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Korea, Indonesia sign halal pact ahead of import mandate SEOUL, September 18 (AJP) - Korean food and cosmetics makers gained state support for Indonesia's upcoming halal mandate, the food safety ministry said Friday. The Ministry of Food and Drug Safety said it signed a memorandum of understanding with Indonesia's Halal Product Assurance Organizing Agency (BPJPH) at the fifth Summit of Halal 20, which opened in Indonesia. The deal follows up on President Lee Jae Myung's state visit to Jakarta in March and covers technical cooperation and information sharing on certification systems. Imported food, beverages and cosmetics will need halal certification from Oct. 18, confirming they contain no pork, alcohol or other ingredients forbidden under Islamic law. Indonesia's population of about 280 million is roughly 87 percent Muslim, making Halal a critical factor for imports, according to the Korea Agro-Fisheries & Food Trade Corporation. "Indonesia is a core halal market with great potential for expanding K-food and K-beauty exports," said Oh Yu-kyoung, minister of food and drug safety. She said Seoul would widen government-to-government cooperation with major Islamic countries to help Korean firms win certification. Korean food exports to Indonesia reached $123.3 million in the first half of the year, with instant noodle shipments jumping 28.9 percent from a year earlier to $11.78 million, according to the Ministry of Agriculture, Food and Rural Affairs. Experts said the paperwork, which tracks everything from additives to logistics, could weigh on smaller exporters. AJP Takeaways - South Korea's Ministry of Food and Drug Safety signed a halal certification cooperation pact with Indonesia's Halal Product Assurance Organizing Agency (BPJPH) on Sept. 18, 2026, at the fifth Halal 20 Summit. - Indonesia will require halal certification for imported food, beverages and cosmetics from Oct. 18, 2026, covering a population of about 280 million, roughly 87 percent of whom are Muslim. - Paris Baguette and Daesang have already certified their Indonesian operations, while Korean food exports to Indonesia rose about 8 percent to $128.87 million in January-August 2026. 2026-09-18 13:55:51 -
KinoTone and Nonuni Special Forces Entertainment Partner for 'The-BOX' Immersive Theater KinoTone and Nonuni Special Forces Entertainment are collaborating on a new immersive theater project called 'The-BOX.' On September 18, the two companies signed a memorandum of understanding (MOU) to combine KinoTone's video, audio, and LED technology with Nonuni Special Forces' content planning, AI video production capabilities, and artist network. The first 'The-BOX' location is set to open in Seoul in the first half of 2027, with plans to expand to multiplex theaters both domestically and internationally. 'The-BOX' will feature a multi-purpose immersive theater space showcasing K-POP live streaming, performances, media art, and family and children's content, all based on LED technology. KinoTone will apply immersive video, audio, and broadcasting technologies developed in collaboration with the U.S. immersive entertainment company COSM to 'The-BOX.' Nonuni Special Forces will focus on securing content and developing new offerings centered around K-POP. Co-CEO Kim Hyung-seok, a composer and producer with over 1,400 registered copyrights, plans to leverage his production experience and network to secure content intellectual property. KinoTone CEO Bae Yoon-sung stated, “The combination of technology and content will provide a viewing experience different from traditional theaters.” Co-CEO Kim Hyung-seok of Nonuni Special Forces added, “We aim to develop a space that connects diverse content and audiences based on our AI video production capabilities and K-POP artist network.” * This article has been translated by AI. 2026-09-18 13:52:20 -
Capital Market Research Institute Proposes Shift from Real Estate to Financial Investments To shift household assets concentrated in real estate to the capital market, a proposal has been made to reduce the proportion of real estate holdings from approximately 65% to 50% over the next decade, while increasing the share of financial investment products to 20%. This includes providing tax incentives for long-term investments and enhancing the capital market's ability to allocate funds to innovative companies and strategic industries.The Capital Market Research Institute held a conference on the role of the capital market in productive financial transformation on September 18 at the Conrad Hotel in Yeouido, Seoul, marking its 29th anniversary. Key topics discussed included improvements to financial taxation, the role of finance in an economy centered on intangible assets, and the structure of venture investments in strategic industries between South Korea and the United States.In the first presentation, Senior Research Fellow Lee Hyo-seop analyzed the concentration of household assets in real estate from the perspective of after-tax returns. Over the past 20 years, the average annual after-tax return, accounting for property taxes, capital gains taxes, and transaction taxes, was highest for real estate in Seoul at 11.6%, followed by national real estate at 7.2%, the U.S. S&P 500 at 7.1%, the KOSPI at 6.0%, public funds at 5.7%, and equity-linked securities (ELS) at 2.1%.Lee noted that the historical concentration of about 65% of household assets in real estate was a rational choice considering returns and risks. Applying an optimal asset allocation model, the appropriate holding proportion for real estate was calculated at 67.1%. Currently, the actual portfolio of South Korean households consists of 64.5% real estate, 16.4% cash and deposits, 10.3% insurance and pensions, and 8.5% financial investments.However, to transition to productive finance, it is essential to move funds concentrated in real estate to the capital market. Lee proposed a target of reducing the proportion of real estate holdings to about 50% and increasing the share of financial investment products from 8.5% to 20% over the next decade.To achieve this, the research team suggested the need to consider a phased normalization of real estate holding taxes, expanding tax benefits for Individual Savings Accounts (ISAs), and introducing an advanced financial investment taxation system that includes loss carryforward deductions. They also proposed expanding the scope of separate taxation for dividend income from domestic stocks and providing tax incentives for long-term holdings. To reduce tax disparities between products, they recommended applying the principle of 'same asset, same tax' and integrating tax-advantaged products into a single account in the medium to long term.The capital market's price discovery function was also identified as a key issue for productive finance. Senior Research Fellow Kim Jun-seok analyzed that for capital costs to decrease and investment capacity to expand, information about a company's future profitability and growth prospects must be accurately reflected in stock prices. He also suggested that managers could improve investment decision-making by learning from stock prices, which aggregate investor information.Comparing listed companies in South Korea, the United States, and Japan, it was found that in the U.S., these 'funding pathways' and 'manager learning pathways' operate effectively, while in South Korea, both pathways are not clearly functioning. In particular, while the funding pathway and the efficiency of research and development (R&D) investments were confirmed in large listed companies, both pathways were found to be ineffective in small and medium-sized listed companies.As the industrial structure shifts toward intangible assets, the financial system must also adapt accordingly. Research Fellow Jeong Hee-cheol noted that intangible assets such as knowledge, brand, and organizational capabilities are becoming key elements of corporate competitiveness and productivity. However, companies heavily reliant on intangible assets face significant information asymmetry and low collateral capacity, which may restrict their access to external funding.To connect companies' intangible value and growth potential with finance, it is necessary to strengthen financial intermediation capabilities and expand the foundation for long-term risk capital supply. Improving the information environment related to intangible assets is essential to ensure that funds flow to high-productivity companies and promising investment opportunities.In strategic industries, the 'mid-to-late stage investment gap' was identified as a key issue. Research Fellow Kim Jin-young analyzed that deep-tech startups often face a 'valley of death' between technology development and commercialization due to long development cycles, high risks of technological failure, and significant capital requirements.Notably, venture investments in South Korea's strategic industries are concentrated in the early stages, with lower conversion rates for mid-to-late stage follow-up investments compared to the U.S. While the U.S. has developed a collaborative investment network led by large venture capital firms in the later stages, such connections are relatively weak in South Korea. Kim suggested nurturing 'hub VCs' to lead mid-to-late stage investments and expanding participation from various investors.During the subsequent panel discussion, there were calls to establish a virtuous cycle structure that not only supplies funds but also leads to the recovery and reinvestment of investment capital. Kang Shin-woo, CEO of Stick Investment, emphasized that the exit routes for domestic growth companies are overly focused on initial public offerings (IPOs) and that it is necessary to diversify exit routes by promoting mergers and acquisitions (M&A).Lee Gi-baek, head of the policy and business division at the Korea Venture Capital Association, stressed the importance of a virtuous cycle where venture companies grow, recover investments through platforms like KOSDAQ, and reinvest recovered funds into new companies. He also suggested the need to scale up venture funds and extend their maturity to increase follow-up investments in growth companies.* This article has been translated by AI. 2026-09-18 13:52:10
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Bank of Japan Raises Key Interest Rate to 1.25%, Highest in 31 Years The Bank of Japan (BOJ) raised its key interest rate to 1.25% on September 18, marking a 0.25 percentage point increase. This is the highest level since 1995 and the first hike in three months, aimed at curbing inflationary pressures from rising international oil prices and a weakening yen.During its monetary policy meeting, the BOJ decided to raise the target for the uncollateralized overnight call rate from 1.0% to 1.25%. Of the nine policy board members, seven voted in favor, while two opposed the decision.Since ending its negative interest rate policy in March 2024, the BOJ has generally raised rates at six-month intervals, but this time the interval was shortened to three months.In its statement, the BOJ cited geopolitical tensions in the Middle East, increased demand related to artificial intelligence (AI), and the weak yen as inflationary risks. It noted that price pressures observed in corporate transactions are beginning to affect consumer prices. While the BOJ previously assessed that the likelihood of such spillover was high, it now believes that the spillover has commenced.The BOJ expressed concern that inflation could exceed its 2% target, considering rising wage and price increase trends among businesses and the long-term inflation expectations. It assessed that the current financial environment remains accommodative and reaffirmed its intention to continue raising the policy rate based on economic, price, and financial conditions.However, board members Doichiro Asada and Ayano Sato voted against the rate hike. Asada argued that the consumer price index (CPI) excluding fresh food is below 2%, and the economic situation cannot be deemed robust. Sato contended that since the economic and price conditions have not accelerated significantly, raising rates at this time is inappropriate. Both members are considered cautious doves appointed by the administration of Sanae Takaichi.Minoru Kiuchi, who has previously advocated against hasty rate increases, also attended the meeting. Following the rate hike decision, the yen weakened in the foreign exchange market, with the yen-dollar exchange rate rising to around 157 yen per dollar at one point.In late July, the U.S. and Japanese governments intervened to support the yen when the exchange rate approached 164 yen per dollar. Following this, U.S. Treasury Secretary Scott Vessenet met with BOJ Governor Kazuo Ueda, expressing strong support for Japan's decisive market and financial policy measures to address the yen's significant undervaluation. Many in the market interpreted this as a push for the U.S. administration to raise interest rates.The recent interest rate hikes by the U.S. and European central banks also appear to have influenced the BOJ's policy decision. The U.S. Federal Reserve raised its key interest rate on September 16 for the first time in three years and two months, while the European Central Bank raised rates again on September 10 after doing so in June. The widening interest rate gap with major countries could increase downward pressure on the yen, supporting the BOJ's decision to raise rates.The BOJ estimates the neutral interest rate, which neither stimulates nor restrains the economy and prices, to be between 1.1% and 2.5%. With the current increase to 1.25%, the key interest rate has surpassed the lower end of this range. The Nihon Keizai Shimbun (Nikkei) noted that the BOJ is entering a phase where it must carefully monitor changes in the economy and financial environment.Governor Ueda is expected to hold a press conference later in the afternoon to explain the rationale behind the rate hike and the future direction of policy.* This article has been translated by AI. 2026-09-18 13:52:00
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Wonpung Industries Shares Plunge 46% on Final Trading Day Before Delisting Wonpung Industries, facing delisting due to insufficient market capitalization, saw its shares drop over 40% on the last day of trading.As of 1:30 PM on September 18, the Korea Exchange reported that Wonpung Industries shares were trading at 23 won, down 20 won (46.51%) from the previous trading day, with trading volume exceeding 5.6 million shares.The company was delisted due to a market capitalization falling below 20 billion won. Consequently, a final trading period has been conducted from September 10 to today, with the delisting scheduled for September 21 on the KOSDAQ market.Since the start of the final trading period, the stock price has continued to decline. On September 9, just before the trading suspension, the stock closed at 248 won, but fell to 136 won on September 10, a drop of 45.16%. The price continued to decrease to 134 won on September 11, 99 won on September 14, 70 won on September 15, 56 won on September 16, and 43 won on September 17, before dropping to the 20 won range today. Compared to the closing price before the trading suspension, this represents a decline of over 90%.During the final trading period, there are no price limits applied. Wonpung Industries will be traded in a single-price method at 30-minute intervals until 3:30 PM today, after which it will be removed from the KOSDAQ market.Founded in 1972, Wonpung Industries was listed on the KOSDAQ market in 1997 and specializes in the manufacturing and sale of men's clothing, including suits and casual wear, operating brands such as Kinloch Anderson.* This article has been translated by AI. 2026-09-18 13:52:00
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Samsung Electro-Mechanics Shares Rise on Strong AI Server Demand and Record Q3 Outlook Samsung Electro-Mechanics shares rose more than 5% during trading, buoyed by strong demand for multilayer ceramic capacitors (MLCC) and flip chip ball grid arrays (FCBGA) for AI servers, with analysts predicting record earnings for the third quarter.As of 1:39 PM on September 18, the company’s stock was trading at 1,401,000 won, up 5.34% or 71,000 won from the previous trading day, according to the Korea Exchange.KB Securities projected that Samsung Electro-Mechanics will report third-quarter sales of 3.83 trillion won, a 33% increase from the same period last year, and an operating profit of 660.1 billion won, up 154%. The operating profit margin is estimated at 17.2%, significantly exceeding market expectations and setting a new record.The anticipated improvement in performance is attributed to strong sales of products for AI servers. Analysts noted that full utilization of MLCC and FCBGA production, along with price increases and improved product mix, are enhancing profitability. The operating profit margin for MLCC is expected to rise from 11.7% in the first quarter to 16.6% in the second quarter and 22.0% in the third quarter. Similarly, the operating profit margin for packaging substrates is projected to improve from 7.6% to 13.6% and then to 20.8% over the same period.Lee Chang-min, a researcher at KB Securities, assessed that despite recent stock adjustments, Samsung Electro-Mechanics' fundamentals are strengthening. In the past three months, three long-term supply contracts for MLCC have been announced with major U.S. tech companies, and a supply shortage for packaging substrates is expected to persist.Lee stated, "Core components for AI, such as MLCC and FCBGA, are experiencing unprecedented boom conditions, and further improvements in the market are anticipated." KB Securities maintained a 'Buy' rating on Samsung Electro-Mechanics with a target price of 3 million won.* This article has been translated by AI. 2026-09-18 13:44:00
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SK Group Appoints Three Vice Chairmen to Focus on Semiconductor Business at SK Hynix SK Group has appointed three vice chairmen to SK Hynix to concentrate the group's capabilities on its semiconductor business.According to industry sources on September 18, Vice Chairmen Seo Jin-woo, who oversees China operations, Yoo Jung-jun, who manages North America, and Lee Hyung-hee have recently transitioned from the holding company SK Inc. to SK Hynix.All but one of the four vice chairmen in the group, excluding Jang Dong-hyun of SK Eco Plant, have moved to SK Hynix.Seo and Yoo have led the group's operations in China and North America, respectively, while Lee was the only one promoted to vice chairman in last year's personnel changes. They are recognized as key strategists and public relations leaders driving the group's global business and external collaborations.Following their appointments, the vice chairmen are conducting in-depth interviews with all 250 executives, including the president of SK Hynix. This initiative aims to gather feedback on challenges faced in the field and explore improvement strategies, thereby strengthening SK Hynix's market leadership and supporting the enhancement of executive leadership. The results of these interviews are expected to inform organizational adjustments and the selection of mid- to long-term management tasks for next year.This personnel move is seen as a response by SK Group to the significance of the semiconductor industry and the uncertainties of global management. A representative from SK Group stated, "This appointment leverages the global experience and expertise of the vice chairmen to bolster the establishment of SK Hynix's long-term vision."* This article has been translated by AI. 2026-09-18 13:36:20
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KOSDAQ-listed Cosnine Shares Plummet to 1 Won on Final Trading Day 코스닥 상장사 코스나인이 정리매매 마지막 날 주가가 1원까지 떨어졌다. 오는 21일 상장폐지를 앞두고 매도 물량이 이어지는 모습이다. 18일 한국거래소에 따르면 오후 1시 30분 현재 코스나인은 전 거래일 대비 1원(50.00%) 내린 1원에 거래되고 있다. 거래량은 2100만주를 넘어섰다. 코스나인은 정리매매가 시작된 지난 10일 480원에서 13원으로 97.29% 급락한 뒤 연일 하락하고 있다. 종가는 10일 13원, 11일 10원, 14일 7원, 15일 5원, 16일 3원, 17일 2원으로 낮아졌고 이날 장중 1원까지 내려왔다. 코스나인의 정리매매 기간은 이날까지다. 한국거래소는 기업의 계속성과 경영의 투명성 등을 종합적으로 고려해 코스나인이 상장폐지 기준에 해당한다고 결정했다. 코스나인이 제기한 상장폐지 결정 등 효력정지 가처분 신청이 기각되면서 지난 10일부터 정리매매 절차가 재개됐다. 상장폐지일은 오는 21일이다. 정리매매 종목은 가격제한폭이 적용되지 않는다. 코스나인은 정리매매 기간 오전 9시부터 오후 3시30분까지 30분 간격의 단일가 방식으로 거래되고 있다. 코스나인은 화장품 제조·유통판매업을 주력으로 하는 업체다. 고객사 요구에 맞춰 기초·색조 등 화장품 전 제품군을 주문자상표부착생산(OEM), 제조업자개발생산(ODM), OCM 방식으로 생산했다.* This article has been translated by AI. 2026-09-18 13:36:00
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French Chamber of Commerce in Korea Hosts Reception to Strengthen Economic Ties The French Chamber of Commerce in Korea (FKCCI) hosted a networking reception on September 16 at the Ambassador Seoul Pullman Hotel, coinciding with the official visit of Valérie Pécresse, the Governor of Île-de-France. The event aimed to enhance economic cooperation between Korea and France.Co-hosted by FKCCI and Île-de-France, the reception attracted numerous officials from both governments and public institutions, as well as key business leaders, investors, and representatives from the innovation and startup sectors. The Île-de-France delegation engaged directly with the Korea-France business community to explore new collaboration opportunities across strategic industries, including artificial intelligence, biotechnology, semiconductors, aerospace, smart mobility, and sustainable architecture.Notably, five promising tech companies from Île-de-France—Entalpic, GenoSafe, SpaceDreamS, WhiteLab Genomics, and XtreeE—accompanied the delegation to identify domestic partners and investors. These companies showcased their technologies on-site and initiated discussions for practical collaboration with Korean firms and institutions.The visit of the Île-de-France delegation was particularly significant as it marked the 40th anniversary of FKCCI and the 140th anniversary of diplomatic relations between Korea and France. Additionally, it coincided with the 10th anniversary of the friendship agreement between Île-de-France and Gyeonggi Province.In her speech, Governor Pécresse expressed her commitment to strengthening partnerships with Korea, stating, "We will create tangible cooperation results in the fields of economy, technology, and science based on the trust built over many years between our two countries."David-Pierre Jalicon, President of FKCCI, reaffirmed the chamber's role as a key support institution for economic cooperation between the two nations. He emphasized the importance of creating a platform for businesses, research institutions, and investors to recognize each other's strengths and establish practical collaborative relationships.The reception was a key event during the Île-de-France delegation's visit from September 15 to 16. During their stay, the delegation focused on discussing cooperation in smart city and autonomous mobility sectors with major Korean corporations and tech companies. Furthermore, Île-de-France plans to strengthen its collaboration with Gyeonggi Province, agreeing to develop new joint action plans centered on future key industries such as artificial intelligence, advanced technologies, and mobility.As economic exchanges between the two countries continue to expand, this event served as a platform to foster a collaborative model that includes businesses, local governments, and research institutions, aiming to create shared economic value.Meanwhile, Korea and France are enhancing their diplomatic exchanges this year, marking the 140th anniversary of their diplomatic relations. Following French President Emmanuel Macron's visit to Korea in April and President Lee Jae-myung's state visit to France this month, both nations have elevated their diplomatic ties to a "global strategic partnership," expanding cooperation in various fields, including economy, security, and advanced technology.FKCCI is also actively promoting exchanges between the two countries, including the establishment of a dedicated support space for businesses called "Maison France." On October 16, FKCCI will co-host a symposium in the French National Assembly to commemorate the 140th anniversary of Korea-France diplomatic relations, reflecting on the history of their relationship and continuously seeking future cooperation opportunities.* This article has been translated by AI. 2026-09-18 13:36:00
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President Lee Jae-myung: 'The People Are Always Right' President Lee Jae-myung stated on September 18, "The people are always right," and pledged to approach all matters with greater care, humility, and intensity. During his opening remarks at a press conference, President Lee acknowledged, "It is true that I was taken aback by the sudden disappointment and concerns of the people following the local elections. After much reflection, I concluded that 'the people are always right.' This is due to my own shortcomings." He emphasized that improving the livelihoods of citizens is the top priority of his administration, promising to focus more on this area alongside recovery and growth. Addressing internal conflicts within his support base regarding the methods and pace of reform, he urged, "Please do not doubt the sincerity of those who have looked toward the same goal, even if their paths and methods differ slightly." Below are the full opening remarks from President Lee at the press conference. Dear respected and beloved citizens, As the representative public servant of the Republic of Korea, I extend my heartfelt greetings to the citizens who continue to endure difficult circumstances as we approach the national holiday of Chuseok. Since I took on the heavy responsibility of being accountable for the fate of the nation and the lives of the people, I have been reflecting on the remaining time I have and have done my utmost over the past 472 days. From the moment I was inaugurated, I have dedicated myself to overcoming the economic, social, diplomatic, and security crises we face and reviving the seeds of new hope. I have strived to maintain the original intention of asking for the opportunity and power to work for everyone, rather than for status or authority. However, after the local elections, I was indeed taken aback by the sudden disappointment and concerns of the people. After much contemplation and reflection, I have concluded that 'the people are always right.' This is due to my own shortcomings. In the face of numerous challenges, I have been too preoccupied to fully understand the feelings of many. Because I believed that results must be proven through action rather than clear assertions or declarations, I failed to sufficiently empathize with the pain and conflicts that inevitably arise in the processes of improving livelihoods, reform, and unity. In light of small achievements and the significant support from the public, my fear and humility have diminished. Since power should only be used for the people and the nation, I should have approached my duties with a more serving attitude. I will revive my fear of the people and approach all matters with greater care, humility, and intensity. The highest goal of my administration is to improve the livelihoods of the people, creating a better life for citizens and a brighter future for the nation. I will never forget the determination I made on the night of December 3, 2024, when I rushed to the National Assembly with a solemn resolve, standing against the military's guns and armored vehicles alongside the citizens that night. While economic indicators may improve, I have not been able to respond actively to the question, 'If the economy is improving, why is my life not changing, or even getting worse?' Overcoming the economic crisis and recovering growth, as well as genuinely improving the lives of the people, are equally important tasks that cannot be overlooked. Rather than making excuses that overcoming the crisis and recovering growth were more urgent, I want to emphasize that I will focus more on improving livelihoods alongside recovery and growth. In the process of fundamentally changing the lives of the people and the future of the nation through reform, I have reflected on whether I have been able to empathize more with those who find themselves in unfavorable positions and whether I have been too reluctant to find a path forward with those who desire bolder and more decisive reforms. The fact that the citizens overcame the crisis and established a government of popular sovereignty was not merely to change the color of the regime. I believe it was a solemn mandate to eliminate privileges, irregularities, inequalities, and injustices that threaten the lives of the people, to create a true democratic republic where the people are the masters, and to open a world filled with dreams and hopes where all citizens can share in the opportunities and fruits of growth and development. Whether as the mayor of Seongnam, the governor of Gyeonggi Province, the party leader, or now as President, the hopes and expectations of the citizens have remained consistent. It was a call to create a fair nation where the powerless are not wronged, and no power reigns over the people, and to build a hopeful society where everyone respects one another and lives well together. While my workplace has changed during my political career, the goals and values of reform have never changed for a moment. Whether it was when I decided to enter politics in the underground prayer room of a church in front of Seongnam City Hall or now, as I hold the key to a great nation, moving forward with the people toward a better future, the world I envision has not changed. If there is a difference, it is that I have moved beyond merely asserting what I believe is right to being the 'highest responsible person in governance' who must produce actual results with the authority granted by the people in the harsh reality. Reform is said to be more difficult than revolution. The organized resistance from stakeholders against these changes aimed at creating a more rational and fair world is as strong as concrete. However, the support from those whose lives will improve due to change often feels like scattered grains of sand. The authority granted to elected officials is the power to overcome resistance, and it is my capability and responsibility as President to turn those grains of sand into concrete, overcoming opposition and establishing a new order. However, I have been concerned that revealing clarity in the reform process could provoke greater resistance, potentially slowing the pace of reform or even leading to failure. Like the previous government's medical reform, which was loud in its announcement of reform intentions but resulted in social chaos without actual achievements, I do not wish to repeat that mistake. Ultimately, I believe that the success of the government is evaluated by the citizens based on tangible results on the last day of my term, and I have focused on minimizing resistance while quietly achieving results. I believed that being recognized for improving the lives of the people at the final stage, rather than gaining attention through harsh words or rough methods during the reform process, is the true way to repay the citizens. The principle of being 'the President of all' stems from this belief. I honestly confess that it has not been an easy path, as it was not a familiar road. I have constantly pondered how to harmonize the methods, pace, and breadth of reform and unity. I have faced criticism for diluting reform in the pursuit of unity and have been questioned about the sincerity of my unity while pushing for reform. However, I can firmly state that it is not the direction we are heading that has changed, but rather the shortcomings in the processes and methods of my government. The historical mandate to practice the spirit of solidarity for social reform in the field of life remains a valid compass for me as the 'reform President.' I will tighten my shoelaces again. To ensure that those who have trusted and cared for us through historical difficulties are no longer disappointed, and to minimize the pain and sense of loss experienced by those struggling in the reform process, I will communicate more, show more respect, and approach matters with greater caution and care. Even among those who look toward the same goal, there may be differing opinions on which path is faster or safer. I urge you not to doubt the sincerity of those who have looked toward the same goal simply because their paths and methods differ slightly. It is truly regrettable that those who wholeheartedly worked together to overcome the crisis and ensure the success of the government of popular sovereignty are now exchanging hateful words. It pains me deeply to see someone who dreamed of a better world being targeted for exclusion and suffering. We, who dream of democracy, progress, and reform, and act for a better world, are all allies of the late Kim Dae-jung and Lee Jae-myung. While there are many causes and factors that have led to this painful reality, I bear the greatest responsibility as a member of the Democratic Party and the highest responsible person in governance. Even if I feel resentment and want to blame someone, please hold me and my government's shortcomings accountable. I will listen more, communicate more, and extend my hand first. Small differences should not push us apart but can become the strength to find better solutions, and I will strive with a commitment to make that happen. Dear respected citizens, I will responsibly complete the irreversible reform of the prosecution, which is a historical task. After long efforts, the tasks of separating prosecutors from investigations and the division of the Public Prosecution Service and the Central Investigation Agency, which are part of the 'separation of investigation and prosecution,' are nearing completion. The purpose of prosecutorial reform is to ensure that the powers and roles of investigative and prosecutorial agencies, which are meant to protect human rights and victims and maintain social order, are not misused for political investigations and prosecutions. We must ensure that the investigative and prosecutorial functions operate properly to protect the rights of victims and citizens. I will thoroughly check and supplement the reform to ensure that prosecutorial reform can adequately protect the rights of citizens and victims and focus solely on maintaining a fair and just social order, leaving no room for even a single unjust victim or small gap. Any issues arising from the absence of supplementary investigative powers for prosecutors will be resolved through thorough checks and supplementary measures for police investigations. I will dispel the public's concerns that the police may regress into an omnipotent power due to the monopoly of investigative powers through high-intensity police reform. The President of the Republic of Korea must be the President of all citizens. While one of the presidential candidates, who has different values, orientations, and pledges, may be elected by the people, once elected, he must represent all citizens. Even if he becomes the President of all, the will of the citizens who chose his values, beliefs, and policies must still be respected. I will become a 'President of unity' who does not lose sight of the values of reform and progress presented to the citizens, while reflecting the rational opinions of the majority of citizens in governance through communication and dialogue. I will think more deeply and gather more opinions from the public to ensure that appointments and policies for unity do not become causes of conflict and division. Although they may seem different and opposing, improving livelihoods, reform, and unity ultimately converge into one path. Reform must be for the better lives of the people, and unity is the foundation for sustaining more effective and broader reforms with more citizens. I will prove through results, not words, and will walk the path of improving livelihoods, reform, and unity unwaveringly according to the will of the people. I have promised the citizens countless reform tasks across various fields, including politics, economy, society, culture, diplomacy, and security. I will steadily implement those many promises and tasks to build greater trust and ensure a better life for the citizens and an indispensable Republic of Korea. I will continue to promote recovery and growth while ensuring that all can share in the opportunities and fruits of growth. To avoid the lost 30 years that we will inevitably face if we continue on this path, I will stabilize the real estate market. I will overcome the one-polar system in the metropolitan area, which is a fundamental obstacle to stabilizing housing prices, and will steadfastly promote 'balanced national development' to diversify the growth and development hubs. Through the firm and swift execution of supply, regulatory, and tax policies, and sufficient communication with stakeholders, I will minimize confusion and opposition to ensure housing price stability. I will complete the construction of the administrative capital, which has been pursued for a long time to alleviate congestion in the metropolitan area and achieve balanced national development, as quickly as possible. Like New York and Washington, I will usher in an era of 'two capitals for economy and administration' with 'Economic Capital Seoul' and 'Administrative Capital Sejong.' I will create a safe and peaceful country for all citizens, including the socially vulnerable, and build a hopeful and happy world. The 1987 Constitution, born from a compromise in the political situation, no longer fits today's Republic of Korea. I will also strive to ensure that it can be amended through rational discussions in the political arena and national consensus. My position on constitutional amendments, including the incorporation of the spirit of the Gwangju Democratization Movement and the Busan Uprising into the preamble, strengthening citizens' basic rights, distributing some presidential powers to the National Assembly and local governments, and introducing a presidential term system for policy consistency and national stability, has been consistent for a long time. Claims that I intend to introduce a cabinet responsibility system or a dual executive system are unfounded. My re-election through constitutional amendment is constitutionally impossible, and I have repeatedly stated that I have never considered re-election. Therefore, I believe that demands for me to promise not to seek re-election are political attacks aimed at framing me as someone who is contemplating re-election. Nevertheless, I would like to take this opportunity to firmly state once again that I have no intention of seeking re-election. The sovereignty of the democratic republic of Korea belongs to the people, and all powers, including the power of appointment, come from the people. I will respect the will of the sovereign people as much as possible in exercising all state powers, including personnel administration. I will also re-examine the personnel system. As I always say, while it may seem that politicians do politics, ultimately, it is the people who do politics. The people are always right. It was the people who called me, a non-mainstream figure, to this position as the highest responsible person in the nation. Guided by the collective wisdom of the people, I will boldly move forward for a better future for the Republic of Korea. I will serve the people with a lower posture, striving to bring about genuine changes in their lives as the 'President of Livelihoods,' and I will do my utmost to be the 'Reform President' who resolves the long-standing tasks of the democratic government and the 'Unity President' who creates a world where we can live together beyond conflict and confrontation. Dear respected citizens, We are now standing at a pivotal point where the security and economic landscape is undergoing a complete transformation. In such times, the strength to move forward together becomes even more important. I believe that the united strength of the people, their will, and wisdom are the sources of national power and the foundation of national interests, and I will reaffirm the heart I had when I first started politics. If I say I have never been shaken, it would be a lie to say I have never been tired. However, I believe that the original intention of a politician is like a compass needle that constantly wavers, guiding the way forward. I will not lose my original intention and will only trust the people. I will approach governance with a heavy sense of responsibility, recalling the trust and expectations the people have placed in me and the promises I have made to them. Thank you. 2026-09-18 13:32:20