Finance minister nominee vows to tackle inflation, bolster economic recovery

SEOUL, Sept. 15 (Yonhap) -- Finance minister nominee Lee Hyoung-il pledged to address inflation and promote economic recovery during his confirmation hearing at the National Assembly in Seoul. The nominee highlighted that South Korea, the world's fourth-largest economy, is at a crucial juncture due to the surge in artificial intelligence (AI) services and the subsequent growth in the semiconductor industry.

Lee noted that key economic indicators, such as exports and investments, have been improving, indicating a promising recovery.

Despite this progress, Lee stressed that the nation must prepare for potential risks arising from fluctuations in the global trade environment and geopolitical tensions, like the conflict in the Middle East. He emphasized the need to bolster the country's resilience against such uncertainties.

During his tenure, Lee expressed his commitment to ensuring that the economic recovery yields tangible benefits for the people. He highlighted the importance of stabilizing consumer prices as the first step in tackling economic disparities. To achieve this, Lee pledged to alleviate the cost burden on groceries and work towards stabilizing the prices of agricultural, livestock, and fishery products, along with fuel.

Moreover, Lee vowed to maintain macroeconomic stability amidst potential volatility in the semiconductor industry cycle and fluctuations in global interest rates. He also announced the finance ministry's goal to secure South Korea's inclusion in the developed-market category of Morgan Stanley Capital International's (MSCI) indexes. Additionally, the finance ministry aims to advance the internationalization of the Korean won to enable it to be freely traded, held, and borrowed outside of South Korea.