[Econ & Biz] Economic pledges dominate S. Korea's presidential campaign trail: "AI" and "trade" as keywords

As the country prepares to elect its next president, one particular theme is consistent across all major campaigns, though their approaches may differ: the economy.

We now turn to our economics correspondent Moon Hye-ryeon for this topic.

Hye-ryeon, the economy does seem to take a central role in the race, just like in the past, but anything worth noticing this time?

South Korea is grappling with slowing economic growth and global uncertainties stemming from U.S. trade policies.

Recent data has shown that the country's economy shrank in the first quarter of the year, and economic institutions at home and abroad are revising down their economic projections for South Korea this year.

As a result, both candidates are presenting themselves as the one best equipped to stabilize the economy and prepare for long-term competitiveness.

But beyond that, experts point out something very strategic — not just what the candidates are promising, but how they're presenting it.

"What voters should pay attention to isn't just the substance of the pledges, but the level of priority they're given. Where a candidate places an issue — whether it ranks first or tenth — tells us a great deal about what they're really focused on."

So when AI shows up as Lee Jae-myung's number one pledge, and as Kim Moon-soo's second, it sends a clear message about what they each see as central to Korea's economic future.

Let's talk about that. How do their AI strategies compare?

Both propose investing 100 trillion won — approximately 71 billion U.S. dollars — signaling the scale of ambition.

But the way they plan to use that funding is quite different.

"We need to take a look at what role our national community should play in preparing for an AI-driven society."

"For the initial takeoff, we need to pour in concentrated funding and scout top talent from around the world."

Lee Jae-myung emphasizes public access.

His "AI for All" initiative would offer citizens free, advanced AI services — including a Korean-made version of ChatGPT.

He also pledges to secure over 50 thousand high-performance GPUs and establish a national AI data cluster.

Meanwhile, Kim Moon-soo proposes a public-private fund to foster AI unicorn firms and expand industry talent.

And he has very specific targets for talent: he plans to train 200 thousand young AI professionals through expanded graduate programs and software-centered universities.

In terms of regulation, they overlap in principle — both agree that Korea's current regulatory framework is lagging behind.

Lee wants to use special exemptions to help AI-convergent industries grow more quickly.

Kim, on the other hand, talks about aligning AI regulation with global standards and conducting impact assessments before new rules are introduced.

It's a recognition that if Korea wants to compete with the likes of the U.S. or China, it can't afford red tape that slows down innovation.

And worth mentioning here — although less prominent in the polls — is Lee Jun-seok, the former People Power Party leader now running as a third-party candidate.

His AI vision calls for a dramatic reduction in state intervention and wants market-driven AI innovation, with stronger digital sovereignty and open-source infrastructure at the core.

His stance appeals to younger, more tech-literate voters — but lacks the large-scale public investment strategies the other two are promising.

Let's move to another key area of concern: trade. Do they differ there, too?

Very much so, trade actually centers around Kim Moon-soo's top pledge.

He's proposing a reset of Korea's trade strategy, starting with an immediate South Korea–U.S. summit and new negotiations on tariffs.

It's a very proactive, outward-facing plan.

Lee Jae-myung is more focused on domestic resilience.

While he acknowledges the need to adapt to the global economic order, he doesn't emphasize alliances or trade pacts in the same way.

Instead, he prioritizes homegrown innovation and economic self-reliance — in line with his vision of building a more robust domestic economy that's less vulnerable to external shocks.

Lee Jun-seok, again, takes a different line: he supports a decentralized, tech-led foreign trade approach — advocating for the use of blockchain in customs, logistics, and trade settlement to reduce dependence on geopolitical dynamics.

Thank you for your insight, Hye-ryeon.

Thank you for having me.