Park Honggeun: "Planning Office to Become Architect of Korea's 30-Year Future... Strategic Functions to Be Greatly Strengthened"

"Active and Sustainable Fiscal Policy... Decisive Overhaul of Unnecessary Expenditures"

"Building an Ultra-Innovative AI Growth Engine... Fiscal Resources Are Not Unlimited"

Park Honggeun, the nominee for Minister of Planning and Budget, stated on March 3 that “the Planning Office must go beyond simply reorganizing budget functions and become the architect of the nation’s future strategy for the next 30 years in Korea,” pledging to significantly strengthen its strategic functions.

On the morning of March 3, Park made these remarks as he arrived at the hearing preparation office set up at the Korea Deposit Insurance Corporation in Jung-gu, Seoul. “Yesterday, I was nominated as the Minister of the Planning Office, the country’s fiscal control tower,” he said. “Rather than feeling joy, I feel a heavy sense of responsibility because I am well aware of the challenges facing Korea.”

He referenced his experience as a member, secretary, and chair of the National Assembly’s Special Committee on Budget and Accounts, stating, “I understand the structural crises encountered on the ground better than anyone.” He added, “I interpret my nomination as a call to establish new strategies for national development based on voices from the field and to overcome complex crises through the positive functions of public finance.”

Park Hongkeun, a member of the Democratic Party nominated as the first Minister of Planning and Budget under the Lee Jae-myung administration, is responding to reporters' questions as he arrives at the confirmation hearing preparation office set up at the Korea Deposit Insurance Corporation in Jung-gu, Seoul on the 3rd. Yonhap News.

He particularly noted, “Issues such as low growth, the demographic cliff, the climate crisis, regional extinction, polarization, and national division are challenges that can no longer be postponed.” He added, “Now is the time to redesign the national strategy. The Planning Office must faithfully fulfill its role as the architect of Korea’s future, which will determine the course of the government for the next 30 years.”

Regarding fiscal management, he emphasized both “active fiscal policy” and “sustainability.” Park stated, “To revive a livelihood economy on the brink, I will seek a sustainable and active fiscal approach.” However, he also cautioned, “Fiscal resources are not limitless; since they are funded by taxpayers, they must be allocated appropriately.” He went on, “I will boldly cut unnecessary and less urgent expenditures and maximize efficiency through restructuring. I will also ensure that public funds serve as a warm primer even in every local neighborhood.”

He also highlighted the importance of fiscal democracy and bipartisan cooperation. He said, “The budget review authority of the National Assembly, as the legislature, must be fully respected. The budget cannot be monopolized by the ruling party alone. We will enhance the transparency and efficiency of public finance and ensure, through thorough deliberation, that resources are allocated in the most appropriate way.”

On the possibility of formulating a supplementary budget, he maintained a cautious stance, saying, “This is a matter that must be decided after comprehensive discussions between the presidential office and relevant ministries.” Regarding the preparation of next year’s budget bill, he commented, “Preparing the budget bill by the end of March and getting ready for the fiscal strategy meeting in May are urgent tasks. Since the top post at the Planning Office has been vacant for two months, I will focus on stabilizing the ministry and delivering results.”

When asked about integrating the mid- to long-term strategic meetings with fiscal authorities, he explained, “As we must lay out a 30-year vision for the nation, discussions limited to individual ministries have their limits. Comprehensive and government-wide deliberation is needed.”

For the most urgent economic task, he identified “establishing an ultra-innovative economic cluster centered on artificial intelligence (AI) to create new growth engines.” He emphasized, “The key is how to expand the economy while ensuring the sustainability of public finances. I will focus on properly building an ultra-innovative economic growth engine.” Park concluded, “I will thoroughly explain my future policies and vision during the confirmation hearing and will be subject to verification by the public.”

This content was produced with the assistance of AI translation services.