Hyungil Lee: "Government Must Play an Active Role... Will Focus on Upgrading Economic Structure"

Opening Statement at Deputy Prime Minister for Economic Affairs Confirmation Hearing

Hyungil Lee, Deputy Prime Minister and Minister of Finance and Economy nominee, is delivering opening remarks at the confirmation hearing held at the National Assembly on the 15th. 2026.09.15 Photo by Dongjoo Yoon

Hyungil Lee, nominee for Deputy Prime Minister and Minister of Finance and Economy, stated on the 15th that he will focus on upgrading the country's economic structure so that the benefits of growth are spread to all citizens and connected to a higher stage of growth by resolving accumulated structural problems.

During his opening statement at the confirmation hearing held by the National Assembly's Planning and Finance Committee this morning, Lee stated, "Thanks to the artificial intelligence (AI) semiconductor boom, 3% economic growth is becoming visible this year, and per capita gross national income is expected to reach the 40,000-dollar range, marking another step up. However, rather than being complacent about the current opportunity, we must prepare for future threats."

He emphasized, "While adhering to the principles of a market economy, the government must play an active role to protect the socially vulnerable and stabilize people's livelihoods," and presented three key priority areas.

First, he pledged, "To ensure price stability, which is the foundation of the people's livelihood economy and the starting point for reducing polarization, we will work to alleviate the burden of grocery prices and stabilize the prices of agricultural and livestock products and petroleum products. Over the medium to long term, we will improve the distribution structure to ease the structural factors behind rising prices."

He added, "We will boldly support sectors facing relative difficulties, such as youth, small business owners, and small and medium-sized enterprises, to create an economy where everyone grows together."

He also announced a focus on expanding job and income bases. Lee stressed, "We will strengthen industrial and investment foundations so that the regions can grow together with the metropolitan area. At the same time, we will address dual labor market structures and broaden mobility and opportunities throughout society, so that differences at the starting point do not become entrenched gaps in life."

For macroeconomic stability, he stated, "We will closely monitor potential risk factors such as changes in the semiconductor market, global interest rates, and capital flows, preventing excessive market volatility." He reiterated the commitment to complete three ongoing mega-projects and the seven advanced technologies—including future clean energy, aerospace, and advanced biotechnology, collectively called the 'seven seeds'—to create new growth opportunities as core strategic assets for the nation.

In external policy, he commented, "In addition to raising our global standing by joining the World Government Bond Index (WGBI), we will continue to work toward inclusion in the MSCI Developed Markets Index and ensure steady progress in the internationalization of the Korean won."

He noted, "Securing supply chains is now a matter of survival in a heightened geopolitical risk environment," and pledged, "We will eliminate economic vulnerabilities by expanding reserves and securing alternative import sources." He also vowed to do his utmost in managing Korea's external credit ratings so that global credit rating agencies continue to see Korea as an attractive destination for investment.

Lee expressed his aspiration, stating, "If appointed as Deputy Prime Minister for Economic Affairs, I will face the situation of our economy at this turning point head-on and work with extraordinary resolve."

He concluded, "Based on more than 30 years of accumulated know-how and crisis management experience, I will dedicate myself to building the foundation for an 'irreplaceable Korea.' I will unite the capabilities of each ministry to lead the economic team as one, and bear the responsibility to implement policies that the people need, beyond simply aligning interests between government agencies."

This content was produced with the assistance of AI translation services.