Lee Jae-myung's government has appointed former Minister of the Office for Government Policy Coordination Koo Yoon-chul as the first candidate for the economic vice minister and Minister of Economy and Finance, and he is holding a press briefing at the Korea Deposit Insurance Corporation (KDIC) in Jung-gu, Seoul on the 29th. /News1

On the 29th, Minister Koo Yoon-cheol, the nominee for the Ministry of Economy and Finance, said, "It's not easy to raise taxes in a difficult economic situation."

On the same day, Koo noted during a meeting with the Ministry of Economy and Finance press corps at the Korea Deposit Insurance Corporation (KDIC) auditorium in Jung-gu, Seoul, "We need to create a structure where Korea thrives and the pie increases so that more tax revenue comes in." This is interpreted as a move to enhance the overall revenue of the country through economic innovation rather than tax increases.

Koo also said regarding the possibility of forming a supplementary budget, "We need to look at the financial situation," adding, "The supplementary budget should quickly pass the National Assembly so that the funds return to the public quickly and a virtuous cycle of execution is achieved."

When asked about the role that President Lee Jae-myung asked him to undertake, he replied, "I have heard a lot by directly retrieving discussions and comments from the President’s forums and Cabinet meetings." He added, "I understand what kind of Korea the President aims for. I will focus on how to concretely realize that."

Regarding "price measures," he said, "In a situation where our income doesn’t increase immediately, prices, especially living costs, are important." He added, "We will focus on prices like eggs, ramen, and bean sprouts that we buy every day."

Next is a Q&A session.

Lee Jae-myung's government has appointed former Minister of the Office for Government Policy Coordination Koo Yoon-chul as the first candidate for the economic vice minister and Minister of Economy and Finance, and he is attending the press briefing held at the Korea Deposit Insurance Corporation (KDIC) in Jung-gu, Seoul on the 29th. /News1

—You were appointed today. Did you receive any specific instructions from the President regarding your role as the economic leader?

"I have heard a lot from the media and retrieved many statements from forums and Cabinet meetings attended by the President. Even without the President explicitly instructing me, I understand what kind of Korea he is aiming for. I will focus on how to concretely realize that."

—You emphasize living costs, but the recent consumer price inflation rate has shown stability. What price policies will the economic authorities pursue in this situation?

"In a situation where our income doesn’t increase immediately, prices, especially living costs, are important. We will focus on prices like eggs, ramen, and bean sprouts that we buy every day."

—When you take office, you need to prepare next year's main budget. How will you operate the finances, expansion or austerity?

"I believe that whether it's expansion or austerity regarding the budget is a matter that doesn't consider the essential content. In the medium to long term, we must maintain fiscal soundness. However, when absolutely necessary, if using this money will lead to Korea's development, then we should spend it. If it's determined that this money is unnecessary, we can reduce it. The budget should be spent on performance-related aspects that lead to earning more money or developing the country's industry. The specifics of the finances are important."

—Today, during the announcement of the nominee at the Presidential Office, the term 'Vice Minister' was not used. It seems related to organizational restructuring. What are your thoughts on the restructuring?

"I currently do not know how the restructuring is going. I hope to gather information and have the opportunity to speak about it later."

Lee Jae-myung's government has appointed former Minister of the Office for Government Policy Coordination Koo Yoon-chul as the first candidate for the economic vice minister and Minister of Economy and Finance, and he is holding a press briefing at the Korea Deposit Insurance Corporation (KDIC) in Jung-gu, Seoul on the 29th. /News1

—In recent years, tax revenue has been insufficient. Are you considering tax increases to secure revenue?

"In a difficult economic situation, it's not easy to raise taxes. In order for corporations to earn a lot of money and for national income to rise, we must enhance national competitiveness through innovative growth and become global leaders in products and services, earning a lot of money in the global market, paying a lot of taxes, and enjoying welfare benefits funded by those taxes. We need to create a structure where Korea thrives and the pie increases so that more tax revenue comes in."

—Do you think a third supplementary budget is necessary?

"We need to look at the financial situation. The public will not want a lot of money without conditions, especially in a tough economic climate. We should focus on getting the supplementary budget approved by the National Assembly quickly so that the funds return to the public quickly and achieve a virtuous cycle of execution."

—How do you evaluate the economic policies of the previous government? I'm particularly curious about your thoughts on the adjustment of the R&D budget.

"I think I need to do more research to evaluate the previous government. Regardless, whether it is the previous government or the current one, this is still Korea. The global competition is extremely fierce. Our competitors are the advanced countries that can be counted on ten fingers. To win in competition with them, the government needs to continue successful policies and rectify and improve those that were unsuccessful. Regarding the question about R&D, rather than reducing its scale, wouldn't it have been better to shift resources from areas that are not producing results to those that yield higher outcomes? R&D is the driving force of national development."

—How will you approach tariff negotiations with the United States?

"I have some thoughts on this issue, but I think discussions and reflections need to take place within the relevant ministries and the Ministry of Economy and Finance. If various agencies don’t devise strategies together and just go ahead, it might not be good for the Korean economy. I will discuss this thoroughly for a good response."