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00:00The APEC summit is a multilateral dialogue when these days the focus seems to be born
00:06bilateral talks. With so many countries involved, what's your strategy for a successful APEC?
00:14As you can see in the name of APEC, it's an economic consultative body in the Asia-Pacific
00:20region. It might seem like politics and economics are quite separate, but there are two sides of the
00:25same coin. Many heads of state and business leaders will come together to discuss how to find new ways
00:31to enhance cooperation, not only for the global economy, but also for bettering the lives of all.
00:37And within this multilateral platform, we must also create the space for bilateral dialogue and
00:42cooperation. You're having bilateral talks with President Trump. What needs to be achieved for
00:49that meeting to be considered a success? A meeting with President Trump is a success in itself.
00:59We will have the opportunity to increase mutual understanding and find ways that will benefit
01:04both our countries. And I believe this is the goal of any bilateral meeting. During my last summit
01:10meeting with President Trump, the results were quite different from the concerns raised by many.
01:14As you can see, we were able to reach an understanding of each other's positions and find
01:19various ways to help each other through dialogue and communication. Also on this occasion, I'll be
01:24meeting with President Xi of China, and there will be a summit meeting expected between China and the
01:29United States as well. The world order is moving towards a very complicated and dangerous phase,
01:35but through bilateral talks like these, we can gain a deeper understanding of each other,
01:39co-exist, and sufficiently find mutually beneficial paths. And I believe fostering such outcomes is
01:46the role of Korea as the chair.
01:50I hear there's still a long way to go in the trade negotiations with the U.S.
01:54If there's no outcome this time, could the negotiations become more precarious?
01:59The negotiations between Korea and the United States are proceeding in two areas of security
02:09and economics simultaneously. Negotiations in the field of security issues are going very well,
02:15but negotiations in the area of economics, especially trade, have reached a preliminary
02:19agreement, and we're in the process of hashing out the details. The discussion is ongoing,
02:24and there are some differences of opinion, but the delay does not necessarily mean that this
02:29is a failure. We already have a comprehensive agreement, and we're currently working on the
02:34details. So I would appreciate your patience. When it comes to Japan's deal, there have been
02:41some divergent interpretations. Is South Korea trying to make it more specific than Japan's?
02:47And if that's the case, could that become more burdensome for Korea later on?
02:56Korea is not Japan. I do not fully know what deal the U.S. and Japan has struck,
03:02but from our point of view, we have our own circumstances, and we will reach a rational
03:07result that suits us. Of course, the example of Japan or Europe could be a base that we can refer to,
03:12but in the end, we must find a way which takes into account Korea's circumstances that is acceptable
03:18to Korea and also helps the United States in its manufacturing renaissance. As we search for a
03:24mutually beneficial path, there will be differences as well as alignment of opinions.
03:31In finding common ground, could the size of the U.S. investment fund become smaller?
03:35The method of investment, the amount of investment, the timeline, and how we will share the losses and
03:45divide the dividends, all of these remain sticking points. The U.S. will, of course,
03:50try to maximize its interests, but it must not be to the extent that causes catastrophic consequences
03:56for South Korea. The United States is the leading country in the world when it comes to democracy
04:01and rationality. South Korea is an ally and friend of the United States, so we believe that we will be
04:08able to reach a rational result that is acceptable to all sides, and this is what has to be done.
04:17Even investing in the U.S. seems somewhat unstable, as we saw with the immigration rate in Georgia.
04:23We understand Koreans can now work at U.S. factories with B-1 and ESTA visas, but
04:28when can we expect a more fundamental solution?
04:34I believe we can find a realistic solution to the visa issue in the not-too-distant future.
04:40In fact, the visa issue is less a problem for Korea than it is for the United States.
04:46Korean firms are taking risks by investing in the United States. As a result, they create jobs and
04:52help the manufacturing renaissance. Providing an environment for Korean firms to quickly build
04:58their factories will be in the interest of the United States. If there are restrictions on
05:03Korean workers who build factories and train employees, this will stall the construction of
05:08factories. Thus, it's in the interest of the United States to quickly resolve these issues.
05:16You'll be speaking to many companies at the APEC CEO Summit. Many firms and workers are now anxious
05:21about going to go to the U.S. How can the government help resolve this?
05:26Many in Korea were surprised because our workers who went to the United States to help the U.S. with its
05:36manufacturing renaissance received irrational treatment. This has also caused severe trauma for
05:43the workers as well. And I've heard that some workers do not want to go back. So, without taking measures to
05:49ensure the safety and rational treatment of these workers, there is a high possibility that
05:55factory construction in the U.S. may be significantly postponed. These workers are highly trained and
06:01talented people. But the experience of being handcuffed and detained in a foreign country is not
06:07only traumatic and unbelievable for the workers, but also for their families. Unless we completely resolve
06:14this issue, I believe that they will not want to return. A highlight of the APEC summit is the
06:20upcoming meeting between Presidents Trump and Xi Jinping. How important is this dialogue for South
06:26Korea? When it comes to the supply chain, the world is divided into two blocks facing off each other,
06:37one led by the United States and one by China. Korea is situated both geographically and economically
06:43between these two. We are situated in between two grinding stones. It's a situation akin to having
06:50both arms pulled by China and the United States. This is both a challenge and an opportunity.
06:56We cherish our baseline policy, emphasizing the Korea-U.S. alliance and Korea-U.S.-Japan
07:02trilateral cooperation. At the same time, we do not seek to sever ties or pursue excessive
07:07confrontation with China or socialist nations. Korea will continue to cherish and emphasize its
07:13alliance with the United States and at the same time manage its relationship with China.
07:21Already, Hanoi Ocean's U.S. subsidiaries are caught in the middle, though. Are you concerned that other
07:26Korean companies might become targets, too? And do you feel this is somewhat an unfair situation?
07:31From Korea's point of view, it's very regretful and hard to understand that Korean subsidiaries in
07:41the U.S. have been sanctioned by China because we were cooperating with the United States. It's highly
07:47likely that this is China's way of applying pressure, signaling that such incidents could continue to
07:53occur in the future. Despite this, we will continue to pursue our basic stance which emphasizes the United States
08:00while working to maintain good relations with China. In any case, we will not directly face off against China.
08:07On the outside, it might seem that the United States is very confrontational against China,
08:12but at the same time they continue to ceaselessly communicate and cooperate in areas where possible.
08:23When it comes to security, President Trump continues to demand an increase in defense spending.
08:28Prime Minister Kim Min-sok said the government is currently reviewing a target of 3.5% of GDP.
08:33Will that be sufficient for President Trump?
08:36Prime Minister Kim Min- In the case of Europe, they mentioned 3.5% direct defense spending,
08:46plus 1.5% indirect spend for a total of 5%, and this was acceptable.
08:52The Republic of Korea is already spending more on national defense than other countries. We are
08:57currently at 2.3% of GDP. This is not because of U.S. demands, but because my government's basic
09:04position is that we need to raise defense spending to a sufficient level that ensures the self-reliant
09:09defense of Korea. Thus, 3.5% is in line with our defense plans. The Republic of Korea's military is
09:16ranked fifth in the world and our defense spending is 1.4 times greater than the total GDP of North Korea.
09:23Under such circumstances, one cannot say that Korea is incapable of providing for its own defense.
09:27We will continue to strengthen our defense capabilities so that we can fundamentally neutralize
09:32North Korea's threat and secure unchallenged supremacy. With this, we will pursue dialogue
09:38with the North in order to maintain peace and stability and seek out a path for common prosperity
09:43of both Koreas. It's clear that USFK is critical in maintaining peace and security on the Korean
09:50Peninsula, yet it is the reality of the international community that we cannot make decisions on the fate of
09:56USFK. We will make sure that we have sufficient means to deter North Korea and defend our country
10:02under any circumstances regardless of outside assistance. North Korea just fired missiles again.
10:10What do you think is their intent? North Korea continues to develop weapons and sometimes test
10:18fires them to show the world. We had been expecting North Korea to test fire missiles for some time since my
10:25inauguration. But they had not conducted any tests for quite a while.
10:31But do you think Chairman Kim Jong-un wants dialogue? You talked about being a pacemaker for talks
10:36between Trump and Kim. How are you trying to facilitate dialogue?
10:41For us, it's most desirable to engage in direct dialogue with the North to establish peace on the
10:46Korean Peninsula and engage in necessary cooperation. Since channels of direct communication between South
10:52and North Korea have been completely severed and hostility has deepened, proactive dialogue between
10:58the US and North Korea could play a decisive role in improving inter-Korean relations. That's why
11:04President Trump's efforts to engage North Korea in dialogue, cooperation and bilateral relations can
11:09greatly help better relations and confidence building and establishing peace between the two Koreas.
11:15Thus, I see no reason why we have to claim that we must move first. I see myself as a pragmatic and
11:20result-orientated person. If we can achieve the establishment of substantial peace and security on
11:25the Korean Peninsula, I can make compromises on rationale, optics and process. There are many speculations,
11:31but we hope US-North Korea dialogue can resume in the near future. And we'll work to create an environment
11:38where both South and North Koreans will not feel threatened to facilitate the resumption of dialogue.
11:44The Bank of Korea has left interest rates unchanged again. If there are no more rate cuts,
11:49will the government need another extra budget? Regarding the economic situation in Korea,
11:56the interest rate is not the issue. Rather, it's more a matter of fiscal policy and economic policy.
12:01From these three, I believe a stable economic policy is most important. Next would be the fiscal policy
12:08that supports the economic policy. If we were to lower interest rates, this could stimulate real
12:13estate prices, which is already an issue for us. The BOK made the right decision by keeping rates
12:19unchanged instead of cutting them. In order to revive Korea's economy and ensure sustainable growth,
12:24the fiscal policy of the past may not be sufficient. But it's not lacking either. With additional measures
12:30such as expansion of productive financing in areas like high-tech development, which we're focusing
12:35on, we'll be able to build a foundation for economic revival and sustainable growth.
12:45What's surprising is that people invested heavily in real estate, and even my parents always told me
12:49to buy a house first. But now they're saying I should buy stocks. How do you view this new trend of
12:54growing assets? The truth is the Republic of Korea is sitting on a very dangerous potential crisis,
13:01a ticking bomb that is excessive real estate investment. Just look at Japan. Its real estate
13:07bubble burst more than 30 years ago, and the country is still dealing with the economic pain today.
13:12Unfortunately, Korea is heading down a similar path. Our property prices are among the highest in the world.
13:18If this trend continues, the bubble will inevitably burst.
13:22When this happens, it won't just be an economic crisis. We'll face a severe crisis not only
13:27economically, but across all sectors. We must prevent that from happening. That means creating
13:33channels for capital to flow into more productive sectors of the economy. That's why I've been working
13:37hard to remove unnecessary regulations and irrational barriers in our capital markets. We're beginning to
13:43see the results. Funds are gradually shifting from real estate into financial and capital markets,
13:49and public trust in those markets has improved significantly. You can see the results reflected
13:54in the new record highs of the COSPI index, levels we've never seen before. We need to stay on this
14:00course. If we continue implementing national policies that curb speculative real estate investments and
14:06direct capital towards productive areas, we can sustain this positive momentum. That's the only way to
14:11normalize the Korean economy back to a healthy, sustainable path for growth. We cannot give up on this path.
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