South Korean President Lee orders revision of regulations on privatisation of state-run enterprises

Seoul, Nov 4 South Korean President Lee Jae Myung on Tuesday instructed the government to revise regulations related to the privatisation of state-run enterprises in a way that better reflects public opinion.

Lee made the remarks during a Cabinet meeting after he gave emergency instructions to halt the disposal of government assets amid concerns they are being sold at a loss.

"There have been cases where the government has too easily and unilaterally pursued the privatisation of public enterprises in ways that run counter to public opinion, turning it into a political issue at times," he said, Yonhap News Agency reported.

Lee said he had attempted, but failed, to introduce a system to prevent or procedurally control the privatization of public enterprises during his tenure as leader of the Democratic Party.

"Given public concerns over selling major public facilities to the private sector for privatisation, the government should considering a system that requires sufficient consultation with the National Assembly or adequate reflection of public opinion before proceeding."

During a recent audit of the Korea Asset Management Corp., which manages state-owned properties, lawmakers had cited growing cases of state assets being sold for less than their fair value.

Meanwhile, Lee Jae Myung said on Thursday that South Korea will step up plans to build a self-reliant military by significantly bolstering its defence capabilities, while continuing efforts to resume talks with North Korea.

"We will significantly strengthen our national defence capabilities and make sure to realise our hope for self-reliant defence," Lee told a budget speech, saying "our people's pride" will be undermined if South Korea continues to rely on foreign nations over its defence capabilities.

In particular, Lee said South Korea aims to turn its defence force into a "smart and strong" military by using artificial intelligence (AI) technology.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor