Sangkyung Lee Inaugurated as New First Vice Minister of Land Ministry: "Will Usher in Era of Real Growth"

Amid Population Decline, Regional Extinction, and Low-Growth Economic Crisis
Comprehensive Overhaul of Land and Transport Policies Announced
Relationship with President Jae Myung Lee Dates Back to Seongnam Mayoral Days... Known as the "Real Estate Policy Advisor"

Sangkyung Lee, the new First Vice Minister of the Ministry of Land, Infrastructure and Transport, held his official inauguration ceremony on June 30. He announced a comprehensive overhaul of land and transport policies, stating, "I will correct the shaken system and usher in an era of 'real growth' through innovation."

Lee Sangkyung, Vice Minister, taking an oath at the inauguration ceremony. Ministry of Land, Infrastructure and Transport.

In his inaugural address, Vice Minister Lee said, "We are currently facing national crises such as population decline, regional extinction, and a low-growth economy." He added, "With the launch of the new administration, we must seize this opportunity to reverse these crises." He went on to emphasize, "The Ministry of Land, Infrastructure and Transport, which has driven Korea as an industrial powerhouse, must now focus its capabilities on advanced industrial complexes and urban development in areas such as AI, semiconductors, and mobility, as well as new infrastructure investments."

He also outlined the direction for housing policy. Vice Minister Lee stated, "We need to present a plan to supply affordable housing stably to real demanders." He continued, "We must restore the housing ladder for each demographic group, including young people, newlyweds, single-person households, and the elderly, and establish a housing safety net through affordable rental and lease options." In particular, regarding recent household debt measures, he said, "We must closely monitor the situation and prepare necessary actions to stabilize the market," expressing his commitment to policy responses to the housing market disruptions caused by financial regulations.

Regarding balanced regional development, he explained, "We need to move beyond the single-centered system of the Seoul metropolitan area and form five major economic and living zones, along with three special regions." He added, "We will pursue a national spatial innovation strategy that enables large cities and small-to-medium cities to grow together."

On the construction industry, he said, "It is important to restore the construction economy amid rising construction costs and increasing unsold housing in regional areas." He continued, "We must meticulously manage all stages of construction projects?including ordering, design, construction, and supervision?and create a site-centered, safe construction environment."

Vice Minister Lee is a native of Yeongcheon, North Gyeongsang Province. He studied urban engineering at Seoul National University, earning bachelor's, master's, and doctoral degrees, and has served as a professor in the Department of Urban Planning and Landscape Architecture at Gachon University. He has also served as a member of the Public Housing Integrated Review Committee at the Ministry of Land, Infrastructure and Transport. He is known as President Jae Myung Lee's 'real estate policy advisor.' He began working on policy with President Lee during his tenure as mayor of Seongnam, and in the 2022 presidential election, he served as chairman of the Real Estate Reform Committee of the Democratic Party's Central Election Countermeasures Committee, where he designed policies such as the development profit recovery system and the basic housing pledge.

Vice Minister Lee concluded by saying, "In the short term, we must put people's livelihoods first and deliver visible results through swift policy implementation." He added, "I will not lose the attitude of a public official who listens to the voices of the people and those on the ground during the policy process."