Democratic Party Recruits 'Economic Experts' Hong Seong-guk and Lee Jae-young as General Election Talents

On the 6th, Hong Seong-guk, former president of Mirae Asset Daewoo (left), and Lee Jae-young, former president of the Korea Institute for International Economic Policy (right), joined the Democratic Party of Korea.

[Asia Economy Reporter Kang Nahum] The Democratic Party of Korea has recruited Hong Seong-guk, former President of Mirae Asset Daewoo (57), and Lee Jae-young, former President of the Korea Institute for International Economic Policy (KIEP) (55), as the 17th and 18th new members for the 21st general election.

The Democratic Party held an induction ceremony for the two on the morning of the 6th at the National Assembly.

First, the 17th recruit, former President Hong, is recognized as one of Korea’s first-generation stockbrokers. He is regarded as a self-made figure who rose from a regular employee through open recruitment to become the president of a securities firm.

He joined Daewoo Securities in 1986 and was appointed head of the investment analysis department in 2000, where he began leading research on global and Korean economic forecasts.

He subsequently served as head of the research center, executive director in charge of wholesale sales, head of the future planning research institute, vice president of Daewoo Securities, and in December 2014, was appointed president of Daewoo Securities. He left the securities industry after stepping down as president of Mirae Asset Daewoo following its merger with Mirae Asset in 2016.

A Democratic Party official explained the reason for his recruitment, saying, "Former President Hong is well known for having predicted the 2008 global financial crisis early on. He is proficient not only in securities and finance but also in the flow and predictive analysis of the global economy."

At the induction ceremony, former President Hong stated, "In the era of aging and low growth, healing social conflicts and shifting policies toward the future urgently require farsighted leadership and swift responses. For Korea to prepare for the future society, a change in awareness must start from the political sphere. I will pour my accumulated experience into achieving social structural reform through politics."

The 18th recruit, former President Lee, holds a Ph.D. in economics from Moscow State University and is recognized as a Russia expert and one of the top domestic specialists in the Eurasian economic field.

Since joining the Korea Institute for International Economic Policy (KIEP) in 2005, former President Lee has continuously researched economic and trade issues and cooperation plans in the Eurasian region, classified as the former Soviet bloc.

Based on this experience, he has served as a private member of the Northern Economic Cooperation Committee, trade policy advisor to the Ministry of Trade, Industry and Energy, expert advisor to the inter-Korean summit, and policy advisor to the National Security Office and National Intelligence Service, deeply participating in the establishment of Korea’s Eurasian trade strategy.

After the inauguration of the Moon Jae-in administration, he also participated in the planning and conceptualization of the Northeast Asia Plus Responsible Community roadmap under the State Affairs Planning Advisory Committee. Since his appointment as president of KIEP in 2018, he has led the formulation of major national foreign economic policies.

Former President Lee said, "The impact of the external economic environment on the Korean economy will deepen further, requiring proactive and comprehensive responses. I will dedicate myself to making Korea a global economic leader by leveraging my accumulated research experience and extensive network."