Seoul: The South Korean economy is at a pivotal juncture for implementing "fundamental" changes amidst ongoing challenges, including global trade uncertainties, according to the country's newly appointed first vice industry minister. Moon Shin-hak emphasized the critical nature of the current economic and industrial climate during his inauguration address, referencing the impact of U.S. tariff measures and the increasing trend of global protectionism.
According to Yonhap News Agency, Moon highlighted that the upcoming five years represent the final opportunity to enact significant changes to an economy currently facing severe challenges. He outlined the new government's primary focus on "growth," with the industry ministry aiming to enhance the productivity of the manufacturing sector through the adoption of artificial intelligence (AI) technology and the development of new growth engines.
President Lee Jae-myung appointed Moon as the first vice minister of trade, industry, and energy on Tuesday. At 58, Moon is an experienced bureaucrat with a strong background in the industry and energy fields. He played a key role in former President Moon Jae-in's policy to phase out nuclear energy.
Regarding President Lee's election promise to establish a climate energy ministry, which would consolidate the industry ministry's energy policy responsibilities with the environment ministry's climate change duties, the vice minister stated that the industry ministry would engage in close consultation with the presidential planning committee on state affairs.