Koo Yun-cheol calls second half 'golden time' for economic leap, vows to accelerate reform

Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol convened an expanded senior staff meeting Monday, declaring that the period from June onward is "the golden time for a great economic leap" and pledging to accelerate innovation and structural reform in the second half of the year.

"Please prepare so that the Ministry of Finance and Economy can firmly take the lead in innovation and structural reform through the second-half economic growth strategy and related initiatives," Koo told ministry officials.

Amid the government's push to raise the growth rate as a core economic priority, the ministry is expected to flesh out measures on regulatory reform, industrial restructuring and productivity improvement through its second-half economic policy direction and growth strategy.

The meeting also featured the second round of "Team Hwakhaeng" awards, which recognize departments that have delivered notable policy results.

Five divisions received awards: the Property Tax Division, the Economic Analysis Division, the Innovation Policy Office, the Public Policy Coordination Division and the Economic Cooperation Division. The Economic Analysis Division was recognized for its recent economic trend analysis and its emergency economic response to the war in the Middle East. The Economic Cooperation Division was credited with leading discussions on expanding economic cooperation between South Korea and Uzbekistan on the sidelines of the Asian Development Bank annual meeting.

The ministry also reaffirmed its commitment to expanding AI use. Three projects by graduates of the second cohort of its intensive AI training program were demonstrated at the meeting.

"The results of our in-house AI innovation efforts are gradually showing," Koo said, adding that senior officials' attention is needed to ensure the development of an AI agent tailored specifically to the ministry. He said the ministry would also actively consider introducing intermediate and advanced AI education programs.

Meanwhile, Senior Administrator Jeon Hyeong-yong of the Investment Management Division was named May's best "Sowhakhaeng" — a recognition for small but meaningful achievements. Jeon was credited with laying the groundwork for bringing e-cigarettes under regulatory oversight through an amendment to the Tobacco Business Act, the first such revision in 37 years.