Inaugural Address

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Chu Kyung-ho, the newly appointed Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said on the 11th, "Our economy is currently in a very critical situation," and added, "While prioritizing price stability and the stabilization of people’s livelihoods, let us make every effort to manage macroeconomic risks thoroughly."

Deputy Prime Minister Chu held an inauguration ceremony at the Government Complex Sejong in the afternoon and said in his inaugural address, "The new government’s economic team does not even have the luxury to regroup," and "We must start immediately with an extraordinary determination." He continued, "To this end, we will establish and immediately activate an 'Emergency Economic Response Task Force (TF)' within the Ministry of Economy and Finance," adding, "The TF will monitor the overall economic situation in real time, including the real economy as well as financial and foreign exchange markets, and manage it without any gaps by preparing preemptive countermeasures."

He also emphasized, "Let us revive the dynamism of our economy centered on the private sector, markets, and enterprises to break the cycle of low growth," and said, "Through bold regulatory innovation, we will remove the shackles and sandbags that hinder creative corporate activities, enabling companies to actively engage in investment and the creation of quality jobs." However, he warned, "Unfair practices must be dealt with strictly according to laws and principles regardless of the size of the company."

Deputy Prime Minister Chu urged, "Let us lead the leap of our economy through comprehensive economic structural improvements and future preparedness efforts," and added, "In line with the Fourth Industrial Revolution era, we must strongly induce changes and innovations in public, labor, education, finance, and service sectors, while also intensifying the policy strength and speed in addressing low birth rates, aging population, regional disparities, and carbon neutrality." Lastly, he added, "Efforts to expand the social safety net to embrace vulnerable groups must not be neglected."

He also emphasized 'communication and collaboration' to the Ministry of Economy and Finance staff, urging, "Do not stop at policy discovery but also consider conflict resolution measures and implementation strategies together." In particular, he stressed repeatedly, "Diagnose accurately, disclose honestly, and judge with balance," and said, "I hope you have the courage to say no when it is no, and the bravery to honestly reveal even the painful parts."

Below is the full text of the inaugural address.

[ INAUGURAL ADDRESS ]

Dear family of the Ministry of Economy and Finance,

It is a pleasure and joy to return here after 8 years and meet you again.

Although I have been a step away from the Ministry of Economy and Finance during that time,

I have always been proud and grateful for the juniors who work day and night for our economy.

I look forward to the times ahead when we will run together again.

However, on the other hand,

I feel a heavy sense of responsibility as I take on the important role of the first Deputy Prime Minister for Economic Affairs of the new government in these extraordinary times.

For the 'Republic of Korea taking off again,'

our first step at the starting point must begin

with a cold and accurate understanding of the severe environment surrounding our economy today.

【 Current Economic Situation and Policy Direction 】

Family of the Ministry of Economy and Finance!

As I have already mentioned several times through hearings and other occasions,

our economy is currently in a very critical situation.

Externally, uncertainties in the global financial markets and real economy are expanding due to the Ukraine crisis and major countries’ shift to tightening policies,

while internally, difficulties in the livelihood economy continue due to rising prices.

Meanwhile, fundamental changes in population and industrial structures such as low birth rates, aging population, digital and low-carbon transitions are accelerating,

and accumulated structural problems such as deepening polarization and rapid increases in national and household debt are also serious.

The new government’s economic team, launched with these fierce challenges, does not even have the luxury to regroup.

We must start immediately with extraordinary determination.

In this regard, the new government’s economic management should focus on the following four directions.

First, while prioritizing price stability and the stabilization of people’s livelihoods,

let us make every effort to manage macroeconomic risks thoroughly.

We will promptly prepare policy measures to support COVID-19 damage relief and livelihood stabilization,

and manage factors that undermine macroeconomic stability more thoroughly.

To this end, we will establish and immediately activate an Emergency Economic Response TF within the Ministry of Economy and Finance.

The TF will monitor the overall economic situation in real time, including the real economy as well as financial and foreign exchange markets, and manage it without any gaps by preparing preemptive countermeasures.

Second, let us revive the dynamism of our economy centered on the private sector, markets, and enterprises to break the cycle of low growth.

Through bold regulatory innovation,

we will remove the shackles that hinder creative corporate activities

and take off the sandbags,

so that companies actively engage in investment and the creation of quality jobs.

We must also focus policy capabilities on fostering a dynamic venture and startup ecosystem and securing new growth engines.

However, while supporting free corporate activities to the maximum extent,

we must strictly respond to unfair practices according to laws and principles regardless of the size of the company.

Third, let us lead the leap of our economy through comprehensive economic structural improvements and future preparedness efforts.

In line with the Fourth Industrial Revolution era,

we will strongly induce changes and innovations in public, labor, education, finance, and service sectors,

while intensifying policy strength and speed in addressing low birth rates, aging population, regional disparities, and carbon neutrality.

Lastly, efforts to expand the social safety net to embrace vulnerable groups must not be neglected.

Please remember that behind the numbers and indicators,

there are always citizens living difficult lives.

Together with policies that promote competition in the market economy,

efforts to spread the warmth of growth to every corner of society

must also be present.

Along with expanding employment opportunities for those who can work,

restoring the ladder of social mobility,

and strengthening tailored social safety nets for vulnerable groups,

we must also enhance the efficiency of the welfare system.

【 The Role and Attitude of the Ministry of Economy and Finance 】

Family of the Ministry of Economy and Finance!

Among our citizens,

there are some who hold critical views of the Ministry of Economy and Finance, but

I believe many still have great expectations.

Upon hearing of my appointment as Deputy Prime Minister for Economic Affairs, many people asked me

to revive the fading economic vitality,

to restore the difficult livelihood economy and make life worth living,

to create many decent jobs,

and to take good care of those in hardship.

The Ministry of Economy and Finance plays the role of helmsman of the Korean economy.

It oversees and coordinates overall economic policy by providing a comprehensive perspective on our economy,

presenting visions, diagnosing various issues, and proposing solutions.

Even the same policy can have different effects depending on the order of implementation,

so deciding this through intense deliberation is also our responsibility.

It is truly difficult but rewarding work to find solutions that realize the highest social utility.

Dear family of the Ministry of Economy and Finance!

To successfully carry out this difficult task,

I would like to ask you a few things regarding the way you work.

First, we must break down barriers between departments and strengthen communication and collaboration.

While fully demonstrating expertise in each field,

let us share information sufficiently between departments

and actively collaborate to derive the best answers.

Second, do not stop at policy discovery but also consider conflict resolution measures and implementation strategies together.

Unlike in the past when governments led policies,

we now often face resistance and conflicts during policy implementation.

From the initial policy drafting stage,

we must anticipate and prepare for resistance and conflicts, and devise resolution strategies

to implement policies more meticulously and politically.

Third, diagnose accurately, disclose honestly, and judge with balance.

As public officials responsible for economic policy,

it is natural to want to show only the good aspects of our economy.

However, I hope you have the resolve to say no when it is no,

and the courage to honestly reveal even the painful parts.

Challenges such as national debt and pension reform cannot be overcome without sincere social discourse.

Therefore, transparently disclosing the current status and

deriving national consensus through sound and balanced discussions

will also be one of the government’s important roles.

Fourth, go out to the field more often and meet with external experts more frequently

to create lively, high-quality policies.

Do not stay only in the Sejong office, but go directly to the field,

check and communicate to find policy ideas.

Discuss with experts from research institutes such as KDI and the Bank of Korea

to find answers to numerous challenges.

Dear family of the Ministry of Economy and Finance!

While I will do my best to eliminate unnecessary burdens through work efficiency,

your shoulders may become heavier due to the piled-up issues.

However, I will make sure you can work enthusiastically with conviction

and feel the pride and reward of your work.

I have infinite trust in your capabilities and passion.

Let us work hard together.

We can do it!

The Ministry of Economy and Finance can do it!

Thank you.

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