Finance minister vows efforts to tame inflation, boost growth

Finance Minister Lee Hyoung-il has pledged to tackle inflation and stimulate economic growth through key government-led projects, including three megaprojects. During a parliamentary audit, the minister emphasized that his priorities center on enhancing citizens' well-being and reducing economic inequality. He reiterated the finance ministry's commitment to maintaining stable consumer prices, which form the basis of people's livelihoods, particularly focusing on stabilizing the costs of essential items like fuel and food.

Lee also promised stern measures against market-distorting activities and efforts to ease financial burdens on vulnerable groups. Other significant policy objectives for the finance ministry include expanding affordable housing, creating employment opportunities, and providing financial services for low-income households. The government will proceed with the three-megaproject initiative, which aims to bolster the semiconductor and artificial intelligence (AI) industries, alongside other measures to improve the business environment and boost the nation's growth prospects.

Regarding South Korea's investment commitments under a memorandum of understanding, Lee stated that the government will evaluate commercial viability and strategic interests before proceeding. He also mentioned that South Korea will continue working to address global uncertainties, such as those arising from the conflict in the Middle East and the monetary policies of major countries.

The finance ministry is committed to steadily implementing its roadmap to transition the Korean won from a regulated currency to a freely convertible one, and will strive to reduce barriers to foreign investment in the securities market.