New Economic Team Formed to Fight Crisis

By Na Jeong-ju
Staff Reporter

President Lee Myung-bak replaced his finance and unification ministers and 12 other senior officials Monday in a Cabinet shakeup aimed at reviving the sagging economy and reestablishing stalled relations with North Korea.

Former Financial Supervisory Service (FSS) Chairman Yoon Jeung-hyun was tapped to replace Kang Man-soo as the country's top economic policymaker, and Hyun In-taek, a professor of political science at Korea University, will replace Kim Ha-joong as the unification minister.

Korea Investment Holdings Chairman Yoon Jin-shik was appointed as the senior presidential secretary of economic affairs, replacing Bahk Byong-won, who is under investigation on abuse of power allegations.

The new Cabinet members will be formally named after a National Assembly confirmation hearing next month.

``The focus of the shakeup was reorganizing the country's economic team and speeding up economic recovery,'' Cheong Wa Dae spokesman Lee Dong-kwan said. ``We expect Yoon, the nominee for the minister of strategy and finance, to help restore trust in the market and help tide over ongoing economic woes.''

Yoon, 63, served as the head of the financial regulator under former President Roh Moo-hyun.

Professor Hyun, 55, played an important role in setting up Lee's key North Korea policy, dubbed ``Vision 3000,'' and aimed at helping North Korea increase its per capita income to $3,000 within the next 20 years if it abandons all its nuclear ambition.

Spokesman Lee also indicated, ``There will be an announcement soon regarding nominees for the head of the National Tax Service (NTS) and the minister of public administration and security.''

Han Sang-ryule resigned Friday as the NTS head amid bribery allegations, while former Public Administration Minister Won Sei-hoon was tapped Sunday to head the the National Intelligence Service.

President Lee also nominated Chin Dong-soo, president the Export-Import Bank of Korea, as the chairman of the Financial Services Commission. Kwon Tae-shin, a career administrator, was promoted to chief of staff at the Office of the Prime Minister.

Nine vice ministers and five vice minister-level officials were also replaced.

Park Young-joon, the senior presidential secretary on planning and coordination, will move to the Office of Prime Minister to serve at a vice-minister-level post. Former senior presidential secretary of education, science and culture, Lee Joo-ho was also named vice minister of the education ministry to help President Lee's educational reform.

The Cabinet shakeup came one day after Cheong Wa Dae named nominees for the heads of the spy and police agencies.

jj@koreatimes.co.kr