(LEAD) Finance minister nominee vows to tackle inflation, bolster economic recovery

Finance minister Lee Hyoung-il pledged to address inflation and support economic recovery during his confirmation hearing at the National Assembly in Seoul. The nominee highlighted South Korea's current position as the world's fourth-largest economy, facing a critical juncture due to the rapid growth of the artificial intelligence sector.

Lee noted that the surge in demand for AI services has sparked a semiconductor boom, while key economic indicators, such as exports and investment, have shown signs of improvement, signaling an economic resurgence. Despite reaching a per capita gross national income (GNI) above $40,000 this year, Lee emphasized the need to mitigate risks arising from global trade uncertainties and geopolitical tensions, including the ongoing conflict in the Middle East.

Addressing potential economic disparities, Lee committed to stabilizing consumer prices, particularly those of essential goods like groceries, agricultural and livestock products, as well as fuel. He also assured that the finance ministry would strive to secure Korea's inclusion in developed-market categories of international indices, such as Morgan Stanley Capital International's MSCI, and continue efforts to promote the internationalization of the Korean won.

This move aims to enhance the currency's liquidity, enabling it to be freely held, traded, and borrowed outside South Korea.

During the hearing, Lee addressed criticism over his residency status, clarifying that he had owned the apartment in Gwacheon, located south of Seoul, since 2009 and had lived there for a long time due to personal circumstances, despite initial doubts about speculation.