Jinhyunhwan Emphasizes "Opportunity Cost" in Farewell Address
Reflects on Achievements and Expresses Gratitude to Colleagues
Lee Sangkyung Appointed as New First Vice Minister of Land, Infrastructure and Transport
"I hope that all of you will always keep opportunity cost in mind as you serve in public office."
This was the advice left by Jinhyunhwan, First Vice Minister of the Ministry of Land, Infrastructure and Transport, to junior civil servants at his farewell ceremony on June 30. Vice Minister Jin said, "I have always lived with the fear that, had I not been in this position, perhaps someone more capable would have been here, or that policies might have regressed during my tenure. I have constantly pushed myself with these thoughts." With these words, he emphasized the importance of fulfilling one's duties properly, given the heavy responsibility entrusted in place of others.
Vice Minister Jin began his public service career in 1992 and mainly worked in the traditional domains of the First Vice Minister, such as housing, land, national territory, and urban affairs. Following former Vice Ministers Lee Wonjae, a career bureaucrat, and Kim Ojin, who also served as a party official for the ruling party, Jin became the third First Vice Minister of the Ministry of Land, Infrastructure and Transport under the Yoon Suk Yeol administration, taking office in December 2023. During his tenure, he consistently emphasized field-oriented administration and policy design that reflected the perspective of the public.
On this day, he said, "Thanks to my senior and junior colleagues and all of you with whom I worked, I was able to manage the real estate market and promote housing supply without major mistakes. Serving as the head of the pan-government support task force for national industrial complexes last year, I also cherish the time we spent together creating 15 advanced national industrial complexes across the country, including the world's largest semiconductor industrial complex in Yongin."
Jinhyunhwan, the First Vice Minister of the Ministry of Land, Infrastructure and Transport, is speaking at the housing supply meeting held in Seoul last year. Photo by Yonhap News Agency, provided by the Ministry of Land, Infrastructure and Transport
He also expressed gratitude for "the time spent working together to devise measures to revitalize the construction industry and to proactively address instability in real estate project financing (PF)." He added, "Although the recent instability in the housing market, especially in Seoul, weighs heavily on my mind, I trust that you will handle and resolve these challenges even more wisely together with the new Minister and Vice Minister."
Lee Sangkyung, who was appointed as the new First Vice Minister of the Ministry of Land, Infrastructure and Transport the previous day, will hold an inauguration ceremony and begin his duties this afternoon. Vice Minister Lee, formerly a professor at Gachon University specializing in urban planning, is the second First Vice Minister from academia, following Kim Kyunghwan, who was appointed during the Park Geunhye administration in 2015. President Lee Jaemyung and the National Policy Planning Committee have identified balanced regional development as a core responsibility of the Ministry of Land, Infrastructure and Transport.
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