Seoul: South Korea's President Lee Jae Myung has committed to turning the current global economic and security challenges into opportunities to bolster national interests.

According to Anadolu Agency, President Lee identified the world as being at a crucial juncture, marked by geopolitical tensions, technological rivalry, disrupted supply chains, and rising protectionism.

President Lee emphasized the necessity of a strategic approach to navigate these global uncertainties, underscoring his commitment to enhancing cooperation with Japan and China, while maintaining the South Korea-US alliance. He highlighted the importance of adapting to changes in the global trade environment to enable South Korean businesses to compete effectively.

In a separate address, during his first budget speech at the parliament, President Lee underscored the urgency of revitalizing the economy and improving citizens' livelihoods. He emphasized that the government's proposed 30.5 trillion won ($22.5 billion) extra budget is crucial to achieving these goals, as reported by the Korea Herald. This proposal is the second of its kind this year and the first since Lee took office, requiring legislative approval.

President Lee warned of the consequences of prolonged low growth, which could lead to diminishing opportunities and increased competition and conflict. The budget proposal includes 13 trillion won in cash grants for all South Koreans and measures to stimulate the domestic economy amid recession fears.

Additionally, Lee proposed a 3.9 trillion won increase in investment for sectors like infrastructure, artificial intelligence, renewable energy, and startups. The plan also allocates 5 trillion won to alleviate the debt burden of approximately 1.1 million citizens unable to meet their financial obligations.

President Lee stated that the urgency in proposing the extra budget, despite the absence of a transition team, is due to the dire economic situation. He argued against fiscal austerity during economic crises, asserting that it contradicts the government's purpose.