President Yoon Suk-yeol delivers his speech to call for bipartisan support for the government's budget proposal for next year at the National Assembly on Yeouido, Seoul, Tuesday. Yonhap

By Nam Hyun-woo

President Yoon Suk-yeol stressed Tuesday that the government will prioritize fiscal soundness and support for the socially disadvantaged and underprivileged, as well as future preparedness.

In his speech at the National Assembly detailing his administration's 2023 budget, Yoon vowed to bolster the social safety net for vulnerable and low-income groups by unveiling a set of measures to protect them while promoting fiscal consolidation.

But the majority of seats in the Assembly were empty as members of the main opposition Democratic Party of Korea (DPK) boycotted the speech to protest the president's "suppression of the opposition through investigation," amid an intensifying investigation by prosecutors into people close to DPK leader Lee Jae-myung.

During his speech, Yoon said that the circumstances surrounding South Korea are "very challenging" as several factors, including growing economic uncertainties, financial market volatility and North Korea's incessant test launches of nuclear capable missiles have been occurring simultaneously, weighing down on the government.

"The budget proposal contains the overall considerations and plans for how the Korean government will respond to the complex global crisis and how to address the current issue of people's livelihoods," Yoon said.

"Our financial situation is not easy. So far, politically motivated, careless fiscal management has been contributing to an increased deficit, and the country's debt has already surpassed 1,000 trillion won ($694.6 billion), which is more than half of the country's gross domestic product," he said.

The president proposed a 639 trillion won budget for next year. Yoon said this is the first time since 2010 that the government has proposed a budget that is less than that of the previous year.

"It is the basic responsibility of the state to protect the socially disadvantaged who suffer from greater difficulties as the economy becomes more difficult. Starting from the public sector, we will inject the resources saved from belt-tightening measures into protection for ordinary people and the vulnerable, support for private sector-led economic dynamism, public safety and strengthening South Korea's responsibilities as a global leader," Yoon said.

During his speech, Yoon outlined where the budget will be spent, focusing mostly on strengthening the social safety net for the underprivileged. Also, the president said the government will invest over 1 trillion won in the semiconductor industry and 4.9 trillion won for R&D support in the field of quantum computing, aerospace, artificial intelligence and biopharmaceuticals. Also, he pledged to spend over 5 trillion won to improve Seoul's deterrence system to counter Pyongyang's threats.

President Yoon Suk-yeol enters the National Assembly hall in Yeouido, Tuesday, to deliver a speech explaining his administration's budget for next year. Seats are empty as the main opposition Democratic Party of Korea's lawmakers boycotted the speech. Joint Press Corps

Yoon delivered his speech in a half-empty National Assembly hall as the members of the DPK chose not to show up as part of their protest against the prosecution's ongoing investigations into allegations related to the party's leader.

One of Lee's key confidants was arrested last week on charges of receiving illegal political funds. The DPK claims that the investigations are a politically motivated persecution of the main opposition party, and demanded that Yoon apologize.

As Yoon snubbed the DPK's call, the party's lawmakers held a silent protest upon Yoon's arrival at the Assembly in Yeouido, Seoul, marking the first case since the beginning of South Korea's Constitutional government of the main opposition party boycotting the president's budget speech.

Lawmakers of the main opposition Democratic Party of Korea hold banners accusing President Yoon Suk-yeol of ignoring the National Assembly at the National Assembly in Yeouido, Seoul, Tuesday. Joint Press Corps

The lawmakers held banners calling for Yoon to apologize for disrespecting the Assembly, the persecution of the opposition party and his suspected use of foul language in reference to the DPK during his trip to New York last month.

DPK leaders also skipped a meeting held between the president, National Assembly speaker and leaders of each party, where Yoon said he hopes "our liberal democracy and constitutionalism should work well."

DPK floor leader Park Hong-keun said, "We boycott Yoon's speech amid his administration's madness, but we will thoroughly review the budget proposal to prevent any waste in taxpayers' money."

DPK spokesperson Oh Yeong-hwan said, "We will fight the Yoon government until the end for the sake of democracy and protection of the public's livelihood."

Oh added, "We cannot agree with the budget direction that Yoon proposed. While relocating the presidential office, Yoon has increased the economic pressure on the public, and responded to the public outcry by cutting the budget for local currencies and slashing public jobs for elderly citizens."

Ruling People Power Party floor leader Joo Ho-young said, "The DPK has left a very bad precedent of boycotting the president's administrative policy." He added, "The investigations on DPK Chairman Lee are about his own individual matters, not a problem of the DPK."