Korea’s Lee Nominates Finance Minister to Tackle Growth, Trade
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S. Korea’s incoming president nominates his prime minister
Yoon’s pick of Han Duck-soo for prime minister is the first major nomination in his government. A nomination of prime minister requires parliamentary approval. Han, 72, held a string of top spots such as trade minister, finance minister and prime minister. Yoon is expected to nominate his choices for foreign, defense, finance and other ministers in coming weeks. He will replace current liberal President Moon Jae-in.
SEOUL, South Korea (AP) — South Korean President-elect Yoon Suk Yeol on Sunday announced his intent to name a seasoned former prime minister and economic expert to serve as the country’s No. 2 official under his incoming government.
Yoon’s pick of Han Duck-soo for prime minister is the first major nomination in his government, which is set to be inaugurated on May 10.
South Korea’s executive power is concentrated with the president, but the prime minister leads the country if the president becomes incapacitated. A nomination of prime minister requires parliamentary approval.
Han, 72, held a string of top spots such as trade minister, finance minister and prime minister when South Korea was governed by back-to-back liberal presidents, Kim Dae-jung and Roh Moo-hyun, from 1998 to 2008. During the next conservative government of President Lee Myung-bak, Han was South Korea’s ambassador to the United States.
Yoon called Han “the right person” to lead his Cabinet citing his vast administrative experience at a time when South Korea faces “grave environments” at home and abroad. Han said he feels both honored and burdened by the nomination.
Yoon, a conservative former top prosecutor who won the March 9 election, will replace current liberal President Moon Jae-in. Key tasks facing Yoon include how to revive pandemic-hit livelihoods, address runaway housing prices and income equality, and deal with North Korea’s growing nuclear threats and an intensifying competition between the United States and China.
Yoon is expected to nominate his choices for foreign, defense, finance and other ministers in coming weeks.
South Korea’s new President Lee begins moves to tackle economic ‘crisis’
South Korean President Lee Jae-myung has vowed to immediately unleash fiscal spending of at least US$22 billion to boost economic growth. Lee took office yesterday, just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk Yeol to win the snap election. The attempt at military rule led to Yoon’s ouster and sent shockwaves through Asia’s fourth-largest economy. Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a cabinet and staff his office to maintain continuity in administration. The new leader expressed bewilderment yesterday after walking into the presidential office to find it stripped of computers, printers and even pens.
SEOUL : South Korea’s new President Lee Jae-myung held his first cabinet meeting today focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge.
Lee took office yesterday, just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk Yeol to win the snap election.
The attempt at military rule led to Yoon’s ouster and sent shockwaves through Asia’s fourth-largest economy.
In brief remarks open to the media, Lee told the cabinet, carried over from the caretaker government put in place following Yoon’s impeachment in December, that there was no time to waste in getting to work as the people were facing hardship.
Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a cabinet and staff his office to maintain continuity in administration.
The new leader expressed bewilderment yesterday after walking into the presidential office to find it stripped of computers, printers and even pens and was quiet like “a graveyard” with government officials who had been assigned there sent back to their posts.
“Most of the officials have been ordered back,” Lee’s spokesman said today.
Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least ₩30 trillion (US$22 billion) to boost growth, which was projected by the central bank in May to be almost half of its earlier estimate this year at 0.8%, down from 1.5% in February.
Kim Min-seok, whose appointment as prime minister requires parliamentary approval, said yesterday that the country was facing even more economic turmoil than during the Asian financial crisis of 1997, complicated by unfavourable external factors.
“Today, the economy is heading downward and stagnating, which is why I believe it’s much more difficult,” he told reporters.
The previous government had made little progress in trying to assuage crushing US tariffs that would hit some of the country’s major export-reliant industries, including autos, electronics and steel.
“Lee faces what could be the most daunting set of challenges for a South Korean leader in decades,” analysts said, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the US.
“Today, Lee withdrew the nomination of two judges to the constitutional court, made by acting president Han Duck-soo before the election,” his office said.
Lee previously said Han had no power to nominate judges as an unelected acting leader.
The ruling Democratic Party-controlled parliament also passed today special counsel acts to investigate former president Yoon on insurrection charges and his wife Kim Keon Hee over corruption allegations.
The party had previously passed the special counsel acts on multiple occasions, but they were repeatedly vetoed by Yoon and then the acting president.
Yoon is currently facing a separate trial on insurrection charges.
South Korea’s new President Lee begins moves to tackle economic ‘crisis’
South Korea’s new President Lee Jae-myung held his first cabinet meeting on Thursday focused on devising an emergency package. Lee took office on Wednesday just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk Yeol to win the snap election. The attempt at military rule led to Yoon’s ouster and sent shockwaves through Asia’s fourth-largest economy. Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least 30 trillion won ($22 billion) to boost growth. The previous government had made little progress in trying to assuage crushing U.S. tariffs that would hit some of the country’s major export-reliant industries, including autos, electronics and steel. The new leader expressed bewilderment on Wednesday after walking into the presidential office to find it stripped of computers, printers and even pens.
Item 1 of 2 South Korean President Lee Jae-myung, speaks during a press conference with top aides at the Presidential office in Seoul, South Korea, Wednesday, June 4, 2025. Ahn Young-joon/Pool via REUTERS
Summary Lee made economic recovery top priority during election campaign
New leader plans emergency package to bolster flagging economy
PM nominee says country in worse state than during Asian financial crisis
Lee yet to form cabinet, staff presidential office
SEOUL, June 5 (Reuters) – South Korea’s new President Lee Jae-myung held his first cabinet meeting on Thursday focused on devising an emergency package to address stagnating economic growth and aid households, moving swiftly to start tackling a top campaign pledge.
Lee took office on Wednesday just hours after riding a wave of anger over a brief martial law imposed by Yoon Suk Yeol to win the snap election . The attempt at military rule led to Yoon’s ouster and sent shockwaves through Asia’s fourth-largest economy.
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In brief remarks open to the media, Lee told the cabinet carried over from the caretaker government put in place following Yoon’s impeachment in December that there was no time to waste in getting to work as the people were facing hardship.
Lee has so far only nominated a close political ally and legislative veteran as prime minister and is racing to form a cabinet and staff his office to maintain continuity in administration.
The new leader expressed bewilderment on Wednesday after walking into the presidential office to find it stripped of computers, printers and even pens and was quiet like “a graveyard” with government officials who had been assigned there sent back to their posts.
Most of the officials have been ordered back, Lee’s spokesperson said on Thursday.
Lee has made economic recovery one of his top priorities and vowed to immediately unleash fiscal spending of at least 30 trillion won ($22 billion) to boost growth, which was projected by the central bank in May to be almost half of its earlier estimate this year at 0.8%, down from 1.5% in February.
Kim Min-seok, whose appointment as prime minister requires parliamentary approval, said on Wednesday the country was facing even more economic turmoil than during the Asian financial crisis of 1997, complicated by unfavourable external factors.
“Today, the economy is heading downward and stagnating, which is why I believe it’s much more difficult,” he told reporters.
The previous government had made little progress in trying to assuage crushing U.S. tariffs that would hit some of the country’s major export-reliant industries, including autos, electronics and steel.
Lee faces what could be the most daunting set of challenges for a South Korean leader in decades, analysts said, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States.
On Thursday, Lee withdrew the nomination of two judges to the Constitutional Court, made by acting President Han Duck-soo before the election, his office said. Lee previously said Han had no power to nominate judges as an unelected acting leader.
The ruling Democratic Party-controlled parliament also passed on Thursday special counsel acts to investigate former President Yoon on insurrection charges and his wife Kim Keon Hee over corruption allegations.
The party had previously passed the special counsel acts on multiple occasions, but they were repeatedly vetoed by Yoon and then the acting president.
Yoon is currently facing a separate trial on insurrection charges.
($1 = 1,359.2000 won)
Reporting by Jack Kim, Hyunsu Yim, Joyce Lee; Additional reporting by Joyce Lee; Editing by Ed Davies and Saad Sayeed
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South Korea’s new President Lee vows to revive democracy from ‘near demise’
Liberal leader sworn in, vows to revive democracy, economy. Lee wins 49.4% of votes in heavy turnout. Election called after Yoon Suk Yeol ousted over martial law attempt. White House calls South Korea election ‘fair’ and most concerned about Lee’s early presidency: reaching a deal with Trump-based Center for Strategic and International Studies, says U.S. Secretary of State Marco Rubio. South Korean stocks rallied on Wednesday, with the benchmark KOSPI (.KS11) , opens new tab rising more than 2% to a 10-month high, with financial sector leading the gain on expectations of market reform by Lee. Lee has pledged a shift to a greener energy mix. He promised deregulation to spur innovation and growth in business and pledged to reopen dialogue with North Korea while maintaining a strong security alliance with the United States. He said he would address urgent economic challenges facing the country on the first day in office with a focus on the cost-of-living concerns affecting middle and low-income families.
Economy is under siege from global protectionism, Lee says
Lee wins 49.4% of votes in heavy turnout
Election called after Yoon ousted over martial law
White House calls South Korea election ‘fair’
SEOUL, June 4 (Reuters) – South Korea’s new liberal President Lee Jae-myung pledged on Wednesday to raise the country from what he described as the near destruction caused by a martial law attempt and revive a struggling economy facing global protectionism.
Lee’s decisive victory in Tuesday’s snap election stands to usher in a sea change in Asia’s fourth-largest economy, after backlash against a botched attempt at military rule brought down Yoon Suk Yeol just three years into his troubled presidency.
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He faces what could be the most daunting set of challenges for a South Korean leader in nearly three decades, ranging from healing a country deeply scarred by the martial law attempt to tackling unpredictable protectionist moves by the United States, a major trading partner and a security ally.
“A Lee Jae-myung government will be a pragmatic pro-market government,” he said after taking the oath of office at parliament, a location where six months ago he jumped over the perimeter wall to enter the chamber and avoid martial law troops barricading it to vote down the decree.
He promised deregulation to spur innovation and growth in business and pledged to reopen dialogue with North Korea while maintaining a strong security alliance with the United States.
“It is better to win without fighting than to win in a fight, and peace with no need to fight is the best security,” he said, referring to his country’s often violent ties with rival North Korea.
Lee was officially confirmed earlier as president by the National Election Commission and immediately assumed the powers of the presidency and commander in chief, speaking with the top military leader to receive a report on defence posture.
With all the ballots counted, Lee won 49.42% of the nearly 35 million votes cast while conservative rival Kim Moon-soo took 41.15% in the polls, the highest turnout for a presidential election since 1997, official data showed.
Graphic: Chart shows vote shares of candidates in the 2025 presidential election in South Korea
Lee has said he would address urgent economic challenges facing the country on the first day in office with a focus on the cost-of-living concerns affecting middle and low-income families and the struggles of small business owners.
“With democracy alive, I hope the president will revive the economy, and have consideration for underprivileged citizens and small business owners,” said Kim Eun-kyung, 58, a Seoul resident.
Item 1 of 7 South Korean President Lee Jae-myung speaks during a press conference with Kim Min-seok, appointed as Prime Minister, at the Presidential office in Seoul, South Korea, Wednesday, June 4, 2025. Ahn Young-joon/Pool via REUTERS [1/7] South Korean President Lee Jae-myung speaks during a press conference with Kim Min-seok, appointed as Prime Minister, at the Presidential office in Seoul, South Korea, Wednesday, June 4, 2025. Ahn Young-joon/Pool via REUTERS Purchase Licensing Rights , opens new tab
The new president also faces a deadline set by the White House on negotiating import duties that Washington has blamed for a large trade imbalance between the countries.
South Korean stocks rallied on Wednesday, with the benchmark KOSPI (.KS11) , opens new tab rising more than 2% to a 10-month high, with the financial sector leading the gain on expectations of market reform by Lee. Renewable energy stocks also rose. Lee has pledged a shift to a greener energy mix.
‘DEAL WITH TRUMP’
In a bid to fill a long-running power vacuum, Lee nominated Kim Min-seok, a four-time lawmaker, as his prime minister on Tuesday.
Kim made waves when he predicted in August last year that Yoon may declare martial law, roughly three months before Yoon’s short-lived decree to impose martial law.
The government under a caretaker acting president had made little progress in trying to assuage crushing tariffs announced by U.S. President Donald Trump that would hit some of the country’s major industries, including autos and steel.
“President Lee will find himself with little to no time to spare before tackling the most important task of his early presidency: reaching a deal with Trump,” the Washington-based Center for Strategic and International Studies said.
U.S. Secretary of State Marco Rubio congratulated Lee on his election win and said the countries “share an ironclad commitment” to their alliance grounded on shared values, and deep economic ties.
The White House said the election of Lee was “free and fair” but the United States remained concerned and opposed to Chinese interference and influence in democracies around the world, according to a White House official.
Lee has expressed more conciliatory plans for ties with China and North Korea, in particular singling out the importance of China as a major trading partner while indicating reluctance to take a firm stance on security tensions in the Taiwan Strait.
Still, Lee has pledged to continue Yoon’s engagement with Japan and said the alliance with the United States is the backbone of South Korea’s global diplomacy.
Reporting by Jack Kim, Jihoon Lee, Hyunsu Yim, Yeonbin Park and Minwoo Park; Additional reporting by David Brunnstrom and Jeff Mason in Washington; Writing by Jack Kim; Editing by Ed Davies, Sandra Maler and Saad Sayeed
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Lee Appoints Vice Ministers Of Finance, Foreign Affairs, Chief Trade Negotiator
President Lee Jae-myung has appointed vice ministers of finance, foreign affairs and industry as well as the country’s top trade negotiator. Lee has not yet nominated ministers since taking office following his victory in the June 3 election. It is expected to take several weeks to form a new Cabinet, as ministerial nominees must undergo parliamentary confirmation hearings before their formal appointments. So far, Kim Min-seok has been nominated as prime minister.
Lee Hyoung-il, commissioner of Statistics Korea, has been named first vice finance minister, while Lim Ki-keun, administrator of the Public Procurement Service, was tapped as second vice finance minister.
Yeo Han-koo, who previously served as trade minister under the Moon Jae-in administration, was named chief trade negotiator.
Park Yoon-joo, minister at South Korea’s mission to the Association of Southeast Asian Nations, was appointed as first vice foreign minister. Kim Jina, a professor at Hankuk University of Foreign Studies, was tapped as second vice foreign minister.
Moon Shin-hak, a seasoned bureaucrat known for leading the Moon administration’s nuclear phase-out policy, was chosen as the first vice minister of industry.
The presidential office said the appointments highlight Lee’s commitment to revitalizing the sluggish economy and resuming high-level diplomacy ahead of his attendance at the Group of Seven (G7) summit in Canada next week, which will mark his diplomatic debut.
“The appointments focused on naming experts in the economic and industrial sectors to swiftly address the economic crisis,” presidential spokesperson Kang Yu-jung told reporters.
“The Lee Jae-myung government formed a new lineup of foreign affairs experts to protect national interests at the upcoming G7 summit next week,” she added.
Lee has not yet nominated ministers since taking office following his victory in the June 3 election, which was called following President Yoon Suk Yeol’s ouster over his failed martial law bid.
It is expected to take several weeks to form a new Cabinet, as ministerial nominees must undergo parliamentary confirmation hearings before their formal appointments. So far, Kim Min-seok, Lee’s election campaign chief, has been nominated as prime minister.
(Yonhap)