ED 2024: challenges and responses
The New Year is finally on the horizon. In the Oriental zodiac, this is the year of the Blue Dragon. The Blue Dragon symbolizes good fortune and power, the image of which was used mainly in palaces for kings and emperors. Now it also represents presidential power in Korea. A dragon dream is considered as the most powerful and auspicious vision. We wish the Republic of Korea to leap forward this year as if it is flying high into the sky like the dragon beyond the huge challenges that lay ahead.
Despite such expectations, the looming tasks seem pressing and crucial, requiring us to be fully ready to brace for them. If not, we may face a serious debacle.
The first and foremost challenge lying ahead for Korea Inc. is the forthcoming general elections slated for April 10. The ruling and opposition parties have already begun life-or-death bouts in the lead up to the parliamentary polls. For President Yoon Suk Yeol, the election in April is all the more significant as it will largely determine his political fate.
With only a 30 percent or more approval rating, Yoon has been desperate to improve his party's chances in the elections. Unless his ruling People Power Party (PPP) garners a majority in the polls, Yoon may suffer from a lame-duck presidency, unable to push for state administration effectively during his remaining tenure.
The main opposition Democratic Party of Korea (DPK) has launched sharp offensives by passing the controversial bill for the introduction of a special counsel to investigate an alleged stock price manipulation by first lady Kim Kepn Hee. As the PPP put it, the DPK’s tactics are adroitly devised to maintain the upper hand over the governing camp ahead of the elections.
The “special prosecutor” bill has many problems. For instance, the prosecutors under the previous Moon Jae-in administration investigated the stock-manipulation suspicions for more than 18 months but to no particular avail. Yet Yoon and his party should remember that the DPK would not have attempted tabling such a bill unless Yoon's support rate was miserably low. His wife has been a "persona non grata" even among conservative voters. Various surveys show that some 70 percent of the people support the introduction of an independent counsel while opposing the possibility of Yoon vetoing the bill.
Now, the president needs to show an open attitude in dealing with the state administration. He should first host the New Year press conference to candidly express his views and call for the public's understanding regarding diverse and pending issues, thus retaining the people’s trust.
Yoon needs to confess honestly concerning the allegations that his wife received luxury handbags, sincerely apologize to the people and take necessary measures. Although Yoon had pledged fairness as his motto, he failed to abide by it after taking office.
Expectations are growing over the emergence of former Justice Minister and Yoon’s close confidant Han Dong-hoon as the PPP’s interim leader. Yet such expectations are chiefly due to the negative perceptions of DPK leader, Lee Jae-myung, who has been tainted by judicial hurdles allegedly involving numerous crimes.
Furthermore, Han will not be able to overcome his caretaker role should he fail to get out of the haunting image of being perceived as Yoon's avatar. The DPK should also double down on efforts to reset itself as the inheritor of traditional democratic forces. It should cast off its image of being the party that grants Lee immunity from prosecution.
General elections are watershed events that determine the nation’s fate. As a result, voters should carefully choose the right people, so that they will work for the nation and the people.
The challenges in the new year will also come from beyond Korea's borders.
North Korea has been persistently building up its nuclear capabilities, intensifying tensions on the Korean Peninsula. And regional tensions will likely heighten further, amid the growing rivalry between the United States and China. The Sino-U.S. conflict will also aggravate supply chain disruptions involving, for instance, semiconductors and rare earth metals.
Dramatizing such a threat, North Korean leader Kim Jong-un allegedly instructed his officials to prepare to “create a great stir in South Korea,” early this year.
In response, Seoul has been fortifying relations with the U.S. and Japan by agreeing to extend nuclear deterrence. Yet such efforts seem insufficient, given the possible weakening of U.S. influence amid conflicts in Ukraine and the Middle East.
Seoul should also be fully prepared for the possible reelection of Donald Trump as the next U.S. president in November. The security situation on the Korean Peninsula has been highly volatile prompting the need for South Korea to play the role of a global pivotal state. Instead of the role of a mere mediator, Seoul needs to play a more proactive role to initiate regional policies.
Beyond trilateral cooperative ties with the U.S. and Japan, it should also seek to mend ties with China and Russia to maximize national interests. It also should find a breakthrough concerning deadlocked inter-Korean relations through dialogue toward reconciliation and peace on the peninsula.
We hope Korea Inc. will make a leap forward beyond its challenges, boosted by the energy of the Blue Dragon.