Yoon outlines initiatives and issues NFT based on them

Economy

Published: 03 May. 2022, 17:14 Updated: 03 May. 2022, 19:36

Yoon outlines initiatives and issues NFT based on them

Ahn Cheol-soo, head of the transition team, left, and Yoon Suk-yeol, president elect, hold up a list of 110 national projects at the transition team's headquarters in Jongno, Seoul, on Tuesday. [YONHAP]

The soon-to-be-inaugurated administration issued a dizzying list of initiatives complete with blockbuster spending.

Ahn Cheol-soo, head of President-elect Yoon Suk-yeol's transition team, noted that the private sector will be allowed to lead and that regulation will be reformed and taxation will be rational.

"These seem like average words, but we have documented and disseminated them as the standards and values that public servants must follow," Ahn said.

Ahn stressed the need to restore common sense, which he claimed was damaged under the current government.

Yoon said during the campaign that he would support businesses affected by the pandemic, stabilize the real estate market, end the nuclear phaseout and increase the transparency of non-profit organizations funded by the government.

In the document, his team emphasized a return of common sense, a private-sector led, government-supported economy, a society where no one is left behind, growth and creativity, freedom and peace and balanced growth within the country.

The transition team estimates that an additional 209 trillion won ($165 billion) will needed, over and above the existing budget, to achieve these goals.

This includes 54 trillion won for supporting small businesses and pandemic-related efforts, 13 trillion won for a dynamic economy, 65 trillion won on social welfare, 61 trillion won for future growth projects and 16 trillion won for national security and foreign affairs.

While the transition team did not specify how it will raise the necessary funding, it promised a restructuring of spending and the raising of additional taxes by encouraging economic growth.

The transition team placed each initiative under broad categories.

The support of small business, real estate and nuclear energy are in the common sense category, as is the fair execution of the law through criminal justice reform.

For the economy, the transition team emphasized a greater role for the private sector. The government's main job will be lifting regulation and increasing financial and taxation support focused on innovative growth.

Yoon's policies will be aimed at industrial strategies that are growth oriented.

The initiatives also include strengthening social welfare, better safety regulations to prevent industrial accidents and establishing a fair and cooperative relationship between management and labor

A total of 110 initiatives were mentioned and then made into a non-fungible token (NFT).

"The situation internally and externally is tough, and our economy is faced with a serious situation," Yoon said. "Through exceptional growth, we will solve polarization problems."

Yoon stressed that execution of the initiatives is key.

Among the campaign pledges made by the president elect, the abolishing of the Ministry of Gender Equality and Family and increasing the presence of U.S. missile defense systems were not mentioned in the document.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]