Choo Kyung-ho: "We Will Break the Low Growth Cycle Through Private Sector-Led Economic Management"

Choo Kyung-ho, Nominee for Deputy Prime Minister of Economy, Opening Remarks at National Assembly Confirmation Hearing
"Swift Measures to Ease Inflationary Pressure and Stabilize Livelihoods"

Deputy Prime Minister and Minister of Economy and Finance nominee Choo Kyung-ho appeared at the confirmation hearing held at the National Assembly on the 2nd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Kwon Haeyoung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 2nd, "We will revitalize the economy through a private sector-, market-, and enterprise-centered economic operation to break the cycle of low growth."

In his opening remarks at the confirmation hearing held at the National Assembly on the same day, nominee Choo stated, "Through bold regulatory reforms, we will create an environment where our companies can flourish with creative and innovative management activities and freely demonstrate their capabilities on the global stage."

He added, "By improving the overall economic structure including public, labor, and education sectors, we will lead the expansion of private investment and productivity enhancement," and said, "Through this, we will establish an advanced economic structure that creates quality jobs."

He also emphasized his commitment to fostering future growth engines. Nominee Choo said, "In preparation for the 4th Industrial Revolution, we will secure a super-gap in current advanced industries such as semiconductors and secondary batteries," and added, "We will nurture new industries such as artificial intelligence, bio, and energy as core strategic industries that will establish themselves as the future growth engines of our economy."

Regarding the difficult economic situation caused by recent issues such as the Ukraine crisis and high inflation, he stressed, "We will prioritize stabilizing people’s livelihoods."

Nominee Choo stated, "We will fully compensate small business owners and self-employed individuals for losses caused by COVID-19," and said, "We will actively support complete recovery and a new leap forward through tax and financial support, as well as measures to strengthen competitiveness." He added, "We will promptly prepare comprehensive livelihood stabilization measures to alleviate inflationary pressures caused by high oil prices and reduce the burden on low-income and vulnerable groups."

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