People's Livelihood First in Yoon Administration... Prime Minister Nominee Keyword: 'Economic Expert'

Speed of Prime Minister Appointment
Han Duck-soo, Park Yong-man, Jin Dae-je Among Candidates Discussed

[Asia Economy reporters Kum Boryeong and Lee Gimin] President-elect Yoon Seok-yeol's camp mentioned the 'economic core team' on the 28th in relation to the nomination of the Prime Minister. Given the difficulties faced by the public due to COVID-19, it appears that the first Prime Minister will be shaped as an 'economic expert.'

Kim Eun-hye, spokesperson for the president-elect, said at a press conference at the Presidential Transition Committee's Financial Supervisory Service Training Institute in Tongui-dong, Seoul, "We are looking for the best candidate for Prime Minister who can connect the economic core team?from the Deputy Prime Minister for Economy, the Financial Services Commission Chairman, to the Chief Economic Secretary of the Presidential Office?into a dream team." She added, "We will do our best to ensure that the administration operates flawlessly without any gaps and becomes a one team with the people, a dream team with the people."

By directly mentioning the economic core team, the likelihood that the first Prime Minister will be an economic expert has increased. It is reported that the candidates have been narrowed down to five, and further analysis suggests it has been reduced to three economic experts.

In particular, since President-elect Yoon has emphasized the economy and national unity, it is expected that former Prime Minister Han Duck-soo will be a strong candidate for the new government's first Prime Minister. Han, a trade expert, has experience leading the domestic economy across both progressive and conservative governments, from the Kim Young-sam administration to the Lee Myung-bak administration. He served as Vice Minister of Trade and Industry under Kim Young-sam, was the Ambassador to the OECD for South Korea and Chief Economic Secretary to the President under Kim Dae-jung, chaired the Korea-US Free Trade Agreement (FTA) Support Committee in 2007 under the Roh Moo-hyun administration, and served as Prime Minister. Under the conservative Lee Myung-bak administration, he was Ambassador to the United States and served as Chairman of the Korea International Trade Association from 2012 to 2015. In a phone interview with Asia Economy, Han refrained from commenting on the Prime Minister nomination, saying, "Please understand that I cannot speak on this sensitive matter."

Former Doosan Group Chairman Park Yong-man is also rumored to be a candidate for Prime Minister. Park is recognized as an expert in domestic and international industry and energy sectors. He served as Chairman of the Korea Chamber of Commerce and Industry for about eight years from August 2013 to March last year, earning a reputation for his deep knowledge of Korean companies and the domestic and international economic situation.

Jin Dae-je, Chairman of Skylake Investment, is also mentioned as a candidate. Jin, who served as President and CEO of Samsung Electronics' Digital Media Division and President of the System Semiconductor Division, is known in the semiconductor industry as 'Mr. Semiconductor.' Since President-elect Yoon visited the Seoul National University Semiconductor Joint Research Center in May last year, and with the recent escalation of US-China trade conflicts into the semiconductor sector, the possibility of Jin, a semiconductor expert, being a surprise pick cannot be ruled out.

Um Kyung-young, Director of the Era Spirit Research Institute, analyzed, "The conservative party is known to excel in the economic field, and since President-elect Yoon places importance on achievements, it seems natural that the flow is moving toward a Prime Minister strong in economics."

The outline of the Prime Minister candidate is expected to be revealed early next month. Spokesperson Kim said, "The new Prime Minister is aimed to start with the new government's term," adding, "Based on that, I think the outline of the Prime Minister candidate should be decided by early April at the latest."