[On-site Video+] 尹 "We should abolish the financial investment tax and work together to develop the capital market."

[Anchor]
President Yoon Suk Yeol held the 44th Cabinet meeting at the Presidential Office in Yongsan today (27th).

The Cabinet meeting is expected to explain the results of the trip and the future direction of government policy on the incorporation of the World Government Bond Index (WGBI).

Let's listen to President Yoon's remarks.

[Yoon Suk Yeol / President]
I made state visits to the Philippines and Singapore last week and attended the ASEAN-related summit in Vientiane, Laos.

The ASEAN-related summit will be held between South Korea and 10 ASEAN countries,

Korea-China-Japan Participation [ASEAN+3 Summit]

And here we have the East Asia Summit (EAS) with additional participation from the United States, Russia, India, all three multilateral meetings.

In addition, I also held bilateral meetings with the leaders of various countries who visited Laos.

Through this trip to Southeast Asia, we will strengthen strategic cooperation with our Asian allies in key economic cooperation areas such as infrastructure, supply chains, and energy.

As a global hub, we have solidified our diplomatic network on the ASEAN stage.

First of all, during my state visit to the Philippines, which marks the 75th anniversary of the establishment of diplomatic relations between the two countries, President Marcos and I established a [strategic partnership].

[Korea-Philippines FTA] decided to be implemented as soon as possible,

We decided to expand our company's participation in the rapidly growing infrastructure, energy, and defense sectors in the Philippines.

In particular, I asked for the cooperation of the Philippines so that Korean companies can enter the large maritime bridge infrastructure project linking major books in the Philippines.

In addition, it has been agreed to promote the [Laguna Lake Circular Road] and [PGN Maritime Bridge] projects as our EDCF loan projects.

This provided an opportunity for Korean companies to further expand their participation in the Philippine infrastructure project.

In addition, we signed an MOU with the Philippines on [core raw material supply chain cooperation] to lay the foundation for combining the Philippines' abundant resources such as nickel and cobalt with our high-tech industrial capabilities.

[MOU on cooperation in feasibility study on the resumption of construction of the Batan nuclear power plant] was also signed.

Through this, we will lead nuclear power plant cooperation with the Philippines, which is seeking to reintroduce nuclear power plants.

Also, President Marcos and I decided to expand our participation in the Philippines' [military modernization project].

It is expected that the export route to the Philippines' defense will be expanded in the future.

I then visited Singapore, a key partner of ASEAN.

On the occasion of this visit, South Korea and Singapore agreed to establish a "strategic partnership" next year, which marks the 50th anniversary of diplomatic ties.

The two countries, which have been leading the growth of Asia, have agreed to expand cooperation in various fields such as high-tech, energy, food safety, start-ups, and digital utilization education.

In particular, it will strengthen its supply chain alliance with Singapore, a logistics hub, while promoting cooperation with Singapore, which is also an international natural gas trading hub, for a stable supply of natural gas.

The LNG Cooperation MOU and Supply Chain Partnership Agreement signed with Singapore will contribute to minimizing the impact of uncertain external conditions on our economy and securing a stable energy supply.

The Singapore Lecture, hosted by Singapore's Southeast Asian Research Institute, explained the meaning of international solidarity of our vision for freedom and unification.

The realization of a free and open Korean Peninsula will be a historical turning point in promoting freedom, peace and prosperity of the world, including Northeast Asia, ASEAN, and the Asia-Pacific region.

He stressed that international solidarity must be supported in order to achieve a unified Republic of Korea.

In addition, at the [Korea-ASEAN Summit] held in Laos, South Korea and ASEAN declared the establishment of a top-level partnership, the [Comprehensive Strategic Partnership].

It was in 1989 that we established dialogue with ASEAN, and over the next 35 years, our trade with ASEAN has increased by 23 times, investment by 80 times, and human exchanges by 37 times.

Based on this history of cooperation, Korea and ASEAN have entered the best cooperative relationship and will further accelerate cooperation across security, economy, society and culture as future partners of peace, prosperity and co-prosperity.

In addition, the ASEAN+3 Summit provided a new opportunity for cooperation between ASEAN and Korea, China and Japan.

The [Korea-Japan Summit] held in May for the first time in four years and five months has become a catalyst for ASEAN+3 cooperation.

With the establishment of the ASEAN-Korea Comprehensive Strategic Partnership, our role in the ASEAN+3 partnership will be further expanded.

By contributing to the expansion of the financial and food safety net in the ASEAN region, leading cooperation in future industries, including electric vehicles, and actively supporting the training of ASEAN talents, the Republic of Korea will strive to strengthen its connection with ASEAN.

Meanwhile, I have emphasised at the [East Asia Summit] that the security and economic uncertainty facing the international community stems from challenges to norms and rules.

Security challenges contrary to the normative-based international order, such as North Korea's nuclear and missile threats, maritime conflicts in the Indo-Pacific region, and the war in Ukraine, are putting human life and economy in crisis.

My government and I will work more closely with value sharing countries in the region, including the United States, Japan, Canada, Australia, New Zealand, Singapore, the Philippines and Malaysia.
I will take the lead in protecting the freedom, peace and prosperity of the region.During my visit to Laos

, I split my time and held bilateral talks with Japan, Australia, Thailand, Vietnam and Laos.

I asked Prime Minister Ishiba of Japan to develop Korea-Japan relations maturely by continuing the summit shuttle diplomacy and communication at all levels.

Prime Minister Albanese of Australia agreed to shape cooperation in defense, defense and supply chains.

In his first summit with Thai Prime Minister Patton Tan in his first month in office, he discussed ways to strengthen cooperation in future industries such as electric vehicles and nuclear power.

In line with the [Comprehensive Strategic Partnership] established last year, Vietnam's Prime Minister Geng has decided to deepen trade, investment and infrastructure cooperation.President Tonglun of

Laos agreed to establish a "comprehensive partnership" on the 30th anniversary of the re-opening of schools next year and to strengthen climate response and infrastructure cooperation.

Please take good care of the follow-up measures so that the results of this trip can lead to practical benefits for the people.

Since its inception, our government has been trying to build a capital market that meets global standards.

By shifting to a private-led, market-oriented economic stance and establishing sound finances, we have strengthened the fundamentals of our economy.

In addition, we have been pushing to improve the system so that global investors can easily invest in our capital market.

Foreign investors who do not have accounts in Korea have also made it easy to buy and sell our government bonds, and the foreign exchange transaction time has been extended until 2 a.m.

With these efforts, Korea's incorporation into the 'World Government Bond Index' was decided on October 9th.

It is proudly listed on the $2.5 trillion government bond investment index around the world, opening a channel to add width and depth to our capital market.

This is also internationally recognized that the policies our government has implemented have been in the right direction.

The inclusion of the "World Government Bond Index" is expected to bring in about 75 trillion won in global investment funds.

Stabilizing interest rates based on stable global government bond demand will reduce financing costs for governments and businesses and smooth foreign exchange liquidity supply, stabilizing the value of the won.

Along with the good news of the government bond market, our stock market, the "flower of the capital market," is also set to change.

Since November last year, the government has banned short selling altogether and has been pushing for fundamental system improvement.

This is to protect our capital market from illegal market disturbance and to protect 14 million individual investors.

On September 26, an amendment to the Capital Markets Act, which includes measures to improve the short selling system, passed the National Assembly and will be promulgated after a cabinet meeting today.

When the law goes into effect at the end of March next year, it will be possible to check all illegal short selling through the computer system.

The "slanted playground" between institutions and individual investors will be resolved, and penalties and sanctions for illegal short selling and unfair trade will be greatly strengthened.

Please prepare thoroughly so that the changed systems and systems can be settled as soon as possible.

At the same time, the government will also step up its "corporate value-up" policy to revitalize capital markets.

It will also provide various incentives for shareholder-friendly companies, such as increasing dividends and burning treasury stocks.

Through this, companies will increase their value, and the invested people will surely create a virtuous cycle in which they enjoy opportunities for greater profits and asset formation.

We hope that the ruling and opposition parties will join forces to eliminate market instability factors and develop our capital market through the abolition of financial investment income tax.

The inclusion of the global government bond index, eradication of illegal short selling, tax reform, and corporate value-up will resolve the Korea discount, raising the status of our capital market and leading to more investment.

We will do our best to help more people feel the benefits as the government's ceaseless efforts lead to the vitality of the real economy.