South Korea’s Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol concluded his 14-month tenure with a farewell ceremony held at the Government Complex Sejong on the 18th. Addressing approximately 350 staff members, he delivered his final charge: “You must take pride in your work, with the conviction that if the Ministry of Economy and Finance collapses, South Korea collapses.”
Having been selected as the first economic deputy prime minister of the current administration and serving as the nation’s economic command center, he repeatedly emphasized the importance of innovation and field engagement in his farewell address. “When a civilizational shift arrives, we must embrace it boldly,” he said, explaining that “AI does not merely represent artificial intelligence itself — it signifies the determination to become the protagonist when new innovation and change arrive.”
He continued: “Regardless of which division you are in or what work you do, innovation begins with asking, ‘Why must this be done the same way?’ and ‘Is there no way to do it differently?'” He added, “Even when we think we know something, going to the field often reveals a completely different reality. Anything disconnected from the field is meaningless no matter how much effort is put into it.”
He identified his inability to sufficiently cultivate world-class industries in the hyper-innovation economy as his greatest regret during his tenure. “After being nominated and arriving as Deputy Prime Minister and Minister of Economy and Finance, I deliberated over what legacy to leave behind,” he reflected. “I had an extremely strong drive to grow industries around hyper-innovation economy initiatives.”
He pointed to the constraints on field activities following the outbreak of the Middle East war in February of this year as his biggest limitation. “Under normal circumstances, I would have visited the field frequently to listen to people and develop ideas, but there were investment issues with the United States, and after the Middle East war broke out in February, I could not go to the field,” he said. “That remains my greatest regret.”
He also did not hide his lingering attachment to power semiconductor development. “I tried hard to push power semiconductors forward, but it got held up midway and was delayed. I tried to pursue other things, but time ran short,” he confessed. “Simply increasing the number of innovative technology items to 20 or 30 without establishing even one solid initiative is useless. I should have pushed at least one through properly,” he emphasized.
He also expressed his convictions about the identity of the Ministry of Economy and Finance. During a visit to the press room, he stated, “Each ministry handles its individual responsibilities, but the Ministry of Economy and Finance coordinates the whole. If the Ministry loses its strength, it becomes difficult to improve policy efficiency.” He added, “Managing prices, exchange rates, and growth is important, but so is the effort to grow industries to the point where they can produce a follow-up to memory semiconductors.”
“I am convinced that for the Korean economy to survive in the global market, we must create world-class products and services,” he declared. “Managing prices, exchange rates, and growth at the Ministry of Economy and Finance is extremely important, but that alone will not bring satisfaction over time. We must contemplate how to make the Korean economy great and work to grow industries to the point where they can serve as the next act after memory semiconductors.”
Regarding his post-retirement plans, he signaled his intention to continue field-oriented activities in the private sector. “In the private sector, I can focus on what I enjoy — I will visit companies not just for a day, but stay overnight for two days and one night to discuss and generate ideas,” he said. “I will work to ensure the Korean economy can become a global top-tier economy by discussing what problems exist on the ground.” He also expressed his intention to devote himself to studying artificial intelligence (AI) and graphene.
First Vice Minister Lee Hyung-il, with whom he has worked closely, has been nominated as his successor and is awaiting appointment following a parliamentary confirmation hearing. Addressing his staff about the incoming successor, he said, “Please serve the incoming Deputy Prime Minister Lee Hyung-il well and provide ample support. The position of Deputy Prime Minister is not an easy one. He can only perform well if you help him — without your support, no one can succeed in that role.”
He concluded with his farewell: “If you support the incoming Deputy Prime Minister well while also finding fulfillment in your own work, I believe the Ministry of…
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