This file photo taken June 30, 2025, shows Finance Minister nominee Koo Yun-cheol. (Image courtesy of Yonhap)
SEOUL, July 15 (Korea Bizwire) – Finance minister nominee Koo Yun-cheol said Tuesday he will push for big investments in artificial intelligence (AI) and biohealth industries to help revitalize the South Korean economy currently in a “structural crisis.”
“The government will work to fundamentally strengthen the country’s job creation capacity by making big investments in AI and biohealth … and create new growth engines for the economy,” Koo said in a written response to lawmakers’ questions for his confirmation hearing, slated for Thursday.
South Korea must push for “technology-driven growth,” such as AI transformation and energy transition, while fostering “inclusive growth” by supporting small and medium-sized enterprises and startups, and promoting balanced regional development, he added.
“The Korean economy is facing a complex and structural crisis,” he explained, calling for structural reforms to fundamentally improve the economy’s resilience.
Regarding the effects of U.S. tariffs on the Korean economy, Koo said they will likely increase downward pressure on Seoul’s exports, adding he will do his “utmost” in trade negotiations with Washington if he becomes the finance minister.
“I will actively review possible measures to support companies suffering damage from high (U.S.) tariffs,” he said, noting that the measures, however, should be “prudently” considered as such incentives may fall under prohibited subsidies under the World Trade Organization’s rules.
On consumer prices, the nominee vowed measures to stabilize food prices, which have recently soared, and respond to possible volatility in energy prices amid geopolitical uncertainties across the world and climate change.
Koo said he will also work to advance the Korean financial market by fostering the growth of local industries and establishing a “fair” and “transparent” market order based on a stern response to unfair transactions.
“We will do our utmost to enhance corporate value by promoting a shift toward productive finance and establish a system in which corporate value is properly reflected in stock prices,” he emphasized.
(Yonhap)
