Choi Jong-ku, a former top financial policymaker and regulator, has been named South Korea's ambassador for international financial cooperation -- a new role created to reassure trade partners and credit rating agencies of the country’s financial resilience amid political turmoil.
Speaking at a Cabinet meeting, acting President Han Duck-soo said Tuesday that the 67-year-old Choi, who previously headed the Financial Services Commission and the Export-Import Bank of Korea, will "dedicate himself to economic diplomacy aimed at managing South Korea’s external creditworthiness."
Choi will also "actively communicate South Korea's economic situation and policy direction to major countries and global credit rating agencies," according to Han, who approved Choi's position after the Cabinet meeting.
The role was established as a countermeasure to the political turmoil triggered by President Yoon Suk Yeol’s Dec. 3 martial law declaration -- a contentious decision that resulted in his impeachment by the National Assembly.
The special envoy, recommended by the Ministry of Economy and Finance, "will proactively explain South Korea's economic situation and policy direction to major trade partners and global credit appraisers," Han said during the meeting at the Government Complex Seoul.
A career civil servant since 1982, Choi served as the state-run Eximbank Korea head in 2017 and the FSC Chair from 2017 to 2019. Most recently, Choi led the organizing committee of the Gangwon 2024 Winter Youth Olympics.
Han also announced plans to establish another position carrying ambassadorial status, namely the special envoy for international investment cooperation, to enhance South Korea’s appeal as an investment destination.
Jeffrey Jones, former chair of the American Chamber of Commerce in Korea, is reportedly recommended for the role by the Ministry of Trade, Industry and Energy.
This came after Deputy Prime Minister and Finance Minister Choi Sang-mok told reporters Monday that South Korea's economic growth could be lower than 2 percent next year, adding that downside risks in Asia's fourth-largest economy will "inevitably revise down the growth outlook for 2025."
Even before President Yoon's martial law declaration, the Bank of Korea in November projected that South Korea's economy would grow by 1.9 percent next year.
consnow@heraldcorp.com
