Park's economic team needs global mindedness
By Na Jeong-ju
Will President-elect Park Geun-hye be able to be a global-oriented leader like outgoing President Lee Myung-bak?
Park’s lineup of nominees for ministers and senior presidential secretaries provides a glimpse of how she will form her economic policies and tackle external challenges facing the Korean economy.
One big problem is that she has few aides who can advise her on continuing Lee’s efforts to increase Korea’s profile in global politics and economics, sources say.
“When Lee formed his economic control tower five years ago, he put priority on raising Korea’s international presence. Under the catchphrase of Global Korea, he selected economists who had global networks and expertise in international finance,” said one source who served in a minister-level post in the Lee administration. “That was largely based on Lee’s experience as a corporate CEO. However, Park’s international contacts were mostly related to politics.”
Lee’s first prime minister was Han Seung-soo, currently chairman of the Global Green Growth Institute. Lee is said to have thought highly of Han’s career in the United Nations, where he once represented Korea in global climate talks.
Lee also named Sakong Il, a veteran economist specialized in international finance and trade, as a key economic advisor and named Jun Kwang-woo, who was familiar with global trends in economics and finance, as the first top financial regulator. Jun is now president of the National Pension Service.
He chose Kim Choong-soo, who was a professor in international studies, as his first senior economic secretary. Kim is now governor of the Bank of Korea.
Lee’s economic lineup focused on raising Korea’s recognition in the global arena. They later played a significant role in Korea’s hosting of the Group of 20 meeting and mapping out Korea’s global strategies, including increasing economic aid to under-developed nations and representing the voices of emerging nations at international forums.
Such efforts have led to a rise in Korea’s global status, the source said.
In contrast, Park’s economic lineup appears to have emphasis on a domestic agenda.
Hyun Oh-seok, the nominee for the deputy prime minister for the economy and finance minister, and Cho Won-dong, who was appointed as senior presidential secretary for the economy, have little experience in international finance and trade. They have long been involved in planning and coordinating domestic economic policies, but there are questions as to whether they have what it takes to continue Korea’s global expansion.
Chung Hong-won, the nominee for prime minister, also has had few opportunities to communicate with foreigners because he spent most of his career as a prosecutor.
“One big difference between Lee’s and Park’s economic team is expertise in global affairs,” said another source who is currently chairman of a presidential committee. “Given Korea’s growing exposure to the world, it is quite disappointing that no experts in international affairs were included in Park’s economic lineup.”
The chairman advised Park to create a pool of experts who are familiar with global trends so that she can enhance understanding of how Korea can increase its international footprint further.