Koo Yooncheol: "I Will Stabilize the Cost of Living, Starting with Essentials Like Eggs and Instant Noodles"

Koo Yooncheol Pledges to Prioritize Stabilizing Cost of Living
Emphasizes Innovation and Efficiency in Economic Policy
Outlines Principles for Budget Operation and Fiscal Management
Highlights Challenges in Raising Taxes Amid Economic Struggles
Plans to Review Ministry Structure and Trade Strategies

On June 29, nominee for Minister of Economy and Finance Koo Yooncheol stated, "I will focus on the cost of living that people face every day," adding, "I will prioritize the stabilization of prices for daily necessities such as eggs."

At a press conference held at the Korea Deposit Insurance Corporation in Jung-gu, Seoul on the same day, Minister-nominee Koo said, "I will focus on stabilizing the cost of living," and explained, "In a situation where incomes are not increasing immediately, we must focus on prices."

He also emphasized his intention to pursue a super-innovative economy based on the concept of 'Republic of Korea Inc.' He explained, "The concept of a corporation includes both costs and revenues," and added, "I will work to increase efficiency in all sectors and overhaul outdated systems so that innovation can be achieved across the board."

Regarding the direction for the 2025 main budget, he said, "Rather than the dichotomy of expansion versus austerity, what matters more is the outcome of the budget," and continued, "If spending money can foster industries and generate revenue, we should spend, but we must boldly reduce unnecessary expenditures." He further stated, "Fiscal management needs to be phased, performance-oriented, and productive," outlining his principles for budget operation.

As a response to the shortfall in tax revenue, he indicated that raising taxes would not be easy. Koo said, "It is not easy to raise taxes when the economy is struggling," and added, "We should move toward a model where companies earn more money in the global market through a super-innovative economy, pay more taxes, and use that money to expand welfare benefits."

Regarding trade negotiations and direction with the United States, he stated, "Since today is my first day, I believe I need to refine my thoughts through internal discussions at the Ministry of Economy and Finance," and added, "I will discuss strategies with relevant national agencies and respond appropriately." On the topic of reorganizing the Ministry of Economy and Finance, he said, "I have not yet had a chance to fully understand the internal situation," and added, "I expect there will be an opportunity to address this later."