President Lee Signals Major Investments in Super-Gap Industries… Hints at Property Holding Tax Increase
President Lee Holds First Anniversary Press Conference
Excess Tax Revenue to Be Invested in Growth Potential
“Property Holding Taxes Are Low, Will Accelerate Supply”
On June 8, President Lee Jae-myung, marking his first year in office, unveiled his vision to transform South Korea into an “ultra-gap industrial powerhouse.” To achieve this, President Lee announced plans for a dramatic shift in the country’s growth strategy and the launch of large-scale investment projects. He also hinted at an increase in property holding taxes and expanding supply in the real estate market.
During a press conference held at the Blue House State Guest House to commemorate the first anniversary of his inauguration, President Lee declared, “I will make 2026 the year when the bold dream of an ‘irreplaceable Korea’—a nation no country in the world can substitute—begins.” He also outlined four key national goals: ▲Becoming an ultra-gap industrial powerhouse ▲Establishing global leadership in diplomacy and security ▲Building a society where norms and rules are upheld ▲Creating a government that saves the lives of its people.
President Lee Jae-myung is speaking at the press conference marking the first anniversary of his inauguration, held on June 8 at the Blue House State Guest House. June 8, 2026 Yonhap News Agency.
President Lee stated, “We will advance toward becoming an ultra-gap industrial powerhouse where all citizens and every part of the country equally enjoy opportunities and the benefits of growth,” and stressed, “The government and the private sector will combine their full capabilities to secure overwhelming competitiveness in cutting-edge technology.” He continued, “We are living in an era of technological supremacy where the landscape changes in the blink of an eye. If we let our guard down after taking the lead, we will quickly fall behind.” President Lee added, “Beyond semiconductors, we will continuously identify and nurture ‘global ultra-gap growth engines’ that will drive Korea’s next-generation industries.”
He further announced, “We will soon unveil to the public a large-scale investment project that will usher in a major transformation in our growth strategy.” President Lee explained, “We will closely monitor the National Growth Fund, which has received strong public support, to ensure it fulfills its role of ‘growth for all.’ We will also devise the most effective ways to utilize the excess tax revenue generated by semiconductors.” He added, “I believe that only when there is trust that growth in advanced strategic industries will change people’s lives, can we pursue bolder national investments and constant innovation.”
Excess tax revenue to be invested in growth potential… Indicates property tax hikes and supply expansion
When asked about how to use the excess tax revenue generated from semiconductors, President Lee responded, “Now is the time to invest for the future.” He emphasized, “Excess tax revenue should be invested primarily in ways that enhance South Korea’s growth potential for future generations. Specifically, this means discovering new growth engines such as semiconductors. We will make large-scale investments in areas that the private sector cannot, but must, pursue.”
He also hinted at raising property holding taxes and expanding supply as solutions to real estate issues. President Lee pointed out, “Property holding taxes are generally low. People who need homes cannot buy them. This must be fixed.” At the same time, he said, “Whether it’s new construction or land development, we will accelerate the process in critical areas to increase supply as quickly as possible.” President Lee added that these measures will be announced in a comprehensive package aligned with the tax reform plan to be released in July.
President Lee Jae-myung is answering questions from the press at the 1st anniversary press conference held at the Blue House State Guest House on June 8, 2026. Photo by Yonhap News Agency
Meanwhile, reflecting on his first year in office, President Lee said, “Amid various waves of crisis, we have instead confirmed South Korea’s potential, possibilities, and opportunities.” He mentioned crises over the past year such as rebellion and martial law, trade and security challenges, and the Middle East war, but emphasized, “Because of the great strength of a united Korean people, we have repeatedly confirmed that any hardship can be overcome.”
He also declared, “With the mindset that every single day given to me is my last day in office, I will give my all and work with everything I have.” President Lee pledged, “I will compete with the past year of the people’s government. Our government will be one that inspires more hope for the next four years than the year that has passed.”
This content was produced with the assistance of AI translation services.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
