Koo Yun-cheol, the outgoing deputy prime minister and minister of economy and finance, urged ministry staff on the 18th to "take pride in the ministry, with the conviction that if the Ministry of Economy and Finance collapses, the Republic of Korea collapses."
Speaking at a farewell ceremony at the Government Complex Sejong, Koo said officials should "become the protagonists when new innovation and change arrive," adding that "whatever the task, innovation begins with asking whether there is a different way to do it." He also stressed that policy must not become detached from conditions on the ground.
Koo, who served as the first economic deputy prime minister of the current administration and led the country's economic policy for one year and two months, also laid out his views on the ministry's role. "Managing prices, the won and growth is important, but so are efforts to grow industries to the point where a successor to memory chips can emerge," he said.
He cited restrictions on his field visits following the outbreak of war in the Middle East in February as his biggest regret. Visiting the press room ahead of the ceremony, Koo said, "Each ministry handles its own work, but the Ministry of Economy and Finance coordinates the whole," adding that "if the ministry loses its clout, it becomes difficult to raise policy efficiency."
After stepping down, he said he intends to devote himself to studying artificial intelligence and graphene. First Vice Minister Lee Hyoung-il, who worked alongside Koo, has been nominated to succeed him and awaits appointment following a parliamentary confirmation hearing.
