South Korea: Ex-budget chief tapped as finance minister

Seoul, June 29 (IANS) Koo Yun-cheol, nominated as the first finance minister under President Lee Jae Myung, of South Korea, is a veteran bureaucrat widely recognized for his expertise in fiscal policy and interagency coordination.

Over the past decades, the 60-year-old has held key posts at the Ministry of Economy and Finance, including director-general of fiscal performance, chief budget officer, and second vice minister.

Koo played a key role in driving the government's expansionary fiscal policies between 2017 and 2020, during his tenure as budget chief and later second vice finance minister.

In 2020, he led the formulation of the national budget, which exceeded 500 trillion won (US$367 billion) for the first time, and oversaw the drafting of the first and second supplementary budgets in response to the COVID-19 pandemic.

He has long been seen as a strong contender to spearhead the Lee administration's push for active fiscal engagement and structural economic transformation.

The Lee government has pledged to pursue "real growth," aiming to achieve 3 percent economic growth and establish South Korea as a global powerhouse in artificial intelligence (AI) and semiconductors, reported Yonhap news agency.

Koo has also recently emerged as a leading advocate for a national transition to AI, earning him the nickname "AI evangelist." He authored AI Korea, a policy proposal in which he emphasized the need for comprehensive government support for AI research, development and workforce training.

"As demonstrated in his publications, including AI Korea, Koo is the right person to chart a new path for Korea's growth, given his deep expertise in fiscal policy and comprehensive economic strategy," Presidential Chief of Staff Kang Hoon-sik said.

Koo studied economics and public administration at Seoul National University and has been teaching economics at his alma mater since August 2022.

--IANS

int/bpd/mr