Deputy Prime Minister and Minister of Economy Lee Hyung-il stated that he will focus on stabilizing people's livelihoods, securing new growth engines, and enhancing external capabilities to connect the economic recovery driven by the semiconductor boom to sustainable growth.
During his opening remarks at the National Assembly's Finance and Economy Committee confirmation hearing on the 15th, he said, "Rather than resting on our current opportunities, we must prepare for future threats."
He assessed that key economic indicators, such as exports and investments, are improving due to the increased demand for semiconductors. He added, "Consumption and employment are also expected to improve over time, making a 3% growth this year visible, and per capita national income is projected to rise to $40,000."
Lee emphasized the need to enhance existing industries and discover new growth engines based on the policy capacity secured. He explained that it is essential to address structural issues such as polarization among industries, regions, and generations while responding to uncertainties in the global trade order and geopolitical threats like the Middle East conflict.
Regarding his economic philosophy, he stated, "I believe in upholding the principles of a market economy that respects creativity and vitality while ensuring that the government plays an active role in protecting the socially vulnerable and stabilizing people's livelihoods."
As a priority task, he proposed measures to spread the benefits of economic recovery across all sectors of society. He noted, "Price stability is fundamental to the livelihood economy and the starting point for resolving polarization," and pledged to work on stabilizing prices for agricultural products and oil. He plans to improve distribution structures in the medium to long term to alleviate structural factors contributing to price increases.
He also stated that he would concentrate policy efforts on expanding job opportunities and income bases. This includes strengthening regional industrial and investment foundations, improving the dual structure of the labor market, and providing robust support to sectors facing difficulties, such as youth, small businesses, and medium-sized enterprises.
Lee emphasized, "I will strive to broaden mobility and opportunities across society to prevent disparities from becoming entrenched in life outcomes."
He identified macroeconomic stability and securing growth engines as major tasks. He plans to monitor potential risk factors such as the semiconductor market, global interest rates, and capital flows to prevent increased market volatility and support the economic recovery.
He announced plans to complete three ongoing mega-projects and seven advanced technologies, including future clean energy, aerospace, and advanced biotechnology, to create new growth opportunities. He also aims to foster high-value-added service industries, including content, food, tourism, and mobility, while supporting businesses through regulatory innovation and addressing on-site challenges.
In terms of foreign policy, he stated that efforts will continue to pursue inclusion in the Morgan Stanley Capital International (MSCI) developed markets index following the World Government Bond Index (WGBI) membership and to promote the internationalization of the won.
He emphasized that securing supply chains has become a matter of survival amid heightened geopolitical risks, advocating for increased stockpiling and securing alternative import sources. He also pledged to manage external credibility to ensure that global credit rating agencies view South Korea as an attractive investment destination.
Lee concluded, "I will work to ensure that our economic team takes responsibility for policy decisions that meet the needs of the public, going beyond inter-departmental understanding, and will ensure that policies operate effectively in the field."
* This article has been translated by AI.
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