Finance minister nominee vows to tame inflation, maintain economic momentum

Sejong, South Korea, September 2 - The individual chosen to lead the South Korean finance ministry expressed his commitment to controlling inflation and preserving the country's economic momentum through the "three megaprojects" initiative in his inaugural press conference as a nominee in Sejong.

Lee Hyoung-il, who was officially appointed finance minister on Sunday, emphasized that he would tackle the issue with the belief that prices of essential goods serve as the government's economic indicator. High consumer prices disproportionately affect disadvantaged groups, and the government will make every effort to stabilize them, Lee stated. He noted that stabilizing consumer prices is the foundation of a viable economy and the beginning point for addressing economic inequality.

Lee acknowledged the need to monitor the situation surrounding the ongoing conflict in the Middle East, as future oil prices will be a crucial factor in inflation. However, he believes that addressing these issues will alleviate upward pressure on consumer prices. The finance minister nominee also highlighted the South Korean government's progress in reviving the economy following the controversial martial law declaration in 2024, predicting that the nation will achieve a 3% economic growth rate this year, marking the first time in five years to reach that milestone.

Building upon these achievements, Lee expressed his intention to tackle new challenges in establishing an indispensable Republic of Korea. He announced plans to promptly implement the three megaprojects initiative, which focuses on investments in semiconductors, physical AI, and AI data centers. These projects aim to fuel major investments and create growth engines, while also fostering provinces as new centers of growth.

Additionally, Lee pledged to improve investment conditions for both domestic and foreign investors. He emphasized the importance of businesses making investments, and in order for them to do so, the government must revitalize business activities, address challenges, and ease regulations. Regarding foreign investment, Lee stated that his finance ministry will aim to enhance conditions for attracting both domestic and foreign businesses.

Lastly, Lee touched on real estate policies, reaffirming the government's stance that South Korea's approach to housing should prioritize actual residence over investment. He also vowed to communicate frequently with relevant ministers and the presidential office to coordinate on key issues involving significant differences among ministries that have caused considerable consequences. Lee's nomination will, however, undergo a National Assembly confirmation hearing process.