Mid-January Cabinet Reshuffle... Possible Replacement of Economic Ministry Heads

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is holding a joint briefing on the 'Government 2050 Carbon Neutrality Promotion Strategy' on the morning of the 7th at the briefing room of the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

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[Asia Economy Reporter Jang Sehee] The Blue House, which has replaced the Minister of Justice and the Minister of Environment, is reportedly considering an additional cabinet reshuffle centered on economic ministries around mid-next month. This is interpreted as an intention to revitalize the atmosphere and accelerate the remaining national agenda with about a year left in the term.

A ruling party official said on the 31st, "I understand there will be another reshuffle between mid-January and early February," adding, "There is a possibility that some ministers will be replaced following the Blue House personnel changes." Previously, Presidential Chief of Staff Noh Young-min and Policy Chief Kim Sang-jo expressed their intentions to resign. Former Minister of Science and ICT Yoo Young-min is a strong candidate to succeed Chief of Staff Noh.

Additional reshuffle candidates include Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Minister of Employment and Labor Lee Jae-gap, and Financial Services Commission Chairman Eun Sung-soo. These reflect either more than two years in office or the possibility of replacement due to personnel changes.

Although Deputy Prime Minister Hong received renewed trust from President Moon Jae-in, there is a strong atmosphere that he should be replaced to refresh the mood. Having served as Deputy Prime Minister for over two years, joining the ranks of 'long-serving deputy prime ministers,' and the likely replacement of the Blue House Policy Chief who has worked closely with him are also cited as reasons. Some speculate that Hong might follow the path of former Prime Minister Han Duck-soo, moving from Deputy Prime Minister for Economy to Prime Minister. During the Roh Moo-hyun administration, Han held key economic posts including Presidential Chief of Staff for Economic Affairs, Prime Minister and Minister for Government Policy Coordination, and Deputy Prime Minister for Economy before being appointed Prime Minister.

Financial Services Commission Chairman Eun Sung-soo is mentioned as a candidate for the next Deputy Prime Minister. Although Democratic Party lawmakers Yoon Ho-jung and Jung Sung-ho were also mentioned as candidates, the possibility of a politician taking the post is low. It is said that Kim Yong-beom, First Vice Minister of Economy and Finance, will move to the Financial Services Commission Chairman position. Vice Minister Kim is a representative financial expert bureaucrat who has served as Director General of International Finance at the G20 Sherpa Office and as Vice Chairman of the Financial Services Commission.

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