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President Lee focuses on economy, public livelihoods in first speech to parliament

Published: 26 Jun. 2025, 17:35

SARAH KIM
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President Lee Jae Myung, center front, gives his first policy speech with Woo Won-shik, the parliamentary speaker, looking on, at the National Assembly in Yeouido, western Seoul, on June 26. [JOINT PRESS CORPS]

President Lee Jae Myung mentioned the "economy" 24 times in his first parliamentary address on Thursday, prioritizing the restoration of people's livelihoods amid challenging domestic and global circumstances.

"The most urgent tasks we must address are recovering the collapsed economy and reviving the people's livelihoods," Lee said in his first policy speech at the National Assembly in western Seoul, encouraging lawmakers to pass an extra budget bill.

He warned that the current sluggish growth will lead to "a vicious cycle where the door of opportunity narrows and competition and conflict intensify."

Lee's return to the parliament three weeks after his inauguration comes as his administration is pushing for a 20.2 trillion-won ($14.7 billion) extra budget plan. This is the second supplementary budget for this year and the first since he took office, coming amid a push for a swift economic recovery.

"If the current low growth continues, we will fall into a vicious cycle where the door of opportunity narrows and competition and conflict intensify," Lee said, calling for capital market normalization.

"Through restoring transparency and fairness in the capital market, the economy will be revived and business will properly grow, creating a virtuous cycle," he said, adding this will "open an era" of the Kospi stock index reaching the 5,000-point level.

Lee called for "opening the door to fair growth to create new growth engines and sharing the opportunities and results together to alleviate polarization and inequality and head toward a world where everyone lives well together."

President Lee Jae Myung, center, greets ruling Democratic Party lawmakers as he enters the chamber to give a parliamentary address on the extra budget at the National Assembly in Yeouido, western Seoul, on June 26. [JOINT PRESS CORPS]

After arriving at the Assembly chamber a little past 10 a.m., Lee gave a 17-minute live-televised speech that garnered 12 rounds of applause from liberal Democratic Party (DP) lawmakers. Lawmakers of the opposition People Power Party (PPP) did not applaud.

Lee's speech was delivered just 22 days after his inauguration, the second fastest a president has visited the National Assembly after an election behind his predecessor, ousted President Yoon Suk Yeol.

The parliamentary address is an opportunity to outline the president's direction for state administration and budget plans, while also conveying a message of bipartisan cooperation. The first president to give a policy speech in constitutional history was former President Roh Tae-woo.

During his speech, Lee also mentioned the government 18 times, people 17 times and budget 15 times.

Lee called for "large-scale investments in cutting-edge technology industries such as AI and semiconductors, and a swift transition to renewable energy to respond to the climate crisis and RE100," referring to a global initiative on renewable energy.

"We must also focus on fostering innovation in the bio, manufacturing and cultural industries to create a Korea that leads the world," Lee added.

President Lee Jae Myung greets main opposition People Power Party lawmakers after delivering a policy speech on an extra budget plan at a plenary session of the National Assembly in Yeouido, western Seoul, on June 26. [JOINT PRESS CORPS]

He further pledged to create a country where "the people's daily lives are not shaken through a virtuous cycle where peace leads to economic growth, and the economy strengthens peace again."

DP lawmakers gave their first round of applause at the beginning of the address when Lee emphasized practical diplomacy centered on national interests, saying, "There is no color in diplomacy. The only criterion should be whether it is in the national interest or not, not whether it is progressive or conservative."

"Securing peace and stability on the Korean Peninsula is also extremely important," Lee said. "Peace is both food and the economy." This earned him more applause.

"From the shock of U.S. tariffs to the recent Israel-Iran war, the rapidly changing international situation makes it difficult to predict even an inch ahead," Lee said. "That is why now is the time for the government to step in so that the economy can bounce back."

President Lee Jae Myung, left, greets main opposition People Power Party lawmakers after delivering a policy speech on an extra budget plan at a plenary session of the National Assembly in Yeouido, western Seoul, on June 26. [JOINT PRESS CORPS]

The second supplementary budget, which aims to revitalize domestic consumption, includes the distribution of vouchers ranging from 150,000 to 520,000 won per person, depending on income level.

Lee told lawmakers, "If there is anything that the government has not included in the supplementary budget, please do not hesitate to give your opinion during the parliamentary budget deliberation process."

He especially encouraged opposition party member to provide their opinions, spontaneously addressing the PPP throughout his speech.

“Creating a new country, a true Republic of Korea, is not something that the president alone, or a select few, can do,” Lee said. “In order to create a predictable, rational society, we must all keep to the minimum agreement.”

"It is said that the economy is all about timing," Lee said in his address. "I think now is that time."

He then asked lawmakers for their "active cooperation so as not to miss the golden time for economic recovery."

Ahead of his address, President Lee, formerly the DP's chair and lawmaker, held a brief meeting with National Assembly Speaker Woo Won-shik and bipartisan party leaders including PPP interim leader Kim Yong-tae.

BY SARAH KIM [[email protected]]