Lead

President Lee Jae Myung called for comprehensive state policies to support young people, warning that recent booms in the semiconductor and stock markets have widened asset disparities and left many youth behind. Speaking at a Cabinet meeting on Tuesday, Lee also stressed the need for expanding investment in advanced industries outside the capital region and unveiled plans to address rising prices.

Coverage

According to reports from Yonhap News, President Lee made the remarks while presiding over a Cabinet meeting, noting that the benchmark Korea Composite Stock Price Index (KOSPI) has surged to record highs, trading above 9,000 points, driven largely by semiconductor stocks. Lee acknowledged that while the semiconductor boom has lifted the stock market, it has also "cast a shadow of asset polarization." He described younger generations as facing limited opportunities to accumulate assets through stable jobs or income, and instructed officials to pursue policies to "expand the ladder of opportunities for young people across all areas of life."

In a separate statement, the president stressed the importance of diversifying industrial growth beyond the capital region. He said the government is drawing up a plan to foster semiconductor clusters in regional areas, citing Gangwon, Jeju, Yeongnam, and Honam as target regions. The aim, he said, is to overcome the country's excessive concentration in the capital area. These clusters would serve as key production hubs for major semiconductor companies such as Samsung Electronics and SK hynix.

"The effects of the phenomenal growth in some industries could further worsen disparities in terms of balanced territorial development," Lee warned, according to Yonhap. He noted that regional areas account for 90 percent of the country's territory and emphasized the need for a "diversification" of industrial infrastructure.

Key Claims

  • President Lee Jae Myung stressed the importance of expanding investment in advanced industries outside the capital region and said he would soon unveil a detailed investment plan.
  • The government is drawing up a plan to foster semiconductor clusters in regional areas, aiming to overcome the country's excessive concentration in the capital region.
  • Lee cited Gangwon, Jeju, Yeongnam, and Honam as regions for potential expansion, with semiconductor clusters serving as key production hubs for companies like Samsung Electronics and SK hynix.
  • The president pointed out that recent booms in the semiconductor and stock markets have widened asset disparities, with younger generations having fewer opportunities to accumulate assets through stable jobs or income.
  • Lee instructed officials to pursue policies to "expand the opportunities" for young people across all areas of life, acknowledging their feelings that record-high bonuses and stock figures seem "like a story from another world."
  • The government plans to lower fuel prices and stabilize domestic fuel prices, with Lee instructing officials to mobilize resources to curb price burdens, citing rising food and dining prices driven by increasing oil prices.