On the 17th, Deputy Prime Minister and Minister of Economy and Finance nominee Koo Yoon-cheol said, 'We must introduce the concept of expense-revenue in national operation and achieve clear results.'
During the personnel hearing at the Strategy and Finance Committee of the National Assembly, Koo noted, 'I will create a great Korea where sustainable and tangible growth leads to national development and the happiness of the people.'
Koo stated, 'Korea has become one of the world's top 10 economies through the dedication of its great people who have turned crises into opportunities, and it is the only country to have transitioned from a developing country to a developed one,' adding, 'This national development was made possible based on a catch-up economic model.'
He diagnosed the situation by saying, 'Now is the time we must leap forward as a leading country, but the existing systems no longer fit us. While we hesitate during this new transition, threats are emerging to what we have achieved so far, such as declining potential growth rates and widening gaps among institutional sectors.'
He remarked, 'Recently, our economy has recorded low growth of around 0% for four consecutive quarters, and the economic slump continues.' He added, 'Due to the stagnation in domestic demand, the number of business closures for self-employed individuals has exceeded 1 million for the first time in history, while the income of low-income households has actually decreased compared to a year ago.'
Furthermore, he said, 'Consumer prices have risen more than 8% cumulatively over the past three years, increasing the burden of living costs for the common people,' emphasizing that 'external conditions, such as U.S. tariff negotiations, China’s pursuit, and the unrest in the Middle East due to the Russia-Ukraine war, are more severe than ever.'
He pointed out, 'The biggest problem is the weakening of our growth potential,' stating, 'Accelerating low birth rates and aging, investment slowdowns, and stagnation in productivity improvements are drastically lowering potential growth rates.'
Koo remarked, 'Rather than 'it can be done,' we must have a firm resolve that 'it must be done' to achieve a comprehensive innovation of the economy, society, and national systems,' adding, 'As civil servants serving the people, we must implement performance-centered policies to maximize the happiness of the shareholders, the citizens, of the corporation called Korea.'
Koo pointed out 'AI transformation' as a new growth engine and said, 'We need to install a new growth engine for our economy through AI transformation,' and added, 'We must apply AI technology itself not only to corporations and the government but also to the daily lives of the people.'
He continued, 'We must raise young people as special soldiers in AI and ensure that AI education is accessible to all citizens, so that AI can become an opportunity for everyone,' stating, 'We need to enhance existing key industries such as petrochemicals and automobiles by applying AI, and for advanced strategic industry sectors like quantum, space, bio, energy, K-culture, and defense industries, we must take new approaches to foster them as hyper-innovative industries through connections with AI technology.'
Koo also stated, 'I will actively promote regional-focused policies to revive areas suffering from population decline and regional economic recession,' and added, 'I will also actively support the stabilization and capacity building of vulnerable groups such as youth, the disabled, women, and the elderly.'
He stated, 'I will also strive to strengthen fundamental export competitiveness through diversification of export items and markets,' emphasizing that 'I will respond to declining birth rates and aging by creating momentum for reversing the birth rate.'
He added, 'Through economic growth via great innovation, the nation will develop, and the people will be happy. I will exert all my efforts to build a world-class, great Korea.'