President Yoon Suk-yeol waves to people while leaving his inauguration ceremony at the National Assembly in Seoul on May 10.

• ●Korea’s 20^th President has a list of new government goals.

• ●National interest, pragmatism, fairness and common sense to underpin Yoon Administration policies.

The Administration of South Korean President Yoon Suk-yeol has revealed its key policies which will be used as a road map for the next five years.

Prior to Yoon’s inauguration on May 10, the Presidential Transition Committee shared the administration’s vision to bring the nation together for co-prosperity. Taking four principles – national interests, pragmatism, fairness and common sense – as core values in the execution of the policies, the new Administration pledges to carry out six goals to pursue its vision.

The first goal – restore common sense and fairness in the country – incorporates 15 specific policy directions. These are related in part to real estate and increasing the housing supply, as well as helping small business owners struggling due to the COVID-19 pandemic.

The second goal – bring back a vigorous economy led by the people – is a pledge to put companies and the people at the center of the country’s economy to build an economy that achieves a virtuous cycle of growth and welfare.

This goal includes 26 tasks, such as reforming private-sector regulations, establishing digital-era infrastructure and regulations for an innovative financial system, developing key industries for job growth and creating a venture ecosystem that turns startups into global unicorns.

With 32 tasks, the third goal aims to build a country with a sustainable welfare system, strengthen the employment safety net, expedite the K-culture industry, establish a protection system for victims of crime and expand support for farmers.

The fourth goal pursues a bold future through freedom and creativity. Its 19 tasks include promoting digital innovation, reducing inequalities in education, converting to a green economy through carbon reduction and expanding housing, employment and educational support for young adults.

The fifth goal aims to expand Korea’s global influence and contribute to “freedom, peace, and prosperity.” Its 18 directives include plans to denuclearize North Korea, solve humanitarian issues between the North and South, develop East Asian diplomacy based on liberal democratic values and common interests, boost the nation’s cyber security response capability and strengthen the military alliance between South Korea and the United States.

The final goal focuses on building up a “regional era” by reducing disparities in living standards across the nation and breaking the cycle of overcrowding in metropolitan Seoul and the depopulation of rural areas.

The transition committee estimates that the new Administration will require 209 trillion won (US$163.4 billion) more in funding compared to this year's budget in order to carry out its 110 tasks.

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