South Korean President Lee Jae-myung nominated Koo Yun-cheol as the next finance minister, turning to a veteran bureaucrat to guide the economy at a time of sluggish growth and mounting trade pressures from the Trump administration.
“The president nominated Koo Yun-cheol, a widely recognised policy expert, as finance minister as he is a figure who has long contemplated Korea’s innovation and is well-suited to chart a path for national growth,” Kang Hoon-sik, Lee’s chief of staff, said in a televised press conference on Sunday.
Koo, a former second vice finance minister and head of the Office for Government Policy Coordination, would return to the top economic post as Lee forms a team to counter rising headwinds following months of political turmoil.
While serving under then-finance minister Hong Nam-ki during the Moon Jae-in administration, Koo helped guide Korea’s economy through the Covid-19 pandemic and the inflation shocks of the early 2020s. The 60-year-old holds a doctorate in business administration from Chung-Ang University and a degree in economics from Seoul National University.
Koo would take the reins from Kim Beom-seok, who has filled the role on an acting basis since Choi Sang-mok resigned.
The nomination comes just weeks after Lee’s victory over conservative rival Kim Moon-su in a closely watched presidential election. The snap vote was triggered by President Yoon Suk-yeol’s impeachment in April following his botched declaration of martial law late last year.
09:19
From president to political pariah: the rise and fall of South Korea’s Yoon Suk-yeol
From president to political pariah: the rise and fall of South Korea’s Yoon Suk-yeol
