Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
President replaces economic advisers amid sluggish economy
President Moon Jae-in named Fair Trade Commission (FTC) Chairman Kim Sang-jo, left, as his new senior secretary for policy, and First Vice Finance Minister Lee Ho-seung, right, as his new senior secretary for economic affairs. / Yonhap
By Yi Whan-woo
By Yi Whan-woo
President Moon Jae-in named Fair Trade Commission (FTC) Chairman Kim Sang-jo as the new senior presidential secretary for policy, Cheong Wa Dae said Friday.
It also said First Vice Finance Minister Lee Ho-seung was named as the new senior presidential secretary for economic affairs.
Kim Sang-jo replaces Kim Soo-hyun and Lee replaces Yoon Jong-won, both of whom have served in the positions for less than a year.
Moon's new picks for Cheong Wa Dae's top two economic advisers comes amid a prolonged sluggish economy, which has elevated concerns over the effectiveness of Moon's signature income-led growth strategy ahead of the general elections next year.
Kim Sang-jo, an outspoken critic of family-run conglomerates, is the architect of Moon's economic and business reform initiatives.
Cheong Wa Dae said Kim is expected to carry out his “historical mission” successfully.
“Mr. Kim, as the first FTC chairman under the current government, has contributed to materializing a fair economy, one of the key economic initiatives,” presidential spokeswoman Ko Min-jung said.
She called Kim “a well-rounded player,” referring to his career as a scholar and civic activist.
“We expect Mr. Kim, by capitalizing on his expertise in social affairs, welfare, education and others, will revitalize the corporate economy and the livelihood of the people and fulfill his historical mission successfully,” Ko said.
Ko said Lee Ho-seung, a career bureaucrat, is expected to help speed up the three key economic strategies driven by income growth, innovation and fair competition and also cope with the rapidly changing global economy.
A former professor at Hansung University, Kim also took part in a reform campaign for the chaebol-driven economy before he was appointed as the Moon administration's first FTC chairman in June 2017.
Lee served as the first vice finance minister starting in December 2018. He has developed his career as an economic policy maker after passing a senior-level civil servant entrance exam in 1988.