Seoul: Finance minister nominee Koo Yun-cheol said Tuesday he will push for big investments in artificial intelligence (AI) and biohealth industries to help revitalize the South Korean economy currently in a "structural crisis."

According to Yonhap News Agency, Koo stated that the government will work to fundamentally strengthen the country's job creation capacity by making substantial investments in AI and biohealth. This initiative aims to create new growth engines for the economy. He emphasized the importance of "technology-driven growth," highlighting AI transformation and energy transition as critical areas. Koo also stressed the need for "inclusive growth," supporting small and medium-sized enterprises and startups while promoting balanced regional development.

Koo described the Korean economy as facing a "complex and structural crisis," urging for structural reforms to enhance the economy's resilience fundamentally. He pointed out the challenges posed by U.S. tariffs on the Korean economy, which are likely to exert downward pressure on Seoul's exports. Koo committed to doing his "utmost" in trade negotiations with Washington if confirmed as finance minister.

Koo also mentioned his intention to actively review possible measures to support companies affected by high U.S. tariffs. However, he noted that these measures should be "prudently" considered, as they could be categorized as prohibited subsidies under World Trade Organization rules.

On the matter of consumer prices, the nominee pledged to implement measures to stabilize food prices, which have recently surged. He also plans to address potential volatility in energy prices amid global geopolitical uncertainties and climate change.

In advancing the Korean financial market, Koo aims to foster the growth of local industries and establish a "fair" and "transparent" market order by taking a stern approach to unfair transactions. He asserted the government's commitment to enhancing corporate value by promoting a shift toward productive finance and ensuring that corporate value is accurately reflected in stock prices.