Finance minister vows efforts to tame inflation, boost growth
Summary
Finance Minister Lee Hyoung-il vowed Tuesday at the National Assembly to tame inflation and boost economic growth. He said the government will stabilize prices of necessities, support vulnerable households, expand public housing and strengthen jobs and financial services. Lee also backed semiconductor and artificial intelligence megaprojects and said Korea would assess the commercial viability of its US investment commitments. He pledged to advance won convertibility and reduce barriers to foreign investment.
Key Facts
- Lee Hyoung-il said the finance ministry will focus on stabilizing fuel and food prices and take action against activities that disrupt market prices.
- The ministry’s policy goals include expanding public housing, improving employment and strengthening financial services for low-income households.
- The government’s three-megaproject initiative includes developing the semiconductor and artificial intelligence industries.
- Lee said Korea will consider commercial viability and strategic interests when implementing investment commitments under its memorandum of understanding with the United States.
- Lee said the government will continue implementing its roadmap to transition the Korean won from a regulated currency to a freely convertible one.
Finance Minister Lee Hyoung-il attends a parliamentary audit by the finance, economy, planning and budget committee at the National Assembly in Seoul, Tuesday. Yonhap
Finance Minister Lee Hyoung-il on Tuesday vowed to focus on taming inflation to ease the cost-of-living burden while boosting economic growth through major government-led initiatives, including the three megaprojects.
Lee made the remarks during a parliamentary audit by the finance, economy, planning and budget committee at the National Assembly, stressing his priorities are aimed at improving people's livelihoods and addressing economic disparities.
It was Lee's first parliamentary audit session since taking office last month.
"We will maintain consumer price stability, which is the foundation of people's livelihoods," the policymaker said.
Lee added the finance ministry will focus particularly on stabilizing the prices of everyday necessities, such as fuel and food.
"We will take stern action against irregular activities disrupting market prices and make efforts to ease the financial burdens on vulnerable groups," Lee said.
Other major policy goals of the finance ministry include housing, jobs and financial services for low-income households, Lee said. He noted the government will continue efforts to expand the supply of public housing to foster a housing market centered on residential needs rather than speculation.
Lee added the finance ministry will support the government's three-megaproject initiative centered on developing the semiconductor and artificial intelligence (AI) industries, alongside other efforts to improve the business environment and strengthen the country's growth potential.
Touching on Korea's investment commitments under a memorandum of understanding in which Seoul pledged to invest in the United States in return for lower tariffs on Korean goods, Lee said the government will consider commercial viability and strategic interests.
Lee added Korea will continue efforts to address global uncertainties, including those stemming from the war in the Middle East and the monetary policies of major countries.
"The government will steadily implement its roadmap to transition the Korean won from a regulated currency to a freely convertible one," Lee said, noting Korea will make efforts to lower barriers to foreign investment in the securities market as well.
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