Former Top Economic Policymakers Urge Lee Administration to Accelerate Super-Innovation Economic Transformation

Koo Yuncheol: "Global Trade Risks Persist"
"Expanding Growth Potential Through Major AI Transformation"

Former leaders of South Korea's economic ministries gathered in one place and shared the perception that "the internal and external conditions facing the Korean economy are far from easy." They urged the Lee Jaemyung administration to accelerate its "super-innovation economic transformation" in order to rebound the country's potential growth rate.

According to the Ministry of Economy and Finance on September 16, Deputy Prime Minister and Minister of Economy and Finance Koo Yuncheol held a policy meeting with former deputy prime ministers and ministers of the economy at the Bankers Club in Seoul the previous afternoon, discussing solutions to enhance the growth potential of the Korean economy. This meeting was organized to mark the 100th day since the launch of the new administration, aiming to listen to the experiences and policy recommendations of former economic leaders and reflect them in future economic policy management.

The event was attended by former Deputy Prime Ministers for Economic Affairs Hong Jaehyung, Jeon Yuncheol, Kim Jinpyo, Hyun Oseok, Choi Kyunghwan, and Hong Namki; former Ministers of Finance Jeong Yeongui and Lee Yongman; former Ministers of Planning and Budget Kim Byeongil, Byun Yangkyun, and Jang Byungwan; and former Ministers of Economy and Finance Kang Mansoo and Yoon Jeunghyun. Key officials such as First Vice Minister Lee Hyungil and Second Vice Minister Lim Kigeun of the Ministry of Economy and Finance were also present.

At the meeting, Deputy Prime Minister Koo stated, "Although the recent sluggish economic trend is showing some signs of reversal, global trade risks persist," and added, "In particular, it is urgent to strengthen the growth potential of our economy through structural transformation, such as the major transition to artificial intelligence (AI)." It was reported that, in addition to his prepared remarks, Deputy Prime Minister Koo provided further explanations on trade issues and specific aspects of the AI transition.

Deputy Prime Minister and Minister of Economy and Finance Koo Yuncheol is delivering a greeting at the "Former Deputy Prime Ministers and Ministers of Economy Policy Meeting" held on the afternoon of the 15th at the Bankers Club in Jung-gu, Seoul. (Provided by the Ministry of Economy and Finance)

In response, the former deputy prime ministers and ministers unanimously emphasized that it is essential to achieve success stories in the field of AI transformation, with Deputy Prime Minister Koo at the center. They also repeatedly stressed that "maximizing the national interest" should be the top priority amid changes in the global trade order and external negotiations.

In particular, they highlighted the need for the Ministry of Economy and Finance to play an active role in protecting Korea's economic interests in trade negotiations with the United States and in securing stable access to global supply chains for scarce resources.

Additionally, it was shared that communication and persuasion with all sectors of society-including the National Assembly, the media, and civic groups-are crucial in the process of implementing policies. They agreed that efforts to share the necessity and effectiveness of economic policies with the public are essential for policy success.

Deputy Prime Minister Koo stated, "Based on the recommendations discussed by former economic leaders today, we will strengthen our policy efforts to ensure the sustainable growth of our economy," and added, "We will prepare for a new leap forward for the Korean economy through AI transformation and structural reform."