S. Korea finance minister nominee vows to curb inflation, sustain growth via AI megaprojects
Lee Hyoung-il vows to curb inflation and sustain growth through South Korea's chip, physical AI and data-center investment plan.
At his first media briefing as nominee, Lee said he views prices of daily necessities as the government's economic report card. “High consumer prices are harsher on vulnerable groups,” Lee said. “Stabilizing consumer prices is the basis of the livelihood economy and the starting point for addressing economic disparity.”
Lee added that the situation surrounding the war in the Middle East needs to be monitored and that future oil prices will be a key factor in inflation, but if such issues are addressed, upward pressure on consumer prices will ease.
He said the Lee Jae-myung administration has made progress in revitalizing the economy after the botched martial law declaration in 2024. The South Korean economy has swiftly emerged from the shock and is projected to post 3 percent economic growth this year, the first time in five years, Lee said. “Building on the achievements made so far, it is now time for us to take on new challenges toward building an irreplaceable Republic of Korea,” he added.
The nominee said the government will promptly implement the three megaprojects initiative, which aims to transform the economy through investment in semiconductors, physical AI and AI data centers. The plan is intended to pave the way for major investment, create growth engines and foster provinces as new hubs of growth, alongside proactive investment in cutting-edge future technologies.
Lee also pledged to improve investment conditions for domestic and foreign investors. Asked about the finance ministry's future stance on attracting foreign investment, he said: “Ultimately, businesses need to make investments. In order for them to invest, we need to revitalize business activities, address challenges and ease regulations.”
On housing, he said the finance ministry will maintain the government's stance that housing policy should focus on actual residence rather than investment. Lee also said he will communicate frequently with related ministers and the presidential office to coordinate on issues involving sharp differences among ministries. His nomination must go through a National Assembly confirmation hearing, Yonhap reported.