Koo Yoon-chul, Director of the Office for Government Policy Coordination, "Separating the Ministry of Economy and Finance? Trying to weaken it might make it stronger"

Koo Yoon-chul, Director of the Office for Government Policy Coordination
Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Seon-hee] Koo Yoon-chul, Minister of the Office for Government Policy Coordination, said on the 11th regarding the Ministry of Economy and Finance's organizational reform plan, which aligns with Lee Jae-myung, the Democratic Party presidential candidate's proposal to 'separate the budget formulation function,' "If you try to reduce power like now (by separating the organization), it could actually become stronger."

Minister Koo made this remark during a meeting with reporters at the Government Complex Sejong in the afternoon. Candidate Lee argues that the Ministry of Economy and Finance has excessive authority over budget formulation and suggests detaching the related organization to place it under the Blue House or the Office for Government Policy Coordination.

Regarding this proposal, Minister Koo was cautious, saying, "Where the (budget organization) goes is not something I should comment on," but added, "The background of the (Ministry of Economy and Finance organizational reform) discussion seems to be that the Ministry has held strong power over budget authority, policy coordination authority, economic policy establishment authority, and the Deputy Prime Minister's organization, which has led to significant influence over other ministries."

He continued, "Even if the organization is divided, those functions do not disappear," and added, "If a more powerful ministry with coordination authority shows more consideration, understanding, and discussion toward others, such issues might be resolved."

Minister Koo also proposed establishing an organization in the next government to oversee South Korea's foreign economic cooperation and trade. He emphasized, "South Korea is not a developing country but an advanced country, so we need to develop global strategies from a broader perspective," and stressed, "We should integrate the Official Development Assistance (ODA) organization and, if necessary, create a single ministry to properly handle related strategies."

He said, "At this opportunity, by gathering the ODA organization, the Ministry of Economy and Finance's foreign economic cooperation, and the Ministry of Industry's trade functions, an organization for economic cooperation such as overseas export promotion and Free Trade Agreement (FTA) conclusion is needed," and added, "If the new government shares this awareness and creates such an organization, South Korea's exports will improve and expand overseas."

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