Seoul: Koo Yun-cheol, nominated as the first finance minister under President Lee Jae Myung, vowed Sunday to carry out an "economic revolution" focused on fostering new growth engines such as artificial intelligence (AI). "I will push forward a bold economic revolution for genuine growth," Koo told reporters shortly after his nomination, citing external risks as global tariff wars and technological hegemony, as well as internal structural challenges like low growth and polarization.

According to Yonhap News Agency, Koo emphasized that the revolution must span all sectors, with urgent reforms needed in the economic sphere. Elaborating on his vision, Koo stated his core philosophy is to manage the country's economy akin to a corporation, where the real shareholders are the citizens of the Republic of Korea.

Koo underscored the importance of investing in new growth engines, including AI, pledging to create an inclusive system where all citizens can participate in and benefit from national economic development. "I will strive to build a virtuous cycle of national development and public happiness," he declared.

Addressing the nation's fiscal deficit concerns, Koo advocated for policies aimed at expanding the economy to naturally increase tax revenue. He highlighted the necessity of growing the economic pie to ensure more tax revenue without increasing the deficit.

Concerns over fiscal soundness have intensified recently as national debt rises, with the government's proposed second supplementary budget of 20.2 trillion won (US$14.7 billion) sparking fears of a third consecutive year of tax revenue shortfalls. Koo stressed that budget and fiscal policies should be evaluated based on their outcomes.

The 60-year-old nominee is a seasoned economic policymaker, having served in key roles at the Ministry of Economy and Finance. His previous positions include director general of fiscal performance, chief budget officer, and second vice minister. Koo notably contributed to the government's expansionary fiscal policies between 2017 and 2020 during his tenure as budget chief and later as second vice finance minister.