The National Assembly’s plenary session is coming to an end on Feb. 1, which is also the last day before the general election. However, several crucial bills, including an amendment to the Export-Import Bank Act to support defense exports, are still pending. Due to the upcoming Lunar New Year holiday and the ruling and opposition parties entering the nomination process, it is uncertain when the National Assembly will meet again. Therefore, the Feb. 1. plenary session is considered to be the deadline for the passage of livelihood bills.
In addition to amending the Export-Import Bank Act, the most urgent bills include amending the Housing Act to abolish or suspend the obligation to live in an apartment with a price cap, and amending the Korea Development Bank Act to relocate the Korea Development Bank to Busan. Likewise, the suspension of enforcement of the Serious Accidents Punishment Act for employees under 50, which went into effect on Jan. 27, is one of the most urgently needed public livelihood bills.
The Democratic Party, which controls the National Assembly, is politicizing every issue, causing the stalled legislation. The Export-Import Bank Act amendment would increase the capital of the Export-Import Bank from $11 billion (15 trillion won) to $22 billon (30 trillion won) to support a $22 billon (30 trillion won) arms deal with Poland. The Democrats criticize the use of state-owned banks for defense financing, calling it a favoritism towards certain defense contractors, although it is a common practice in international defense deals. How can it be a favoritism to export K2 tanks, K9 self-propelled howitzers, and FA-50 fighter jets to Poland, creating massive jobs and an export market? Can we really call state support for large semiconductor industrial parks a favoritism to certain semiconductor companies? If the Democrats aren’t trying to stifle our defense industry, they should pass this law.
A proposed bill to remove apartment residency requirements has been blocked by Democrats due to concerns about “investing using price gaps,” potentially affecting 40,000 prospective residents. It’s like labeling all new apartment residents as real estate speculators. The relocation of the Korea Development Bank to Busan for regional balanced development has been blocked due to opposition from labor unions. The Democratic Party ignored the complaints of 830,000 small businesses by suspending the expansion of the Serious Accidents Punishment Act, which only benefited their allies, labor unions. The deadline for this session of the National Assembly is Feb. 1. Given the April general election, it is likely to be the last one. Bills for the national interest and people’s lives must be passed.
