Finance Minister Nominee Lee Hyoung-il Vows to Combat Inflation During Confirmation Hearing

Finance minister nominee Lee Hyoung-il vowed on Tuesday to tackle inflation and bolster economic recovery during his confirmation hearing at the National Assembly in Seoul. Lee stated that South Korea is at a critical juncture due to the artificial intelligence boom, which has driven a semiconductor surge and improved major economic indicators such as investment and exports. He noted that while the country is on track to achieve a per capita gross national income of over 40,000 US dollars this year, it must remain resilient against geopolitical threats, including the war in the Middle East and uncertainties in global trade.

Lee pledged to prioritize the stabilization of consumer prices for fuel and agricultural, livestock, and fishery products to address economic disparities. He also committed to maintaining macroeconomic stability amid fluctuations in global interest rates and the semiconductor cycle. Additionally, the finance ministry intends to seek the country's inclusion in the developed-market category of Morgan Stanley Capital International indexes and promote the internationalization of the Korean won.

During the proceedings, Lee addressed criticism regarding a property he purchased in 2009 in Gwacheon, where he reportedly lived for only four months over the past 17 years. He claimed the purchase was not for speculation and that his circumstances prevented him from living there. This controversy occurred as part of broader confirmation hearings for three Cabinet posts, which included Justice Minister nominee Kim Seung-won and nominee for minister for small and medium-sized enterprises Lee So-young. While the hearings involved clashes between rival parties over various allegations, appointments for these roles do not require parliamentary approval.