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Identifying the Interests of Supreme Council Members!

Key Points for Businesses to Watch During the Party Conventions of Both Major Parties

2024.07.30 | 조회 228 |
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Party Convention on the Path to the Presidency. Identifying the Interests of Supreme Council Members!

- Key Points for Businesses to Watch During the National Conventions of Both Major Parties

The People Power Party's national convention has concluded, and the Democratic Party of Korea will wrap up its convention by mid-August. If we can understand the interests of the leadership and executives of both parties, who will wield significant power in the 22nd National Assembly, we can predict which industries might be positively or negatively affected by the 'majority party's stance' or 'government-party initiatives.' Let's highlight the issues not to be missed at these conventions.

Contents

1. Completion of PPP's New Leadership Election

2. Confirming the Strength of Supreme Council Member Kim Jae-won

3. Interests in Legislative Activities of Chief Supreme Council Member Jang Dong-hyuk

4. DPK's National Convention: Focus on Supreme Council Candidates' Interests

5. 'Majority Party's Stance vs. Government-Party Initiatives'

6. Conclusion


2024.7.30.
2024.7.30.

1. Completion of the People Power Party's New Leadership Election

The much-talked-about 4th National Convention of PPP has ended. Han Dong-hoon, the former interim committee chairman, was easily elected as the party leader with more than 62.84% of the votes. The Supreme Council members elected were Jang Dong-hyuk, Kim Jae-won, In Yo-han, and Kim Min-jun. Jin Jong-oh was elected as the Youth Supreme Council member. (If you didn't predict Han Dong-hoon's victory, make sure to subscribe to our newsletter!)

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2. Confirming the Strength of Supreme Council Member Kim Jae-won

While the party leader election was straightforward, the Supreme Council election was fiercely contested, with all winners emerging with a margin of around 1%. Among them, Kim Jae-won's strength stood out. Although he is a three-term lawmaker who served in the 17th, 19th, and 20th National Assemblies, he has been an outsider in the 21st and 22nd National Assemblies. Nevertheless, he topped the voting among the electoral college members, demonstrating strong vote-gathering power. It's worth noting that Reverend Jeon Kwang-hoon, who wields significant influence among PPP members, is particularly close to Kim Jae-won.

3. Interests in Legislative Activities of Chief Supreme Council Member Jang Dong-hyuk

Among the new leadership of PPP, which will wield considerable power in the first half of the 22nd National Assembly, Jang Dong-hyuk, the Chief Supreme Council member, is the only one who served in the 21st National Assembly. The legislative activities and interests of long-serving lawmakers or their staff often persist, with previously discarded legislative proposals being reintroduced. Thus, it is worth noting Jang's legislative activities in the 21st National Assembly.

① Special Act on Financial Innovation Support: Restricting qualifications for innovative financial services for patent infringers (discarded at end of term)

② Act on In Vitro Diagnostic Medical Devices: Establishing a state-led performance evaluation system for in vitro diagnostic medical devices (adopted as alternative)

③ Motor Vehicle Management Act: Renaming parts replacing components in delivered vehicles as 'certified quality parts' to improve consumer perception and stimulate the related market (adopted as alternative)

④ Tourism Promotion Act: Allowing the government and local governments to pursue projects promoting the integration of work and leisure tourism industries (adopted as alternative)

4. Democratic Party's National Convention: Focus on Supreme Council Candidates' Interests

Similar to PPP's convention, the DPK's leader election is also seeing a clear frontrunner, drawing attention to the Supreme Council election dynamics. As we examined Jang Dong-hyuk's legislative activities, we can also review the interests of DPK's Supreme Council candidates and their potential impact on various industries. Candidate Han Jun-ho, a former programmer, is actively promoting R&D investments and has fulfilled his campaign promise of opening the nation's only specialized drone facility. Candidate Lee Eon-joo, representing Yongin, is strongly advocating for the semiconductor industry and is preparing a 'Special Act on Semiconductors' to enhance national support.

5. 'Majority Party's Stance vs. Government-Party Initiatives'

Once DPK's new leadership is elected, they will likely continue their 'party stance offensive,' leveraging their parliamentary majority under the leadership of the policy committee chair. Meanwhile, PPP will actively utilize their position within the administration to push government policies through 'government-party initiatives.' Understanding the policy interests of both parties' leadership is crucial. For example, when DPK lawmaker Yang Hyang-ja served as a Supreme Council member, a 'Special Committee on Semiconductor Technology' was formed within the party, leading to regular meetings with the semiconductor industry and related government departments.

6. Conclusion

During the national conventions of both parties, attention will be focused on prominent politicians like Lee Jae-myung and Han Dong-hoon. However, the policy agendas driven by the party leadership are not decided solely by the party leader. If you are concerned about the 'political risks' to specific industries, it is crucial to closely monitor the past and future actions of the Supreme Council members and the policy committee chairs.

Feel free to contact us if you need any additional information or materials. We are here to assist you.

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*Check the schedule of the National Assembly of Korea.
https://peaceful-toothbrush-a73.notion.site/0dce81843fcb4c5db49137a7bfbc33b4?v=bf0d153bdb1d49a3919db49dff67071d

 

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