December 22, 2024

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Finance Minister and Deputy Prime Minister Choi Sang-monk speaks during an emergency meeting held with top economy and finance officials at the government complex in Seoul on Sunday. (The Ministry of Economy and Finance)

Finance Minister and Deputy Prime Minister Choi Sang-mok has vowed all-out efforts to fill the leadership vacuum created by President Yoon Suk Yeol's impeachment.On Sunday, he held an emergency economy-related ministerial meeting, where he said, "Our economy once again faces a critical test," warning of growing internal and external uncertainties.

He announced that the "2025 Economic Policy Direction" would be jointly released by relevant ministries before year-end, focusing on four key goals: maintaining external credibility, addressing trade uncertainties, enhancing industrial competitiveness and ensuring livelihood stability.

To protect Korea’s external creditworthiness, Choi pledged to boost foreign investment incentives and launch a pan-government task force to address challenges faced by foreign investors.

He also outlined measures to address rising trade uncertainties amid US President Donald Trump's second term, including the establishment of regular ministerial meetings on external relations to bring together economic and foreign affairs ministries to monitor economic cooperation, trade issues and supply chain stability.

Choi further pledged to finalize the 2025 budget to ensure execution at the start of the new year, with a comprehensive implementation plan set for announcement soon.

Meanwhile, Choi's profile has risen amid the presidential vacancy. Under the nation’s government organization act, he is placed next in line to act as president following Prime Minister Han Duk-soo, who faces ongoing allegations related to Yoon’s martial law declaration.

This is Choi’s third involvement in a government facing impeachment. In 2004, during President Roh Moo-hyun’s impeachment process, Choi was director of the securities policy division. He also served as President Park Geun-hye’s presidential secretary for economics and finance and as first vice finance minister before resigning in 2017 after Park’s ouster.

A seasoned economic bureaucrat, Choi began his career after passing the civil service exam in 1985. He has led several key departments in the finance ministry and played a pivotal role in establishing the Capital Market Consolidation Act in 2007. After stepping away from government during President Moon Jae-in’s tenure, Choi returned to public service following Yoon's election, becoming finance minister in December 2023.

By Choi Ji-won (jwc@heraldcorp.com)