Yoon to Announce Partial Cabinet Picks Including 'Deputy Prime Minister for Economy' Possibly Today

Deputy Prime Minister for Economy Choo Kyung-ho and Financial Services Commission Chairman Choi Sang-mok Likely... Private Meetings Held Regarding Appointments

[Image source=Yonhap News]

[Asia Economy Reporter Bae Kyunghwan] President-elect Yoon Seok-yeol is expected to announce some appointments for the new government cabinet as early as the 10th. It is known that until the previous day, he reviewed personnel verification reports and conducted final adjustments with his aides, and depending on the progress of the verification, the scale or timing of the announcement may vary.

According to the transition committee, the day before, President-elect Yoon held a private meeting and received reports related to appointments at his residence in Seocho-gu until the evening. The announcement is intended to reveal appointments for 7 to 8 ministerial candidates, including the Deputy Prime Minister for Economy, and President-elect Yoon himself will take the lead in the announcement, similar to when Prime Minister nominee Han Duck-soo was announced.

For the position of Deputy Prime Minister and Minister of Strategy and Finance, Chu Kyung-ho, a member of the People Power Party and the secretary of the transition committee’s Planning and Coordination Subcommittee, has been virtually nominated. Chu is a seasoned economic bureaucrat recognized for his capabilities, having served as Vice Chairman of the Financial Services Commission under the Lee Myung-bak administration and as First Vice Minister of Strategy and Finance under the Park Geun-hye administration. In the political arena, Chu served as a member of the 20th and 21st National Assembly, actively participating in the Planning and Finance Committee and the Special Budget and Accounts Committee, and recently served as the floor leader, making him well-equipped to respond to opposition party attacks. Considering the burden of confirmation hearings, there was also an opinion that an incumbent lawmaker should take the position.

Choi Sang-mok, president of Nonghyup University and secretary of the transition committee’s Economic 1 Subcommittee, is the most frequently mentioned candidate for the chairmanship of the Financial Services Commission. Choi served as the First Vice Minister of Strategy and Finance during the Park Geun-hye administration.

For the Minister of Trade, Industry and Energy, Lee Chang-yang, a professor in the Department of Management Engineering at the Korea Advanced Institute of Science and Technology (KAIST) and secretary of the transition committee’s Economic 2 Subcommittee, is a candidate. For the Minister of Science and ICT, Shin Yong-hyun, spokesperson for the transition committee, is mentioned. For the Minister of Land, Infrastructure and Transport, Kim Kyung-hwan, former First Vice Minister of Land, Infrastructure and Transport, and Shim Kyo-eon, professor at Konkuk University and head of the transition committee’s real estate task force (TF), are among the candidates.

Appointments in the foreign affairs and security sectors are expected to focus on the Korea-US alliance and security posture. Park Jin and Cho Tae-yong are being considered; both were part of the recent Korea-US policy consultation delegation. The transition committee is reportedly seeking individuals capable of harmonizing with other ministries to address the increasingly emphasized 'economic security.'

Additionally, for the Minister of Unification, Kim Cheon-sik, former Vice Minister of Unification, is a candidate. For the Minister of National Defense, retired generals such as Im Ho-young and Choi Byung-hyuk, former deputy commanders of the Korea-US Combined Forces Command, and Kim Yong-woo, former Chief of Staff of the Army, are considered. For the Minister of the Interior and Safety, Lee Tae-gyu, a member of the Planning and Coordination Subcommittee of the transition committee, along with People Power Party lawmakers Yoon Han-hong and Lee Cheol-gyu, and former Jeju Governor Won Hee-ryong, are mentioned.

However, regarding government organization reform, a 'speed adjustment' has been confirmed. On the 7th, Ahn Cheol-soo, chairman of the Presidential Transition Committee, explained the reason for postponing the government organization reform, stating, "Rather than rushing, we considered the recent serious domestic and international economic issues and the grave situation in diplomacy and security." Jang Je-won, chief of staff for the president-elect, also explained to reporters the practical reason, saying, "Passing the Government Organization Act is the responsibility of the National Assembly, and if we wait for its confirmation before making appointments, there will be a significant gap in government operations."