President Lee to Create Affordable Commemorative Watches
On June 11, President Lee Jae-myung announced plans to produce commemorative watches for the presidency, a tradition upheld by previous leaders who typically included their signatures on these gifts. Initially, there were speculations that the president might forgo the watch production to save budget, but he clarified his intention to create a gift that everyone can take pride in.
In a Facebook post, President Lee addressed some misunderstandings that arose from media coverage regarding the presidential watch. He recounted a recent dinner with the leadership of the Democratic Party, where the topic of the watch gift was discussed, and he expressed doubts about its necessity. However, after considering various suggestions, he concluded that a watch combining both meaning and practicality would be appropriate, thus directing the production of a cost-effective presidential watch.
This announcement has sparked excitement within the small to medium-sized watch manufacturing industry, as the president's endorsement of their products could lead to significant publicity and sales. Historically, these commemorative watches have been produced by domestic small businesses. For instance, the watches for former Presidents Roh Moo-hyun, Lee Myung-bak, and Yoon Suk-yeol were made by Lawrence, a family-run watch manufacturer, while Park Geun-hye's watch was crafted by the brand Romanson (now known as J.Estina). The watch for former President Moon Jae-in was produced by Gono Corporation, established in 1999. The industry anticipates that the selection of the manufacturer for President Lee's commemorative watch will also follow a limited competitive bidding process among local small businesses.
Kim Dae-bung, the executive director of the Korea Watch Industry Cooperative, expressed optimism about the project, noting that the industry is currently facing challenges due to economic downturns. He stated, 'While this may not be a highly profitable venture, the pride in creating a presidential watch motivates companies to prepare diligently.'
