its rigid labor laws, cloud service restrictions and tax systems that are not business-friendly, claiming that such rules are not aligned with global standards.

Holding a summit with US President Donald Trump and pursuing a “package” agreement on US tariffs alongside other cross-border economic and industrial cooperation issues would be prioritized should Kim take office as president.

Kim pledged to further cut industrial electricity bills with the aim of fostering the country’s nuclear power business, and push for tax reform that would focus on slashing corporate and inheritance tax, while providing tax benefits for businesses that help create jobs.

To support the country’s artificial intelligence sector, he pledged to foster 200,000 new and young professionals in the field. A private-public fund of foreign investment worth 100 trillion won ($71.2 billion) would be created and funneled into the industry.

To sustain a rebound in the country’s declining birth rate, support measures tied to housing and loans would be carried out.

Through a rent payment support program, newlyweds living in public housing would be able to receive financial support for up to nine years.

Certain loan regulations would be alleviated for newlyweds and married couples raising children.

To effectively counter corruption, Kim vowed to annul the legislation that allows lawmakers to be immune from arrest while parliament is in session. He pledged to bolster the authority and power of the nation’s judicial branch.

Regarding the nation’s security, nuclear-powered submarines would be developed to South Korea’s maritime defense capabilities against North Korea’s advancing nuclear threats.

Kim would work towards bolstering the reliability of US extended deterrence through a strong South Korea-US alliance.

Unification with North Korea would be pursued to save North Koreans from hunger and oppression.


mkjung@heraldcorp.com