After what's been called the lowest voter in general election history the Grand National Party won 153-seats out of a total 299. The landslide victory has boosted the president's confidence to start implementing his vision for the government in the next five years.

In a meeting of senior secretaries on Thursday, President Lee and officials began hand-picking the policies they'd like to see introduced as early as this coming May's session of the National Assembly. Many of those measures are related to business regulations the administration would like revised to give more leeway to companies.

Among these initiatives are the easing of restrictions separating financial and industrial firms, removing the limit on the amount of shares one company can buy of another, providing more freedom for holding companies and privatizing the state-owned Korea Development Bank.

Other changes the administration believes are needed to help businesses are the lowering of corporate taxes and tax cuts on research and development funds.

Other areas of discussion at Thursday's meeting included skyrocketing consumer prices, food safety and English education.

With the liberal opposition United Democratic Party losing 55 of its previous 136 seats the ruling GNP is going to have an easier path forward than it did just a few days ago.

Arirang News