[Democratic Party of Korea Lawmaker Lee Eon-joo]
"Serving in party leadership is never smooth... As an outgoing supreme council member, I have mixed emotions"
"Preparing a legislative amendment to significantly ease residential zoning regulations in the capital region"
"Implementation of the Mega Special Zone Act is crucial... Likely to address one-stop regulatory reform"
"Not a project for the Honam region... We must quickly resolve the supply bottleneck through the Yongin Semiconductor Cluster"
"There is much disappointment in real estate policy... I am watching closely since the minister of the competent ministry was replaced"
"Rise in presidential approval rating from the reshuffle? The cabinet was reshuffled, but we must watch for policy stance changes... Concerns must be resolved through confirmation hearings"
"Jeonse and monthly rent market remains unstable... We must focus on housing stability and supply rather than taxation"
"The era where 'ally' US protected everything is over... An era dominated by authoritarian leaders has arrived"
"An era where global supply chains and technology are power and weapons... Published a book presenting a roadmap on how to survive"
"We must raise our strategic value by managing relations with both allies and rival nations"
■ Broadcast: SBS Pyeon Sang-wook's News Direct (FM 103.5 MHz 17:00 – 18:00)
■ Date: August 31, 2026 (Mon)
■ Host: SBS Anchor Pyeon Sang-wook
■ Guest: Democratic Party of Korea Lawmaker Lee Eon-joo
▷Pyeon Sang-wook: In step with the government's pursuit of national tasks, including the newly introduced Three Mega Projects, the ruling party is also speeding up various legislative efforts. Joining us today to examine the internal party situation and the future of our nation's industries is Lawmaker Lee Eon-joo, who served as a Supreme Council member in the previous Democratic Party leadership and is currently the chair of the party's Future Economic Growth Strategy Committee. Welcome.
▶Lee Eon-joo: Hello.
▷Pyeon Sang-wook: Two weeks have already passed since the launch of the leadership under Representative Kim Min-seok. It seemed there were some uncomfortable moments during the previous leadership. How do you feel about the current leadership?
▶Lee Eon-joo: Since they have just started, I am enthusiastically supporting them and hoping they do well.
▷Pyeon Sang-wook: Things were a bit uncomfortable during the last leadership, weren't they?
▶Lee Eon-joo: Being part of the party leadership is never smooth. Stepping down now, I have mixed emotions. I think to myself, 'It must be tough.'
▷Pyeon Sang-wook: Many photos circulated of you giving sharp looks to then-Representative Jung Chung-rae. That was very memorable. You have also been appointed as vice chair of the special committee related to the Three Mega Projects. Is the chair of the special committee the president?
▶Lee Eon-joo: The party leader.
▷Pyeon Sang-wook: Representative Kim Min-seok is the chair of the special committee, and usually in these committees, the chair is an ex officio post, so don't the vice chairs do most of the actual work?
▶Lee Eon-joo: That is practically the case. The party leader's role is to lend weight and support, while the vice chairs handle all the working-level matters.
▷Pyeon Sang-wook: In effect, you have been given the helm. How do you plan to proceed?
▶Lee Eon-joo: Previously it was called the Three Mega Projects, and now the name has become the Special Committee for Mega Growth, but it is essentially the same thing. An announcement was made back then regarding the Three Mega Projects covering semiconductors, AI data centers, and physical AI. You can see our role as announcing more detailed action plans for these, lending momentum, establishing execution strategies, and supporting them. More specifically, it is about implementing a 'Mega Sandbox.' There are many regulations when it comes to actual implementation. While not yet active, there are special zones, so a bill called the Mega Special Zone Act will be introduced. I believe the process of legislating and realizing this will be extremely important. Specifically, companies and local regions will propose what they need, and the central government, the National Assembly, and local governments will work together to resolve permits, electricity, water, transportation, talent, finance, and living conditions as a comprehensive package—a one-stop regulatory reform that will likely be addressed.
▷Pyeon Sang-wook: In fact, national growth and the economy are truly critical roles. There must also be many things to be cautious about above all else. What aspects are you paying close attention to?
▶Lee Eon-joo: When doing this kind of work, various interests can inevitably clash. Furthermore, when speeding things up, things that are doing well may advance while others might feel a relative sense of alienation. But right now, we need to explain these things well. We must communicate effectively because this is not a domestic competition within Korea.
▷Pyeon Sang-wook: That is right.
▶Lee Eon-joo: It is a global competition, and in the case of semiconductors, Korea is currently facing China chasing right at our heels. As you know, our stock prices rose significantly recently because of semiconductors, but we also experienced great difficulties due to China's rapid catch-up. For companies like CXMT or YMTC, we thought there would be a gap of about 3 to 4 years, but they have caught up considerably. In this situation, it is crucial for us to quickly resolve supply bottlenecks. Another point is that because the southwestern region project was emphasized in the past, people have misunderstood it as if it were a project solely for the Honam region.
▷Pyeon Sang-wook: Some people might think that way.
▶Lee Eon-joo: That is not actually the case. What is more important right now is to quickly complete the Yongin Semiconductor Cluster currently underway in order to resolve the immediate bottleneck facing us, thereby swiftly completing supply capacity. In fact, the completion of the Yongin Semiconductor Cluster has been accelerated by about 7 to 12 years. Land acquisition is also nearly finished. Many people are not aware of this.
▷Pyeon Sang-wook: I see. I didn't know that well either.
▶Lee Eon-joo: In the case of the SK General Industrial Complex, mass production at Fab 1 will begin next year.
▷Pyeon Sang-wook: That is truly welcome news.
▶Lee Eon-joo: It is progressing at tremendous speed.
▷Pyeon Sang-wook: That is truly formidable. Let us turn to another topic. To advance national development projects, collaboration with government ministries is very important. Yesterday, there was a cabinet reshuffle. Six ministerial nominees were designated, which was a larger scope than expected. How do you assess it?
▶Lee Eon-joo: It is described as a medium-scale reshuffle, but it is indeed a broader scope than anticipated. First, vacant positions were filled, and there were replacements at the Ministry of Land, Infrastructure and Transport and the Ministry of Economy and Finance, which had been controversial due to tax reform plans and real estate issues. However, one of the things I am watching closely is that real estate policy is among the areas where people are currently feeling significant disappointment regarding state affairs. And the competent ministry for real estate policy underwent a leadership change.
▷Pyeon Sang-wook: That would be the Ministry of Land, Infrastructure and Transport.
▶Lee Eon-joo: Yes, along with the Ministry of Economy and Finance. Where this will head is a matter of great personal interest to me.
▷Pyeon Sang-wook: The Land Minister, who oversees real estate policy, was replaced, which one might call a dismissal in some sense.
▶Lee Eon-joo: Yes, along with the Ministry of Economy and Finance.
▷Pyeon Sang-wook: Looking at the recent trend in the president's approval ratings—without mentioning specific numbers—they have been declining, with quite a few polls showing ratings in the 30% range. Do you think this reshuffle will help rebound the president's approval rating?
▶Lee Eon-joo: A cabinet reshuffle can be a message in itself. However, while replacements were made, vice ministers were promoted to minister positions. Looking at that alone, I am somewhat reserved about whether there will be a major shift in policy stance. So we will have to wait and see. Through the confirmation hearings, we need to see how the stance will change. And regarding what the public is concerned about—even within our ruling party, there is significant concern about things like the real estate tax reform plan.
▷Pyeon Sang-wook: People are worried a lot.
▶Lee Eon-joo: So I hope there will be candid statements during the confirmation hearings in a direction that resolves the issues we are concerned about.
▷Pyeon Sang-wook: While it is not certain right now, there is a possibility of a Seoul mayoral by-election in the first half of next year. Although Seoul Mayor Oh Se-hoon strongly denies it, are you preparing anything related to real estate in preparation for that scenario?
▶Lee Eon-joo: Yes. We need to monitor this, but within our party, questions were raised regarding non-resident single-home owners, particularly the part mandating actual residency. In a way, the intent can be understood. Inducing actual residency itself may be desirable, but when pushed at such rapid speed, what happens as a result is that people who were not residing in their properties move in, forcing the tenants who were living there to move out. If mishandled, this could further destabilize the jeonse and monthly rent market. Since current instability in the rental market leads to housing insecurity, and under current conditions of supply shortage, it could prove counterproductive. That is why we continue to raise issues and argue that we should not rush too hastily. Within the party, there is discussion that we should focus more on housing stability rather than continuously overemphasizing taxation.
▷Pyeon Sang-wook: Mega projects are important, but for the public's future livelihood, the ruling party likely needs new economic measures as well. As a leading economic expert in the party, what plans do you have?
▶Lee Eon-joo: As I mentioned, we need to place more focus on supply first. And we must focus more on housing stability. Regarding the tax issue, my personal view is that we should be cautious about focusing too much on taxation before supply is stably secured. This has not yet been fully coordinated with the government. Our party has voiced some opinions, but there is still a slight difference in temperature. Regarding the supply issue, constructing entirely new buildings takes time. The earliest would be the early 2030s. So when asked what to do in the meantime, several things I personally proposed include noting that many people in downtown Seoul and elsewhere work remotely, there are many single-person households, and housing patterns pursuing minimal lifestyles exist. There are vacant offices, and near subway stations across Gyeonggi Province, there are knowledge industry centers with excellent facilities that sit empty. Therefore, I am preparing legislative amendments to collectively remodel such spaces, rapidly convert them into residential studio flats or small-scale mixed-use residential complexes, and significantly ease excessive zoning regulations.
▷Pyeon Sang-wook: I see. In preparation for Lawmaker Lee Eon-joo's visit, I searched online and saw that you recently published a book. 'The Free Order Has Ended'—does this mean 'Freedom is not free'? What kind of book is this?
▶Lee Eon-joo: The 'free order' refers to the past era of free trade, the US-centered global policeman role, and the liberal normative order where the US protected everything, right? That order, where simply being an ally meant everything was protected, is now over. Now, even allies are asked for cost-sharing, and despite free trade, tariffs are demanded. We have entered an era dominated by authoritarian national leaders, bringing about a turbulent time. In a way, it feels like returning to a period resembling past quasi-imperialism. In such an order, we are in an era of every nation for itself, where global supply chains and technology have become power and weapons. In this context, I am presenting an economic and security roadmap for how South Korea can survive. When asking how we should survive, I believe what South Korea possesses and can showcase is technological sovereignty. In this book, I suggest how we can strategically make deals with other nations using this, and how to form alliances very wisely.
▷Pyeon Sang-wook: If you tell us the entire content of the book, will it be a spoiler?
▶Lee Eon-joo: That is true.
▷Pyeon Sang-wook: Please highlight just a few strategic aspects.
▶Lee Eon-joo: I discuss a 'connected nation strategy' by interlinking other countries' resources and capital markets, and strategies to expand our economic territory by piecing these elements together. While people talk about whether we should choose the United States or China, looking at the current industrial structure, our relationship with the US is complementary, whereas we are in fierce competition with China. Therefore, we have no choice but to align supply chains with the United States. However, while we are in competition with China, we have also had friendly relations in certain aspects, so we are capable of managing that relationship. Being hostile is not wise; managing this relationship allows us to possess strategic value in our relationship with the United States as well. I believe properly managing relations even with potential adversaries enhances our strategic value with our allies. Recently, when the US and China held a summit, a preliminary meeting was held in Seoul.
▷Pyeon Sang-wook: That did happen.
▶Lee Eon-joo: That too was an important strategic stepping stone showing that Korea is becoming a strategically crucial country. In fact, China does not hold such preliminary meetings in Japan.
▷Pyeon Sang-wook: Right. There is mutual distrust with Japan.
▶Lee Eon-joo: While Korea is an ally of the United States, our relationship with China is not quite at an alliance level, but it is a country we can manage. This also creates favorable conditions for us. We should utilize these advantages well. For instance, middle-power countries like Singapore—I lived in Singapore when I was young and have various ties there—are very capital-rich nations. But there are things they lack, such as technological capabilities. In such cases, we can combine various elements and connect with those countries for strategic cooperation.
▷Pyeon Sang-wook: There are many interesting stories, and I would love to hear more, but as our time is up, we must conclude our conversation with Lawmaker Lee Eon-joo, chair of the party's Future Economic Growth Strategy Committee. Thank you.
▶Lee Eon-joo: Thank you.
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