Sejong: The nominee to head the finance ministry on Wednesday vowed to make efforts to tame inflation while maintaining South Korea's economic momentum through the three megaprojects initiative.
According to Yonhap News Agency, Lee Hyoung-il, who was named the new finance minister Sunday, made the remark during his first meeting with the press as a nominee in the central city of Sejong, noting he will approach the issue with the mindset that prices of daily necessities serve as the government's "economic report card."
"High consumer prices are harsher on vulnerable groups," Lee said, noting the government will make its best efforts to tame inflation and stabilize prices of daily necessities. "Stabilizing consumer prices is the basis of the livelihood economy and the starting point for addressing economic disparity," he added. "We need to monitor the situation surrounding the war in the Middle East, and future oil prices will be a key factor in inflation. But if such issues are addressed, upward pressure on consumer prices will ease," Lee said.
The finance minister nominee added that the Lee Jae Myung administration has made progress in revitalizing the economy following the botched martial law declaration in 2024, noting that once he takes the post, he will continue efforts to maintain economic growth momentum. "The South Korean economy has swiftly emerged from the shock of martial law and is projected to post 3 percent economic growth this year, marking the first time in five years to reach that level," Lee said.
"Building on the achievements made so far, it is now time for us to take on new challenges toward building an irreplaceable Republic of Korea," Lee said, referring to South Korea's official name. "We will promptly implement the three megaprojects initiative to pave the way for major investment and create growth engines, while fostering provinces as new hubs of growth," Lee said. "We will also proactively invest in cutting-edge future technologies." The three megaprojects initiative aims at transforming the country's economy through investments in semiconductors, physical AI, and AI data centers.
The nominee also vowed to improve investment conditions for both domestic and foreign investors. "Ultimately, businesses need to make investments. In order for them to invest, we need to revitalize business activities, address challenges and ease regulations," Lee said when asked about the finance ministry's future stance on attracting foreign investment under his leadership.
Touching on real estate policies, the nominee said the finance ministry will maintain the government's stance that the country's approach to housing should focus on actual residence rather than investment. Lee also vowed to communicate frequently with relevant ministers and the presidential office to coordinate on key issues involving sharp differences among ministries that have caused significant ramifications.
Lee's nomination, meanwhile, needs to go through a National Assembly confirmation hearing process.