Handuksoo: "I Will Devote My Utmost Effort for an Administration That Succeeds in Cooperation" (Comprehensive)

Presented Four Major National Tasks Including Strengthening National Interest Diplomacy and Defense... "We Will Achieve Fierce Debate and Communication"

Former Prime Minister Han Duck-soo, nominated as the first new Prime Minister of the Yoon Suk-yeol administration, is delivering his remarks on the afternoon of the 3rd at the press conference hall of the Presidential Transition Committee in Tongui-dong, Jongno-gu, Seoul. Photo by Transition Committee Press Corps

[Asia Economy Reporter Baek Kyunghwan] Han Duck-soo, the nominee for the first Prime Minister of the Yoon Seok-yeol administration, stated on the 3rd, "As the executive and legislative branches succeed in cooperative governance policies, I will devote all my efforts to succeed together with the people." Han is a seasoned economic bureaucrat who has held key positions such as Chief Economic Secretary to the President, Minister for Government Policy Coordination, Deputy Prime Minister for Economic Affairs, and Prime Minister during the Kim Dae-jung and Roh Moo-hyun administrations.

On the same day, at the press room of the Presidential Transition Committee in Tongui-dong, Seoul, immediately after being nominated by President-elect Yoon Seok-yeol, Han said, "It is an honor but also a very heavy and great responsibility to bear the significant burden of being nominated as Prime Minister at a time when domestic and international economic and geopolitical conditions are extremely severe."

First, Han said, "As the newly nominated Prime Minister, I will serve President Yoon and strive to continuously create policies centered on the executive branch and to develop policies that can be realized through intense discussion and communication." He added, "In this, cooperative governance and integration will be very important policy elements as one of the methodologies."

In particular, Han presented four major national tasks essential for the country's mid- to long-term operation: ▲national interest diplomacy and self-reliant defense capability ▲maintaining fiscal soundness ▲expanding the international balance of payments surplus ▲improving productivity. Han explained, "The process of integrating economy and security presents challenges that require somewhat modifying globalization, openness, and market economy," adding, "Operations must be more meticulous, and geopolitical risks and epidemic responses must be timely."

Regarding specific issues, he mentioned, "We must enhance diplomacy that advances national interests, strengthen strong defense, and reinforce deterrence for self-reliance," followed by emphasizing the necessity of fiscal soundness. In the context of ongoing massive fiscal and financial expansion policies to respond to epidemics, he stated that maintaining fiscal soundness is a task that requires a sense of crisis and response in the mid- to long-term.

He also pointed out the expansion of the international balance of payments surplus. Han said, "While it cannot be said that the more surplus the international balance of payments has, the better, a certain standard of surplus must be maintained," explaining, "When this becomes unstable, the possibility of a foreign exchange crisis for us greatly increases." He continued, "Ultimately, a country with high productivity must be maintained," and added, "Cooperative governance and integration as a methodology will also be very important elements for policy success."

Finally, Han said, "Issues directly related to the happiness of the people, such as jobs, education, housing, healthcare, and pensions, are also tasks we must continuously work on," and concluded, "I will devote all my efforts to cooperate with President-elect Yoon, the new government, the legislature, and the people to achieve good results."

Meanwhile, in political circles, it is expected that Han will face less burden in personnel verification as he passed the National Assembly confirmation process as a Prime Minister nominee during the Roh Moo-hyun administration in 2007. He completed his military service in the army and is known to be the only Prime Minister without children among his predecessors. However, some civic groups have raised concerns about Han’s past role as an advisor to Kim & Chang, the domestic legal representative of Lone Star during the sale of Korea Exchange Bank. The Center for Financial Capital Market Reform recently held a press conference claiming, "Former Prime Minister Han served as an advisor to Kim & Chang, Lone Star’s domestic legal representative, from November 2002 to July 2003 for about eight months and reportedly received about 150 million won," and accused him of being "responsible for concealing Lone Star’s illegal sale of Korea Exchange Bank."