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Budget minister nominee leans into long-term financial strategy for Korea

Published: 03 Mar. 2026, 14:07 Updated: 03 Mar. 2026, 14:14

Budget Minister nominee Park Hong-keun speaks to reporters as he arrives at his office in Seoul to prepare for a parliamentary hearing on March 3. [YONHAP]

Budget Minister nominee Park Hong-keun said Tuesday the government should spearhead the planning of a long-term national growth strategy centered on a "super-innovative" economy.

Park, a four-term lawmaker of the ruling Democratic Party, was tapped as the inaugural minister of the Ministry of Planning and Budget by President Lee Jae Myung on Monday.

The nomination came more than a month after Lee withdrew his nomination of opposition politician Lee Hye-hoon as budget minister following a slew of controversies over the former People Power Party lawmaker's alleged misconduct, including suspicious real estate dealings involving her family.

On his first day as a minister nominee, Park said the most important function of the budget ministry, which was newly established under the current administration, is planning a future strategy for the country.

"While serving on the State Affairs Planning Committee, I came to recognize the importance of the budget ministry's role in devising a national future strategy that looks ahead to the next 30 years of the Republic of Korea," Park told reporters.

Korea is moving toward a "super-innovative" economy despite mounting structural challenges facing the country, he added, stressing that fiscal policy must play an active role in the transition.

Park also vowed efforts to boost the efficient use of state budget as budget is limited.

Yonhap