South Korean President Moon Jae-in picked a long-time public official as minister of finance as he named key advisers and Cabinet posts yesterday.
Moon nominated Ajou University president Kim Dong-yeon as minister of finance and deputy prime minister.
Kim, a former South Korean deputy finance minister and chief at the office for government policy coordination, is an economics expert who is well respected in political circles, academia and industry, the presidential office said in a statement.
Kim is to take a leading role in Moon’s Cabinet as it seeks to move South Korea forward following the impeachment of former president Park Geun-hye. Kim will have to tackle challenges including rising household debt, jobless young people and weak consumption.
He also faces risks related to North Korea, US trade protectionism and the prospect of further interest-rate increases by the US Federal Reserve.
Moon appointed Korea University professor Jang Ha-sung for the new position of chief of staff for policy. Jang, who has done extensive research on inequality and corporate governance, is expected to work on policies to reform family-run conglomerates known as chaebol, according to the statement.
The president named Kang Kyung-wha as minister of foreign affairs.
If approved, Kang would be the first female chief in the ministry’s almost 70-year history, as Moon seeks to fulfill a campaign pledge to seek gender equality in his Cabinet appointments.
For the role of national security adviser, Moon nominated former South Korean ambassador to Geneva Chung Eui-yong.
Chung would use his diplomatic skills to tackle issues including North Korea’s nuclear development, the US missile shield recently deployed on South Korean soil, and free-trade agreements, Moon said at a news conference.
Moon said that Kim, who grew up in the country’s poorest area and rose through the ranks of the country’s senior economic posts, is a person who can sympathize with the South Korean public’s woes.
South Korea’s household debt jumped almost 12 percent to 1,344 trillion won (US$1.2 trillion) last year, while the jobless rate for people aged 15 to 29 exceeded 11 percent last month.
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