President Lee Jae-myung, South Korea and Italy Elevate Special Partnership

President Lee Jae-myung, South Korea-Italy Elevate to Special Strategic Partnership... Opening New Horizon for Economic Cooperation

President Lee Jae-myung, during a summit with Italian President Sergio Mattarella in Rome on Dec. 12 (local time), agreed to upgrade bilateral relations to a 'Special Strategic Partnership.' This agreement is expected to serve as a significant milestone, elevating the level of cooperation between the two nations, which have a history of exchange spanning 142 years. The Presidential Office anticipates that this elevation will further deepen cooperation in advanced industries such as AI, semiconductors, defense, and space, and contribute to a joint response to global uncertainties.

State Visit to Italy: Expecting Economic and Diplomatic Synergy

During his state visit to Italy, President Lee Jae-myung also met with Lorenzo Fontana, Speaker of the Italian Chamber of Deputies, to discuss expanding inter-parliamentary exchanges. At the summit, emphasis was placed on the complementary nature of the 'Special Strategic Partnership,' with specific areas of cooperation identified as AI, semiconductors, defense, and space industries. This signifies an intention to create tangible economic synergy beyond mere diplomatic achievements. On Dec. 12 (local time) in Rome, President Lee attended the 'Korea-Italy Business Roundtable' at a hotel, where he met with leaders of major business groups from both countries, including Samsung Electronics Chairman Lee Jae-yong, LS Group Chairman Koo Ja-eun, and Hyosung Group Chairman Cho Hyun-joon, to explore investment and cooperation strategies. President Lee remarked that close cooperation between the two nations would be a vital driving force in navigating global economic uncertainties. This is interpreted as a focus on strengthening cooperation in advanced technology sectors and discovering new business opportunities.

Foreign Ministry Actively Communicating with the U.S. Regarding Coupang Fine

Meanwhile, another domestic political issue drawing attention is the imposition of a record-breaking fine of 624.6 billion won on Coupang. In relation to this matter, the Ministry of Foreign Affairs has stated its intention to thoroughly explain the justification for the measure to the U.S. side. A ministry official said on the 12th that the South Korean government consistently applies the principle of non-discrimination to U.S. digital companies, including Coupang, and that it will calmly and transparently explain the Personal Information Protection Commission's decision to the U.S. This explanation aims to prevent the issue from escalating into a diplomatic conflict between South Korea and the U.S. by clarifying that the Coupang fine was a result of domestic laws and procedures, not targeting any specific company or country. The government also plans to hold in-person briefings with officials from the U.S. Embassy in Korea to ensure the matter does not become a diplomatic dispute.

President Lee's Declining Approval Ratings, Future Governance Challenges

A public opinion poll (National Barometer Survey, NBS) revealed that President Lee Jae-myung's approval rating has dropped by 9 percentage points to 57%. This figure is lower than before the June 3 local elections and could weigh on his governance. According to the NBS, the disapproval rating for President Lee's state management stood at 33%. Such a decline in approval ratings could weaken the momentum for future policy implementation, and it is expected that recovering public trust, particularly in economic policies and livelihood stability, will emerge as a key task.

Future Outlook: Strengthening Cooperation and Domestic Political Stability

President Lee Jae-myung's state visit to Italy and the agreement to elevate bilateral relations are expected to positively impact the expansion of the South Korean economy. In particular, enhanced international cooperation in fields identified as future growth engines, such as AI, semiconductors, defense, and space, could stimulate investment and technological development in related industries. This could lead to strengthened competitiveness and the pioneering of new markets for domestic companies. However, amidst observed declining approval ratings domestically, securing governance stability will be an urgent task. Alongside the Foreign Ministry's active communication efforts, the government will need to concurrently pursue concrete livelihood economic policies and transparent communication efforts to regain public trust. With these efforts in place, the Lee Jae-myung administration is anticipated to lead economic growth amidst domestic political stability, leveraging its diplomatic achievements.