Who Are the Economic Experts?

[Asia Economy Reporter Kang Nahum] There is growing interest in former economic and financial professionals who ran as candidates for the 21st general election under the Democratic Party of Korea and succeeded in entering the National Assembly. With a significant decrease in the number of elected economic professionals compared to the previous general election, it is expected that their influence in the party-level economic policy formulation will increase.

Lee Yong-woo, Democratic Party of Korea candidate for Goyang-jeong./Photo by Yoon Dong-joo doso7@

Among the ruling party's elected members of the 21st National Assembly with economic backgrounds, the election of Lee Yong-woo, former co-CEO of Kakao Bank, stands out. He defeated Kim Hyun-ah, the United Future Party candidate, in Goyang Jeong, Gyeonggi Province. After joining Hyundai Economic Research Institute in 1992, he handled strategic planning and mergers and acquisitions at Hyundai Motor Company within the Hyundai Group, and also served as CIO (Chief Investment Officer) at Korea Investment Asset Management. He is particularly well known as an innovative financial expert who turned the internet bank Kakao Bank profitable within two years of its launch. He made headlines by giving up stock options worth about 5 billion KRW in Kakao Bank to enter politics.

In Sejong Gap, Hong Sung-guk, president of Mirae Asset Daewoo, was elected. An expert in the securities field, he joined Daewoo Securities in 1986 and held positions such as head of the Research Center, head of the Wholesale Business Division, head of the Future Planning Research Institute, and Research Center director, before becoming president of Daewoo Securities in 2014. After Daewoo Securities was acquired by Mirae Asset in 2016, he served as president of Mirae Asset Daewoo until November of that year. In February, he was also appointed as the Democratic Party's economic spokesperson.

[Image source=Yonhap News]

Hong Jeong-min, a lawyer and former senior researcher at Samsung Economic Research Institute, is also classified as an economic expert. He defeated Kim Young-hwan, the United Future Party candidate, in Goyang Byeong, Gyeonggi Province, and entered the 21st National Assembly. He earned both bachelor's and master's degrees in economics from Seoul National University, then worked at Samsung Fire & Marine Insurance for four years. He passed the bar exam through self-study in 2008 and earned a Ph.D. in applied econometrics and financial economics from Seoul National University in 2011. Since 2014, he has worked as a senior researcher at Samsung Economic Research Institute, leveraging his expertise in economics and law, and has twice received the institute's 'Top Research Award.'

In Gwangju Seo-gu Eul, Yang Hyang-ja, a former Samsung Electronics executive known as the 'high school graduate legend,' defeated six-term Minsheng Party candidate Chun Jung-bae. Yang was hired by Samsung Electronics while attending Gwangju Girls' Commercial High School and was promoted to executive director. She was recruited ahead of the 20th general election but entered the 21st National Assembly after a previous defeat.

[Image source=Yonhap News]

In the Democratic Party's proportional representation party, the Together Citizens' Party, the election of figures from the small and medium-sized enterprises, venture, and small business sectors is prominent. Kim Kyung-man, former head of the Economic Policy Division at the Korea Federation of SMEs, was elected as number 2 on the proportional list, and Lee Dong-joo, former vice chairman of the Korea Federation of Small and Medium Business Owners, entered Yeouido as number 4 on the proportional list.

There are also incumbent lawmakers who have succeeded in multiple terms as 'economic experts.' Representative Kim Jin-pyo, who won his fifth term, is a prime example. He served as Deputy Prime Minister for Economic Affairs during the Roh Moo-hyun administration and currently oversees the ruling party's economic policies as head of the Emergency Economic Measures Headquarters. Kim Young-joo, an expert in labor issues who served as Minister of Employment and Labor, also secured his fourth term.

This content was produced with the assistance of AI translation services.