Seoul: Koo Yun-cheol has been nominated as the first finance minister under President Lee Jae Myung, marking a significant appointment in South Korea's fiscal landscape. Koo, a seasoned bureaucrat, is known for his extensive experience in fiscal policy and interagency coordination.
According to Yonhap News Agency, the 60-year-old Koo has held influential roles within the Ministry of Economy and Finance, including director-general of fiscal performance, chief budget officer, and second vice minister. His contribution was pivotal in driving the government's expansionary fiscal policies from 2017 to 2020, especially during his tenure as budget chief and later as second vice finance minister.
In 2020, Koo was instrumental in crafting a national budget that surpassed 500 trillion won (US$367 billion) for the first time. He also managed the development of the first and second supplementary budgets in response to the COVID-19 crisis, showcasing his ability to navigate complex economic challenges.
Seen as a strong contender to lead the Lee administration's focus on active fiscal engagement and economic transformation, Koo's recent advocacy for a national transition to artificial intelligence (AI) has earned him the title of "AI evangelist." He authored AI Korea, a policy proposal highlighting the necessity of government backing for AI research, development, and workforce training.
"As demonstrated in his publications, including AI Korea, Koo is the right person to chart a new path for Korea's growth, given his deep expertise in fiscal policy and comprehensive economic strategy," stated Presidential Chief of Staff Kang Hoon-sik.
Koo's academic background includes studies in economics and public administration at Seoul National University, where he has been imparting knowledge as an economics professor since August 2022.