Pres. Lee Urges Raising Domestic Consumption

President Lee Myung-bak yesterday urged the expansion of domestic consumption over the next one to two years to alleviate the effects of the global economic downturn.

In a briefing session held in Changwon, South Gyeongsang Province, he said, “We will make earlier investment and quickly invest in new areas to create business opportunities and inject money into the market to expand the domestic market`s size and create more jobs.”

“If the National Assembly passes the additional budget plan, more jobs and investment will come next year to boost the economy, and this will kickstart infrastructure projects across the country. The government will release comprehensive measures early next month, but will start all projects possible in the Seoul metropolitan area and other provinces.”

He said, “If Korea deals with this once-in-a-lifetime crisis properly, our economic status on the world stage will change. If Korea handles the challenges wisely at difficult times while preparing for the future, the economy will recover in a year or two and see the fastest growth in the world.”

President Lee also spoke on the environmental industry, saying, “Green growth is not an option but a necessity as we can no longer use fossil fuels due to climate change for the future of the earth, even though oil is cheap and abundant.”

“We must develop green technology on our own in an era where green growth matters.”

mhpark@donga.com