South Korea’s new President Moon Jae-in on Sunday has nominated Kim Dong-yeon, president of Ajou University as the deputy prime minister and finance minister as he named six other key members of the Cabinet and his secretariat.

Kang Kyung-hwa, policy aide to United Nations secretary-general was picked as the foreign minister, Chung Eui-yong, former ambassador to Geneva was appointed as the national security chief, and Chang Ha-sung, Korea University professor was named new chief of staff for policy.

Kim Kwang-doo, endowed chair professor of economics at Sogang University was named vice chair of the presidential economic advisory committee while Hong Seok-hyun, former head of Korean Association of Newspapers and former chairman of local newspaper Joongang Ilbo Co., and Moon Chung-in, an honorary professor at Yonsei University, were named special advisors for diplomatic and security issues.

The comprehensive risk management capability and the ability to make bold decisions were the key factors when picking the deputy prime minister that acts as the economic control tower, said the president as he personally made the announcement Sunday morning.

President Moon introduced Chang, his new chief of staff for policy as a scholar and an activist who has continuously studied Korean society’s economic inequality. “He is the right person who can reform the social and economic policies focusing small- and medium-sized companies by shifting away from the traditional economic paradigm centering chaebols to achieve economic democracy and earning-led growth,” said the president.

Kim, the new chair of the presidential economic advisory committee, is an economist who represents Korea’s “reform conservatives” that he has maintained different political and economic view (from the president himself), said the president, adding that “the rational progressivism and reform conservatism have to work together on economic issues.”

The finance and foreign minister nominees would be able to start the office upon confirmed by the National Assembly while the appointments of the new presidential officers and advisors including special advisors are effective immediately following the announcement.

By Kang Gye-man

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