Lee Hyung-il: "Per Capita Income Projected to Reach $40,000 Range This Year... Economic Team Will Do Its Best as One Team"

Lee Hyung-il, nominee for Deputy Prime Minister and Minister of Economy and Finance, stated today (the 15th) that upon taking office as Deputy Prime Minister, he "will do his best to unite the capabilities of each ministry and lead the economic team as one team."

During the confirmation hearing held by the National Assembly's Finance and Economy Committee on this day, Nominee Lee made these remarks, saying, "I will strive to become an economic team that takes responsibility and implements policy decisions needed by the public, going beyond inter-ministerial interests."

Assessing South Korea's economic situation for this year, he noted, "Driven by the semiconductor boom fueled by expanding demand for artificial intelligence (AI), major economic indicators including exports and investment are improving, making the recovery trend even clearer." He added, "As consumption and employment also improve with a time lag, 3% growth is becoming visible this year, and per capita national income is expected to step up into the $40,000 range."

Introducing his economic philosophy by stating, "While adhering to the principles of a market economy that respects creativity and vitality, the government must fulfill its necessary active role in protecting the socially vulnerable and stabilizing people's livelihoods," Nominee Lee selected livelihood stabilization, solidifying the economic recovery trend, and foreign policy as key tasks.

He stated, "I will do my best to ensure that the warmth of the economic recovery spreads evenly across people's livelihoods," adding, "We will also concentrate our policy capabilities on expanding the foundation for jobs and income."

Nominee Lee explained, "We will closely monitor potential risk factors such as changes in the semiconductor industry conditions, global interest rates, and capital flows, and stably manage the macroeconomy to prevent market volatility from expanding." He continued, "We will create new growth opportunities by completing the three mega-projects and the seven advanced technologies that will become the nation's core strategic assets, namely clean energy of the future, aerospace, and advanced biotechnology, also known as the 7-SEED."

He expressed his commitment to pushing for inclusion in the MSCI (Morgan Stanley Capital International) developed markets index, carrying out efforts to internationalize the Korean won without a hitch, and strengthening supply chains by expanding stockpiles and securing alternative import routes in response to increasing geopolitical risks.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.