Minister six times... 'Jinnyeom' who also served as Kia Motors chairman

Former Deputy Prime Minister Jin Nyeom

Former Deputy Prime Minister for Economic Affairs Jin Nyeom is being interviewed on the 9th at the Chosun Hotel in Jung-gu, Seoul. Photo by Jang Jin-hyung aymsdream@

[Asia Economy Reporter Joo Sang-don] The Ministry of Power Resources, Ministry of Labor, Planning and Budget Committee, Planning and Budget Office, Ministry of Finance and Economy. These are the government ministries led by former Deputy Prime Minister Jin Nyeom. Adding his tenure as Minister of Finance and Economy and Deputy Prime Minister, he served as a minister six times, a feat rarely achieved. It is hard to find anyone better suited to the nickname "a person whose profession is being a minister."

During middle school, he was so poor that he could not even bring a lunchbox and often satisfied his hunger with water. Naturally, he wished, "I hope our country becomes wealthy." Before graduating from Seoul National University’s Department of Economics, he passed the civil service exam at the age of 21 in 1962 and took his first step into the bureaucratic world as a clerk in the Planning Bureau of the Economic Planning Board the following year. Reflecting on this, he recalls, "I was happier entering the Planning Bureau of the Economic Planning Board than when I passed the civil service exam." Because it was a step closer to fulfilling his resolve to become a key player in revitalizing the Korean economy.

During his time as a clerk at the Economic Planning Board, his nickname was "Ddol-ddol-i" (Smart One). This nickname came from his fondness for research, investigation, and discussions while formulating Korea’s long-term economic development plans. Later, as the longest-serving Deputy Minister in the history of the Planning Board, he gained extensive experience there. He then served as Commissioner of the Korea Maritime and Port Administration, Deputy Minister of the Economic Planning Board, and was appointed Minister of Power Resources in 1991. During the labor law turmoil in 1996, the International Monetary Fund (IMF) foreign exchange crisis in 1997, and the unemployment crisis in the early 2000s, he served as Minister of Labor and Minister of Planning and Budget and Finance and Economy, leading government policies. Right after the IMF crisis, he served as chairman of Kia Motors Group without pay, participating in Kia’s recovery process. Later, in August 2001, he took office as Minister of Finance and Economy and Deputy Prime Minister, acting as the closing pitcher for the IMF crisis and leading Korea’s economic restructuring.

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