Seoul: Finance Minister nominee Koo Yun-cheol announced plans to assemble a team of experts to develop “ultra-innovative” items aimed at driving economic growth. Koo made this commitment during his parliamentary confirmation hearing, emphasizing the need to address the country’s weak growth potential amid current demographic and structural challenges.

According to Yonhap News Agency, Koo highlighted the importance of focusing on core items in the AI era to achieve meaningful results in the nation’s transformation toward an ultra-innovative economy. He proposed concentrating national capabilities on producing world-class products and services. As part of this initiative, he plans to bring together the nation’s top experts to form a project team dedicated to these ultra-innovative endeavors, providing them with the necessary resources.

Koo also committed to establishing a new AI bureau within the finance ministry. This aligns with President Lee Jae Myung’s campaign promise to invest 100 trillion won (approximately US$71.87 billion) in the AI sector through public and private sector collaboration. Koo noted that AI could play a transformative role not only in traditional industries such as shipbuilding and automobiles but also in emerging fields like drones and digital court systems.

Koo stressed the importance of standardizing and integrating data to support AI applications across various sectors. He also underscored the need to strengthen economic fundamentals, stabilize livelihoods, ensure price stability, and boost domestic demand through quick implementation of supplementary budgets. Additionally, he pledged to manage external risks, including tariff negotiations with the United States, and to proactively address demographic challenges like the low birth rate and aging population.

If confirmed, Koo Yun-cheol will serve as the first finance minister under President Lee’s administration.