Rebuilding our nation

• Published date: 11 May 2022
• Publication title: The Korea Times

New President advocates liberal democracyPresident Yoon Suk-yeol has promised to rebuild South Korea into a country that fulfills its responsibility as a trusted member of the international community and truly belongs to the people. During his inauguration ceremony in front of the National Assembly on Tuesday, the new President stressed the importance of universal values such as freedom, human rights, fairness and solidarity.

Yoon vowed to advocate liberal democratic values and a market economy. He said it is important to share the common value of freedom in order to resolve a crisis and difficulties at home and abroad.

And he called for defending political and economic freedoms to ensure prosperity and affluence.His inauguration marked the start of his conservative government after the former prosecutor general won the presidential election on the ticket of the People Power Party (PPP) on March 9.

As he pledged during the campaign, he should restore fairness and common sense which had been undermined by the previous liberal government of Moon Jae-in.Yet it is far from easy to rebuild the nation, given mounting domestic and global challenges.

South Korea has yet to overcome the COVID-19 pandemic although it lifted almost all social distancing rules except the mask mandate. It is also faced with an economic slowdown amid soaring inflation, interest rate hikes and the rapid depreciation of the Korean won against the U.

S. dollar.

Other risk factors include the war between Russia and Ukraine, subsequent higher prices in energy and food, the escalating U.S.

-China rivalry, supply chain realignments, and climate change. North Korea's repeated launches of ICBMs and other ballistic missiles are also posing a serious security threat not only to South Koreas but also the world.

Its leader Kim Jong-un has even threatened to use nuclear weapons, while preparing to conduct a seventh nuclear test.Against this backdrop, the new Yoon government should double down on tackling such issues in cooperation with other states and turning Korea into a strong nation with international prestige.

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