President Lee calls reviving people's livelihoods "most urgent" in extra budget speech

We start at the National Assembly where President Lee Jae Myung earlier today addressed members of the parliament in a speech to support the supplementary budget proposal.

Our top office correspondent Yoon Jung-min covers his remarks.

President Lee Jae Myung was back in the National Assembly on Thursday some three weeks after taking the oath of office, this time, to deliver his first speech on the new government's extra budget proposal.

"Restoring the devastated economy and reviving the people's livelihoods are the most urgent tasks. We need to create new growth engines and open the door to "fair growth," to share opportunities and outcomes of the growth."

For that, President Lee called for efforts to restore transparency in the capital market to open up the "5,000-point era" for the KOSPI, one of his campaign pledges, as he vowed to make major investments for future growth, such as with AI and chips.

To boost consumption, 13-trillion won, roughly 9.6-billion U.S. dollars, have been earmarked to hand out vouchers to all people up to 380 dollars per person, depending on income levels.

Also included are investments in construction, as well as AI and renewable energy.

Debts that have been delinquent for over seven years will be written off for over 1-million small business owners.

It also includes a revenue adjustment at 7.6 billion dollars for an expected shortfall in tax revenue.

Another focus was on Lee's "pragmatic diplomacy" for the national interest to resolve trade and supply chain issues.

He did not forget to reiterate that peace is directly tied to the economy, stressing the importance of stability on the Korean Peninsula.

"There can't be a color distinction when it comes to diplomacy. Decisions should be made solely in the national interest, not upon ideology."

As Lee urged not to make a distinction between the ruling and the opposition bloc when it comes to helping the people and reviving the economy,

"I greatly appreciate the People Power Party lawmakers for joining. You may not feel comfortable."

he shook hands with the main opposition PPP lawmakers on his way out, who mostly stayed silent during the speech.

A moment was caught on camera where President Lee tapped lawmaker Kweon Seong-dong on his shoulder, as Kweon reportedly protested the president's pick for Prime Minister, Kim Min-seok.

The government's extra budget plan is under review at the Assembly, during which a tussle and compromise are expected.

Yoon Jung-min, Arirang News.