President Lee Calls for New Mechanism to Distribute AI Excess Profits

President Lee Jae-myung stated on June 10 that a new mechanism, similar to basic income, is necessary to distribute some excess profits from the development of artificial intelligence and other new industries to the public.

During a recent interview with The Economist while on a tour of Europe, President Lee discussed the implications of AI investments on the stock market. The publication noted that while he benefits from rising stock prices, a market downturn could increase political pressure on him.

In a press conference marking his first anniversary in office on June 8, President Lee described the distribution of excess profits from semiconductor companies as a matter that could significantly impact national industrial policy. He also predicted that even if the market continues to thrive, the issue of equitable wealth distribution will become increasingly important. He has emphasized the need to address regional disparities and build a supply chain for semiconductor manufacturing outside the capital region.

Regarding the situation on the Korean Peninsula, President Lee asserted that the unique character of U.S. President Donald Trump could be very beneficial in the current context.

He dismissed the idea of South Korea pursuing its own nuclear armament in relation to discussions about acquiring nuclear-powered submarines and securing rights for uranium enrichment and spent nuclear fuel reprocessing, stating, "It is neither desirable nor realistic for South Korea to arm itself with nuclear weapons."

President Lee highlighted the agreement to increase defense spending to 3.5% of GDP during security negotiations with President Trump, emphasizing, "We must take responsibility for our own defense."

The Economist assessed that while President Lee started his term with high approval ratings after navigating political turmoil following a military coup and impeachment, he now faces complex challenges, including trade and security negotiations with the U.S., North Korea's nuclear issues, and managing foreign relations.

The publication also noted that more than half of South Korea's presidents since democratization have faced impeachment or imprisonment, raising uncertainties about President Lee's future as he contends with five ongoing legal cases, including the Daejang-dong and North Korean remittance scandals. The Economist reported that President Lee acknowledged the significant likelihood of becoming a victim of this ongoing cycle of political turmoil.