Presidential frontrunner and former Democratic Party (DP) leader Lee Jae-myung on Monday pledged to eliminate the “Korea Discount” and raise South Korea’s benchmark stock index to 5,000, unveiling a set of capital market reforms aimed at boosting investor confidence. In a social media post, Lee proposed wide-ranging reforms aimed at boosting investor confidence, including tighter enforcement of fair trading rules, improved corporate governance standards and regulatory support for foreign capital inflows. He also promised to overhaul shareholder voting rules, curb short-term profiteering and introduce a “one-strike-out” system to bar individuals found guilty of stock manipulation from reentering the market.

Lee also called for stronger protections for minority shareholders, mandatory cancellation of treasury shares and measures to improve the foreign investment environment to support South Korea’s inclusion in the MSCI Developed Markets Index. While he did not elaborate how he would uphold his pledge, Lee said his government would present a detailed mid- to long-term industrial growth strategy if he becomes South Korea’s next president.