Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
President names new finance, land ministers in Cabinet shake-up
Clockwise from top left are Choi Sang-mok, finance minister and deputy prime minister nominee; Kang Jung-ai, nominee for minister of Patriots and Veterans Affairs; Song Mi-ryung, nominee for minister of Agriculture, Food and Rural Affairs; Oh Young-ju, nominee for minister of SMEs and Startups; Kang Do-hyung, nominee for minister of Oceans and Fisheries and Park Sang-Woo, nominee for minister of Land, Infrastructure and Transport. Yonhap
By Lee Hyo-jin
Major reshuffle takes place ahead of general elections
President Yoon Suk Yeol carried out a major Cabinet reshuffle, Monday, replacing six ministers, including the finance and land ministers, ahead of general elections slated for April next year.
The rearrangements have allowed outgoing ministers to run in parliamentary elections using their increased profile to support the ruling People Power Party (PPP), as the conservative party gears up for a fierce competition with the majority-holding main opposition Democratic Party of Korea (DPK).
According to the presidential office, Choi Sang-mok, former senior presidential secretary for economic affairs, was nominated as the new finance minister and deputy prime minister, a post currently held by Choo Kyung-ho.
Choi, 60, is a career financial bureaucrat who served as the vice finance minister during the former Park Geun-hye administration. He headed the economy division at Yoon's presidential transition committee.
"The nominee has gone through key positions such as vice finance minister, and he is a top expert with in-depth knowledge and insight into the overall economy, including macrofinance," presidential chief of staff Kim Dae-ki said during a briefing.
"With a primary focus on issues such as inflation and employment, he is expected to address ongoing concerns about the people's livelihood and achieve fundamental improvements in the structure of our economy," Kim added.
Land, Infrastructure and Transport Minister Won Hee-ryong will be replaced by Park Sang-Woo, 62, former CEO of state-run housing developer, Korea Land and Housing Corp (LH).
Kang Jung-ai, former president of Sookmyung Women's University, was tapped as the minister of Patriots and Veterans Affairs. The 66-year-old is the daughter of a Korean War Veteran and has a keen interest in veterans' policies, according to the presidential office.
Second Vice Foreign Minister Oh Young-ju has been tapped as the nominee for the minister of small and medium-sized enterprises (SMEs) and startups, succeeding Lee Young. Oh, a career diplomat, has supported domestic small and medium-sized companies with their overseas expansions while she was the ambassador to Vietnam.
Yoon also tapped Song Mi-ryung, 56, former vice president of the Korea Rural Economic Institute, for the position of agriculture minister.
Kang Do-hyung, president of the Korea Institute of Ocean Science and Technology, has been nominated as the new minister of Oceans and Fisheries. Born in 1970, he is the youngest among the six nominees announced on Monday.
The nominees will undergo confirmation hearings at the National Assembly, the dates of which have yet to be set.
Among the six newly nominated ministers, three were women, in what is viewed as Yoon's effort to increase the ratio of women in his Cabinet following criticism over a lack of female representation.
Ministerial nominees stand at a briefing room at the presidential office in Yongsan, Seoul, Monday. Newsis
In addition, the large-scale shakeup is also seen as a move to tighten Yoon's grip on state affairs in the upcoming third year of his presidency after his leadership was tested by Korea's devastating failure in a bid to host the 2030 World Expo.
Meanwhile, the latest reshuffle did not include Justice Minister Han Dong-hoon, who has been enjoying heightened political popularity for his outspoken rhetoric during verbal battles with opposition lawmakers. Although he has remained discreet about his political ambitions, it is widely speculated that the prosecutor-turned-minister may run for the general elections.
Considering that a government official who wishes to run in the elections must resign from his or her post at least 60 days in advance, Yoon may decide to replace Han in the coming weeks.
In addition, Monday's reshuffle did not include a new nominee for minister of gender equality and family. The post is currently held by Minister Kim Hyun-sook, who offered to resign in September to take responsibility for the World Scout Jamboree fiasco.
That month, the president appointed Kim Haeng, a former spokesperson for ex-President Park Geun-hye, but the nominee withdrew from consideration in October over a slew of controversies. As such, Kim continues to serve as the minister, as Yoon has yet to accept her resignation.