The government, now in its second year, faces new challenges alongside the Democratic Party, which is electing new leadership, and the People Power Party, which is under pressure to innovate. If the past year was about setting the direction for governance, the focus now must shift to delivering results. Politics must change, primarily for the sake of the economy. The true role of politics is not to lead the economy but to create an environment where it can grow steadily.
South Korea's economy is currently confronting significant changes, including competition in the artificial intelligence (AI) industry, supply chain restructuring, low growth, low birth rates, and an aging population. None of these issues can be resolved quickly; they require long-term policies and sustained investment. However, if politics remains mired in conflict, national strategies will inevitably falter. Companies may miss investment opportunities, and citizens will grow weary amid ongoing disputes.
What companies fear most is not the change of government itself, but the abrupt shifts in policy and unpredictable regulations. If tax and real estate policies change with each administration, and if industrial support directions fluctuate while regulations are frequently altered, businesses will struggle to commit to long-term investments. Building a semiconductor plant takes years, and investments in AI and biotechnology require a decade or more of foresight. If politics remains focused solely on short-term interests, national competitiveness will inevitably weaken.
The Democratic Party, as the ruling party, bears the responsibility for stable governance. While speed is important in the legislative process, enhancing policy effectiveness through social consensus and thorough discussion is crucial. The People Power Party must also evolve from merely opposing the government to becoming a policy-oriented party that presents a vision for the future. While it is the opposition's duty to hold the government accountable, it should not turn issues critical to the nation's future into mere political battlegrounds.
Cooperation is not just a slogan for political compromise; it is a necessity for the economy. Major developed countries like the United States, Japan, and Germany have demonstrated collaboration across party lines on issues that impact industrial competitiveness and national strategy. Challenges that determine the nation's future, such as semiconductor and AI development, energy security, low birth rates, and pension reform, are not the sole responsibility of any one administration. When both parties establish minimal common principles and ensure policy continuity, businesses can invest with confidence.
The public's expectations for politics are not vastly different. They desire solutions to problems rather than extreme confrontations, and they seek competition for the future rather than blame directed at opponents. As political conflicts escalate, social costs rise, and the burden ultimately falls on citizens and businesses. The dignity of politics lies not in defeating opponents but in improving the lives of the people.
The upcoming Democratic Party convention and discussions on innovation within the People Power Party should not merely result in a change of leadership. They must serve as an opportunity for South Korean politics to mature. The measure of success should not be who raises their voice the loudest, but who presents a more stable governance and sustainable growth strategy.
As we conclude this special series marking the first year of the administration, it is clear that South Korea needs a growth strategy, an AI national strategy, and reforms to the national system and real estate policies. However, the power to realize all these tasks ultimately comes from politics. Politics should not be a hindrance to the economy but a solid foundation supporting it. Only by ending the era where politics stifles the economy and moving towards a political framework that supports economic growth can South Korea truly advance to the next level of developed nations.
* This article has been translated by AI.
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