Former Ministers Urge Minister Park Hongkeun: "Excess Tax Revenue Should Fund Future Response to Secure Growth Engines"

Called to Serve as a 'Libero' Orchestrating Overall Policy
Educational Grants Reform Should Ensure Balanced Support Across All Stages of Education

Former Ministers of Planning and Budget have called on Minister of Planning and Coordination Park Honggeun to play a role as the “strategic investment control tower” overseeing not only fiscal policy but also structural reform and future strategies.

On October 1, the Ministry of Planning and Coordination announced that on the afternoon of the 30th of last month, Minister Park held a policy meeting in Seoul with former ministers to discuss the direction of fiscal management, structural reform, and medium- to long-term strategies. The meeting was attended by Jin Nyeom, the inaugural minister after the launch of the Ministry of Planning and Budget in 1999, as well as former ministers Park Bonghum, Kim Byungil, Byun Yanggyun, Jang Byungwan, and key senior officials.

Park Honggeun, Minister of Planning and Coordination, is posing for a commemorative photo with former ministers of planning and coordination at the "Former Ministers of Planning and Coordination Policy Meeting" held at the JW Marriott Hotel in Gangnam-gu, Seoul, on the afternoon of the 30th of last month. From the left are Byun Yanggyun, 6th Minister; Kim Byungil, 5th Minister; Park Bonghum, 4th Minister; Park Honggeun, Minister; Jin Nyeom, inaugural Minister; Jang Byungwan, 7th Minister. Ministry of Planning and Budget

The former ministers stressed that, as the transition to artificial intelligence (AI) advances rapidly and internal and external uncertainties persist, the government must take the lead in driving innovation. They also advised that it is the job of the Ministry of Planning and Coordination to secure new engines for future growth by using increased tax revenue from the semiconductor boom as resources for a future response fund. Additionally, they requested that the Ministry play a “libero” role in broadly coordinating overall government policy, not just focusing on particular fields or ministries.

Regarding the reform of education finance grants, there was an opinion that this should serve as an opportunity for fiscal resources to be distributed evenly across the entire education system—from early childhood to higher and lifelong education. There was consensus that the planning function for the future, including structural reform as well as fiscal policy, should be strengthened within the Ministry. Since fiscal policy and structural reform can have a greater policy impact when advanced in a consistent direction, it was suggested that the Ministry should balance its “planning” and “budget” functions.

Minister Park stated, “Recently, the Korean economy has continued to recover, bolstered by strong semiconductor exports, but we are also facing structural risks such as diminishing growth potential and K-shaped polarization.” He added, “We are envisioning the future beyond 20 years from now, with preemptive and bold investment and structural reform.” Minister Park pledged, “Based on the experiences and proposals shared by the former ministers, we will continue to pursue policies to expand growth engines and respond to polarization.”

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