The Immediate Tasks for Candidate Visit-gyu, Minister of Industry: 'Export Recovery and Nuclear Power Ecosystem Restoration'

Presidential Office: "The Right Person to Swiftly Advance National Tasks"

President Yoon Suk-yeol has nominated Bang Moon-kyu, the Minister of Government Policy Coordination, as the new Minister of Trade, Industry and Energy. It is interpreted that through Bang Moon-kyu's extensive policy coordination skills and expertise as a seasoned economic bureaucrat, the president has ordered the swift rebound of exports as well as the prompt advancement of national tasks such as the abolition of the nuclear phase-out policy.

Kim Dae-gi, Chief Secretary to the President, stated at a briefing held on the afternoon of the 22nd at the Yongsan Presidential Office in Seoul, "We are nominating Bang Moon-kyu, the current Minister of Government Policy Coordination, who has served as the 2nd Vice Minister of the Ministry of Economy and Finance, Vice Minister of Health and Welfare, and President of the Export-Import Bank of Korea, as the candidate for Minister of Trade, Industry and Energy." He added, "Based on his broad understanding of national affairs and outstanding coordination abilities, he is judged to be the right person to effectively promote key national tasks in the trade, industry, and energy sectors, including fostering strategic industries, regulatory innovation, and export promotion."

Visiting Kyu Bang, appointed as the new Minister of Trade, Industry and Energy, and Director of the Office for Government Policy Coordination. (File photo)
[Image source=Yonhap News]

Earlier, on May 9, just before the first anniversary of his inauguration, President Yoon instructed cabinet members, "If you are stuck in the nuclear phase-out and ideological environmental policies and do not align with the new national agenda, taking an ambiguous stance, take bold personnel actions." The next day, Kang Kyung-sung, the Presidential Office's Industrial Policy Secretary, was appointed as the 2nd Vice Minister of the Ministry of Trade, Industry and Energy. This led to interpretations within government circles that "President Yoon perceives that the Ministry of Trade, Industry and Energy has not properly responded to the restoration of the nuclear ecosystem, export revitalization, and industrial regulatory innovation."

Bang Moon-kyu, the nominee announced that day, is expected to focus on accelerating the rebound of exports and the advancement of national tasks in the second year of the administration. At the briefing, Bang said, "As the global economy rapidly changes, uncertainties in our economy, trade, investment environment, energy, and resource policies are increasing. At times like these, strategic industrial policies are important. I feel a strong sense of responsibility in taking on this heavy task. I will devote myself to ensuring that our industries and companies lead the global market."

Exports, which have driven South Korea's economic growth, have been in decline for ten consecutive months from October last year to July this year. Exports from the 1st to the 20th of this month also decreased by 16.5% compared to the same period last year, making it highly likely that the decline will continue for the 11th consecutive month.

Restoring the nuclear ecosystem is also considered an urgent task. The Yoon Suk-yeol administration approved the implementation plan for Shin Hanul Units 3 and 4, whose construction was halted during the Moon Jae-in administration, in June. This came 11 months after officially announcing the resumption of construction in July last year. In the same month, the Ministry of Trade, Industry and Energy officially announced new nuclear power plant construction. This followed the Energy Commission's recommendation that expanding power supply capacity, including new nuclear power plants, is necessary. Accordingly, the ministry has begun establishing the 11th Basic Plan for Electricity Supply and Demand to respond to increasing power demand due to expanded new investments in advanced industries such as semiconductors and secondary batteries, data center construction, and the electrification of industry and daily life.

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