Seoul: President Lee Jae Myung has nominated Vice Finance Minister Lee Hyoung-il as the new finance minister and appointed five other individuals as new ministers in a significant Cabinet reshuffle, a presidential official announced Sunday.
According to Yonhap News Agency, the presidential chief of staff Kang Hoon-sik revealed the reshuffle during a press briefing. The nominations include former deputy commander of the South Korea-U.S. Combined Forces Command Kang Shin-chul as the new defense minister. Other appointments include Vice Land Minister Hong Jee-sun as the new land minister, Rep. Kim Seung-won of the ruling Democratic Party (DP) as the new justice minister, Rep. Yong Hye-in from the minor Basic Income Party as the new gender equality minister, and DP Rep. Lee So-young as the minister for small and medium-sized enterprises.
In addition, Lee Won-ju, a senior official at the environment ministry, has been nominated as the presidential aide for the "megaproject" initiative, a newly created position. This initiative, introduced in late June, aims to collaborate with tech conglomerates to promote significant investments in semiconductor production and AI-related facilities, with an emphasis on regional development.
This Cabinet reshuffle is the first major one since President Lee assumed office in June last year. It comes at a time when his approval rating has hit a record low, fueled by rising concerns over escalating housing prices and stock market instability. Kang characterized the reshuffle as a move to bring in leaders with "dynamism and expertise" who are expected to bring about tangible changes and propel the nation forward.
The nominated ministers are set to undergo confirmation hearings in the National Assembly. As part of the reshuffle, former South Gyeongsang Governor Kim Kyoung-soo has been chosen as Lee's special aide for political affairs, while Rep. Lee Hai-min of the minor Rebuilding Korea Party has been tapped as the presidential secretary for AI policy and future planning.
President Lee has urged officials to revitalize growth and innovation in future industries like AI, aiming for tangible policy outcomes. The new finance minister is expected to address economic polarization and foster stable growth, while the defense minister will focus on enhancing self-sufficient defense capabilities in alignment with the United States. The justice minister nominee is tasked with implementing the new criminal justice system and prioritizing the protection of crime victims' rights.