South Korea's Lee names Koo Yun-cheol finance minister, makes other picks
SEOUL: South Korea needs to take measures to support its economy in the short term as it continues tariff talks with the US, its likely new finance minister Koo Yun-cheol said on Sunday (Jun 29) after being nominated for the role by President Lee Jae Myung.
Koo, a former vice finance minister, still needs to go through parliament hearings before being confirmed as finance minister. Other ministerial appointments were also announced by the president's office on Sunday.
"We need to take pre-emptive measures and prepare for situations such as the current tariff negotiations with the United States," Koo told a press conference.
"Through this process, we plan to actively and proactively respond to the difficulties that the South Korean economy faces in the short term," he said.
Trade envoy Yeo Han-koo returned home on Sunday after holding the first high-level tariff talks with his US counterparts since President Lee took office on Jun 4.
South Korea has sought exemptions from US President Donald Trump's high tariffs on imports of automobiles and steel products, as well as a 25 per cent "reciprocal" levy on the US ally that is currently paused for negotiations.
Yeo said his trip helped build mutual trust to expedite the negotiations and make friends in Washington. Asked if the Jul 8 deadline for negotiations over tariffs was still valid, Yeo said every possibility was left open.
"In fact, the situation in the United States is very fluid. So, for now, I can say that all possibilities are open," he told reporters.
The US has demanded that South Korea improve non-tariff barriers particularly in the agricultural and digital services sectors, according to South Korean officials.
MINISTERIAL APPOINTMENTS
New finance minister Koo is widely known as a policy expert, having served in different positions across government and has authored books on South Korea's innovation and growth, most recently on artificial intelligence, Lee's chief of staff, Kang Hoon-sik, told a briefing.
Among other ministerial positions, Kim Jung-kwan, president of power plant builder Doosan Enerbility and a veteran bureaucrat in economics, energy and public policy, was nominated to be industry minister.
Kim fits the role to realise President Lee's "energy mix philosophy", Kang said, referring to the new president's aim to balance nuclear power and renewable energy.
The former head of South Korea's disease control agency, Jeong Eun-kyeong, was nominated for health minister. She was highly praised for her response to the COVID-19 pandemic, becoming one of Time Magazine's 100 most influential people of 2020.
Cabinet nominations in South Korea must be vetted by hearings in parliament. But presidents may appoint their nominees without parliament's approval, and Lee's Democratic Party has a majority in parliament.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
China resumes qualified seafood imports from some Japan regions
BEIJING: China on Sunday (Jun 29) announced it is immediately resuming seafood products imported from some Japanese regions, ending a nearly two-year overall ban imposed due to worries over Japan's release of treated wastewater from the Fukushima nuclear power plant. In a notice on Sunday, China Customs said seafood products from 10 prefectures - Fukushima, Gunma, Tochigi, Ibaraki, Miyagi, Niigata, Nagano, Saitama, Tokyo and Chiba - will still be banned from entering the country. Products from other regions will need health certificates, radioactive substance detection qualification certificates and production area certificates issued by the Japanese government for Chinese customs declarations, the notice said. Chinese customs authorities said Sunday's decision was made after no abnormality was detected following long-term international and independent Chinese sampling and monitoring of discharged wastewater. China banned all imports of Japanese seafood in August 2023, shortly after Tokyo began releasing the treated Fukushima wastewater, prompting a diplomatic and economic backlash.
CNA
an hour ago
- CNA
Singapore, UK to boost trade, share vision of peace and prosperity amid uncertainty
The UK and Singapore are deepening their partnership amid global uncertainties, focusing on boosting trade, tackling ageing populations and stepping up defence cooperation. Recently in Singapore, UK Secretary of State Peter Kyle said shared values and complementary strengths have shaped 60 years of strong ties. In a chat with CNA's Aslam Shah, Mr Kyle spoke about what this enduring relationship means for the future.
Independent Singapore
3 hours ago
- Independent Singapore
23 y/o foreigner who secured S$6.8k job offer in SG asks, 'Should I be worried about living cost or not?'
SINGAPORE: A 23-year-old foreign national who has recently secured a two-year position in Singapore asked Redditors whether he should be concerned about the cost of living, despite being offered a salary of S$6,800 per month. Posting on a local forum on Friday (Jun 27), the man said he'd already seen mixed opinions online about whether this amount is enough to live comfortably in the city-state. To clear things up, he decided to ask Singapore residents directly for their thoughts and experiences. He shared that he will be relocating from Europe and will be earning around €4,600 or S$6,800 per month. As he tries to plan ahead, he has a few key questions on his mind. 'Is S$6,800 considered a good salary for a junior profile in Singapore?' he asked. He also wondered if spending about S$2,500 on rent each month would still leave him with enough to live modestly and save a little. Other things he wanted to know included: what kind of housing he could expect for that price point, what areas might offer good value, and how much to budget for things like food, transport, and social activities. 'Thanks in advance for your insights!' he wrote, as he prepared for his move. 'With S$6.8k, you should be able to cope fine.' In the thread, many assured him that S$6,800 was a decent starting salary for a junior-level role in Singapore, especially for someone in their early twenties. Some even called it 'quite high' compared to local fresh grad salaries, which typically range from S$3,000 to S$5,000. One Redditor added, 'Many people at that age can only dream of having this type of pay. Heck, you might even be making more than someone with 10 years more experience than you. You'll be able to live super comfortably here.' A few others also gave him a breakdown of monthly expenses to help him get a clearer picture. While spending S$2,500 on rent is on the higher end, most agreed that it's still possible to live comfortably if he manages his other expenses wisely. One wrote, 'S$6800 is good for junior. S$2,500 for rental is ok. Don't expect big and best, though, but (a) convenient location for studio or one-bedroom is possible. After S$2,500, (you're) left with S$4,300. You could survive on S$1,000 per month. Depends on how you spend, of course.' Another commented, 'Monthly expenses will be generally similar to wherever you come from, but at Singapore prices. Cooking is cheaper than eating out at fancy places, but with S$6,800, you should be able to cope fine.' Cost of living for expats According to business solution firm Piloto Asia, the average cost of living for a single expat in Singapore is roughly S$3,500 to S$6,000 per month. For a family of four, monthly expenses can range from S$6,000 to S$12,000. Read also: Singaporean says he supports 'foreign F&Bs over locals,' gets mixed reaction from netizens Featured image by freepik (for illustration purposes only)
