Incoming Korean finance minister prioritizes risk management

Finance Minister Choi Sang-mok, who doubles as the deputy prime minister for economic affairs and the new minister for small and midsized firms and startups took office Tuesday.

The incoming finance minister placed risk management as a priority in his inauguration message amid growing liquidity concerns following a recent debt restructuring by Taeyoung Engineering & Construction (E&C), Korea’s 16th-largest construction company.

Oh Young-ju, a veteran diplomat who served as the second vice minister for foreign affairs before she was appointed to the post, made remarks at an inauguration ceremony earlier in the day.

Oh pledged to bolster the financial safety net for small merchants.

Oh said the ministry should put its top priority on “strengthening the financial safety net for small merchants,” citing their dire situations over high interest rates and an economic slowdown.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]