Korean Prime Minister Warns of Greater Crisis Than IMF Era at Forum

On July 16, Prime Minister Kim Min-seok (김민석) delivered a keynote speech at the 48th Summer Forum of the Korea Chamber of Commerce and Industry held at the Lahan Select Hotel in Gyeongju, North Gyeongsang Province. He stated, "If we do not hold accountable those who instigated the insurrection, this country will be ridiculed and condemned by the world. We cannot avoid accountability."

During his address, he emphasized that the irresponsibility of key officials during the recent insurrection has left public servants in a difficult position. However, he noted that not everyone can be held responsible and that it is crucial to motivate those who have escaped accountability to work effectively.

Kim asserted that South Korea is facing a crisis that is "worse than the IMF crisis of 1997." He explained that while the IMF crisis was a temporary disruption, the current situation is characterized by a structural downturn.

He discussed the challenges faced by the Lee Jae-myung (이재명) administration, mentioning that while measures such as livelihood recovery support and debt relief have been introduced, these are merely emergency responses to a dire economic situation. He stressed the need for long-term, innovative investments in sectors like artificial intelligence (AI), biotechnology, content and culture, defense, and energy to enhance potential growth rates. However, he acknowledged that immediate results may not be achievable within one to two years and that appropriate short- and medium-term policies are also necessary.

Furthermore, he highlighted the importance of addressing tariffs proposed by former President Trump over the next three to six months, which he believes will define the framework of the Korean economy.

Kim called for an "imperial mindset," stating that South Korea has never been an empire but has always been a colony. He suggested that it is time to view the United States not just as the 51st state of Korea but as Korea's 18th autonomous region, advocating for a more assertive perspective. He encouraged a belief that what works in Korea can also succeed globally.

Regarding the upcoming APEC (Asia-Pacific Economic Cooperation) summit scheduled for October to November in Gyeongju, he expressed confidence that the event would be successful due to Korea's high standards in accommodation, transportation, security, and cultural events.

Kim proposed redefining the goals of the Gyeongju APEC, aiming for it to be more than just a successful event. He stated, "Our goal is 'K-APEC,' creating an APEC that has never been seen in history and an international event that has never been held in Korea."

He emphasized that the success of 'K-APEC' would be measured by numbers, stating that a significant increase in tourism to Korea and Gyeongju should follow the summit. He questioned why the government would invest 400 billion won if this were not the case.

To ensure the success of APEC, Kim has been visiting Gyeongju for two consecutive weeks to check on preparations. He concluded by urging that this APEC should achieve a "super gap" compared to previous summits, aiming to astonish the world with exceptional services and strategies that exceed expectations.