Seoul: Finance minister nominee Lee Hyoung-il on Tuesday vowed to tackle inflation and bolster economic recovery once he takes office. Lee made the remarks during his confirmation hearing at the National Assembly in Seoul, saying Asia's No. 4 economy currently stands at a critical juncture amid the artificial intelligence (AI) boom.
According to Yonhap News Agency, Lee highlighted the growing demand for AI services that has led to a semiconductor boom, with major economic indicators, including exports and investment, showing improvement. These developments provide clearer signs of an economic recovery, he told lawmakers.
The nominee emphasized the importance of addressing potential risks from uncertainties in the global trade environment, even as the country is on course to achieve a per capita gross national income (GNI) of over US$40,000 this year. "We need to build the capacity to remain resilient against uncertainties in the global trade order, as well as geopolitical threats such as the war in the Middle East," Lee stated.
Once in office, Lee intends to prioritize efforts to ensure the economic recovery translates into better livelihoods. He underscored that stabilizing consumer prices is crucial for addressing economic disparities, mentioning the need to ease grocery costs and stabilize prices of agricultural, livestock, and fishery products, along with fuel.
Lee also pledged to maintain macroeconomic stability amid potential volatility in the semiconductor industry cycle and global interest rates. Additionally, the finance ministry will seek the country's inclusion in the developed-market category of Morgan Stanley Capital International's (MSCI) indexes and continue efforts to promote the internationalization of the Korean won. This move aims to enable the currency to be freely held, traded, and borrowed outside South Korea.