Former industry minister tasked with reversing Korea's dwindling birthrates

Social Affairs

Published: 12 Feb. 2024, 18:03

Former industry minister tasked with reversing Korea's dwindling birthrates

Joo Hyung-hwan, former minister of trade, industry and energy, makes an acceptance speech after the president's office officially announced his appointment as the vice chair of the Presidential Committee of Aging Society and Population Policy at the Yonsan office on Monday. [YONHAP]

The president’s office on Monday officially appointed former Minister of Trade, Industry and Energy Joo Hyung-hwan as the second-in-command of the Presidential Committee of Aging Society and Population Policy, following President Yoon Suk Yeol.

“My shoulders bear the weight of this crucial task, which is directly linked to the survival of our nation,” Joo, the committee’s new vice chief, said on Monday in his acceptance speech. “[Low fertility rate] is a fundamental and complex structural challenge that stems from chronic issues in our society including excessive competition, high housing costs, and the expenses of child-rearing and education.”

“These are not problems that can be resolved overnight,” the de facto committee chief said. “They require consistent long-term efforts.”

Highlighting that the fertility rate for this year is likely to drop to 0.6, a record low, Joo said the country is at a pivotal juncture where decisive structural measures are imperative, encompassing economic, social and cultural aspects.

“We need to comprehensively review existing measures and bolster them with practical initiatives through selection and prioritization,” Joo said. “We must exert our utmost effort in solving the low birthrate and aging population by collecting our national wisdom and capabilities.”

The former minister, who also held the position of vice finance minister, is recognized as an expert in economic policy strategies and planning.

Following his major in business management at Seoul National University, he passed the public servant exam and started his career in public service at the Finance Ministry, which was then known as the Economic Planning Board.

Chief of Staff Lee Kwan-sup, highlighting Joo's extensive experience as the former Minister of Industry and Vice Minister of Finance, introduced the new vice chair as someone capable of spearheading policies to reverse the declining population trend.

"He is a seasoned policy expert renowned for his passionate drive and unwavering commitment," Lee said. "As the leader of the Presidential Committee of Aging Society and Population Policy, Joo will formulate policies that yield tangible results."

The president’s office also appointed Choi Seul-ki, a KDI School of Public Policy and Management professor, on the committee’s board.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]