Finance minister nominee vows to tackle inflation, bolster economic recovery
Summary
Finance minister nominee Lee Hyoung-il vowed on Tuesday to tackle inflation and support economic recovery during his confirmation hearing at the National Assembly in Seoul. He said Asia’s No. 4 economy is at a critical juncture amid the AI boom and improving exports and investment. Lee also said he would ease grocery costs, stabilize farm, livestock, fishery and fuel prices, and keep macroeconomic stability amid semiconductor and global interest-rate volatility.
Key Facts
- Lee said the country is on course to achieve per capita gross national income of over US$40,000 this year.
- He said the finance ministry will seek South Korea’s inclusion in Morgan Stanley Capital International’s developed-market category indexes.
- Lee said the internationalization of the Korean won will continue so the currency can be freely held, traded and borrowed outside Korea.
- He apologized for public criticism over living in his Gwacheon apartment for only four months over the past 17 years after buying it in 2009.
- Lee said the apartment purchase was not speculation and said he wanted to live there but could not do so because of his circumstances.
Finance minister nominee Lee Hyoung-il speaks during a confirmation hearing at the National Assembly in Seoul, Tuesday. Yonhap
Finance minister nominee Lee Hyoung-il on Tuesday vowed to tackle inflation and bolster economic recovery once he takes office.
Lee made the remarks during his confirmation hearing at the National Assembly in Seoul, saying Asia's No. 4 economy currently stands at a critical juncture amid the artificial intelligence (AI) boom.
"Growing demand for AI services has led to a semiconductor boom, while major economic indicators, including exports and investment, have been improving, providing clearer signs of an economic recovery," Lee told lawmakers.
The nominee said that while the country is on course to achieve per capita gross national income (GNI) of over US$40,000 this year, it must address potential risks stemming from uncertainties in the global trade environment.
"We need to build the capacity to remain resilient against uncertainties in the global trade order, as well as geopolitical threats such as the war in the Middle East," Lee said.
Lee said that once he takes office, he will prioritize efforts to ensure the economic recovery translates into better livelihoods, noting that stabilizing consumer prices is the first step toward addressing economic disparities.
"I will ease the burden of grocery costs and seek to stabilize the prices of agricultural, livestock and fishery products, as well as fuel," he said.
Lee also vowed to maintain macroeconomic stability amid potential volatility in the semiconductor industry cycle and global interest rates.
The finance ministry will additionally seek the country's inclusion in the developed-market category of Morgan Stanley Capital International's (MSCI) indexes and continue efforts to promote the internationalization of the Korean won.
The internationalization of the won aims to enable the currency to be freely held, traded and borrowed outside Korea.
During the hearing, Lee said he was sorry about public criticism that he had lived for only four months over the past 17 years in his apartment in Gwacheon, just south of Seoul, which he purchased in 2009.
The controversy came amid the government's recent push to revamp housing policy to prioritize actual residency over ownership.
"I have owned only that apartment for a long time, and I wanted to live there but could not do so because of my circumstances," Lee said, claiming that the purchase was not speculation.
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