SEOUL - Choi Sang-mok, the nominee for South Korea's Finance Minister, emphasized innovation and deregulation as key strategies to stimulate economic growth amid ongoing external uncertainties and potential risks. Choi, previously the senior presidential secretary for economic affairs, outlined his vision during a press interaction on Tuesday.
According to Yonhap News Agency, Choi's approach aligns with the Yoon Suk Yeol government's economic policy, focusing on creating a "dynamic economy." He stressed the importance of continuous innovation, deregulation, nurturing science and technology, and structural reforms. Choi acknowledged South Korea's effective management of economic challenges, including stabilizing inflationary pressures and recovering exports. However, he recognized that potential risks still loom, and the recent economic turnaround has not been evenly distributed among the population.
Choi's immediate priority is stabilizing livelihoods by controlling prices and enhancing the recovery momentum. Despite signs of a gradual economic recovery, as evidenced by a rise in exports for two consecutive months, the Bank of Korea recently lowered its growth outlook for the next year. Additionally, the country is experiencing a gradual inflation slowdown, but consumer prices remain above 3 percent, with the government aiming to reach a 2 percent target by the end of next year.
The nominee highlighted the need for concerted efforts to reduce inflation expectations and implement structural reforms as part of the broader economic strategy.
SEOUL - Kang Jung-ai, the nominee for South Korea's new veterans minister, has expressed support for honoring late independence fighter Hong Beom-do for his contributions during Korea's resistance against Japanese colonial rule from 1910-45. This comes amidst a heated debate over Hong's affiliations with Soviet communist forces.According to Yonhap News Agency, Kang's statements on Tuesday, she recognizes General Hong Beom-do's significant efforts towards Korea's independence and believes he deserves recognition as an independence fighter. Her comments follow the defense ministry's controversial decision to relocate Hong's bust from the Korea Military Academy, citing his past collaboration with Soviet forces.
The plan to remove Hong's bust from the Military Academy, announced in August, has ignited intense debate. The opposition Democratic Party and supporters of independence fighters have strongly opposed the relocation. Hong, remembered for leading Korean independence forces and achieving key victories against Japanese troops in 1920, sought refuge in the Soviet Union in 1921 and was later relocated to Kazakhstan in 1937 under Joseph Stalin's policy. He died in Kazakhstan in 1943, two years before Korea's liberation. In 2021, his remains were repatriated to South Korea.
Kang, pending a parliamentary confirmation process that does not require National Assembly consent for appointment, withheld her opinion on the relocation of Hong's bust, noting ongoing discussions among relevant authorities.