Seoul, Dec 28 (NationPress) The President of South Korea, Lee Jae Myung, has officially chosen Lee Hye-hoon, an accomplished economist and a former lawmaker with three terms from the conservative faction, as the new Minister for Planning and Budget, according to a statement from the presidential office on Sunday.

Lee Hye-hoon has been appointed as the first leader of the upcoming Ministry of Planning and Budget, which will be established under the Prime Minister's Office as part of a government reorganization initiative set to commence in January, as reported by Lee Kyu-yeon, the Presidential Secretary for Public Relations and Communication.

Having served three successive terms in the National Assembly representing the conservative bloc, she also ran as a candidate for the main opposition People Power Party during the parliamentary elections in April 2024.

The restructured government will see the Ministry of Finance and Economy functioning as the key policy management center, while the new Ministry of Planning and Budget will focus on budget allocation and developing mid- to long-term economic strategies.

The nominee brings a wealth of experience in policymaking and research, having participated in the National Assembly's Special Committee on Budget and Accounts and worked as a research fellow at the government-run Korea Development Institute.

She has also spearheaded legislative changes to amend the Minimum Wage Act to impose penalties on employers who do not comply with the legal minimum wage, along with revisions to the Interest Limitation Act to set interest rate caps.

According to Press Secretary Lee, her extensive legislative background makes her an ideal candidate to assist the soon-to-be-formed Ministry of Planning and Budget in crafting the nation's long-term strategies and rejuvenating future growth drivers.

Her nomination will require a confirmation hearing by the parliament, although the President retains the authority to proceed with the appointment regardless of the outcome.

In a public statement, the nominee pledged her dedication to fulfilling her responsibilities as the head of a ministry aimed at realizing the Lee administration's goals of achieving both welfare and growth while promoting sustainable development.

"In a period where conflict and division threaten to hinder national governance more than ever before, I feel a profound sense of duty to invest all my knowledge and experiences towards economic revival and fostering national unity," she remarked.

Additionally, President Lee appointed former two-term lawmaker Kim Song-sik as the vice chair of the National Economic Advisory Council, which provides direct counsel to the President on significant economic policies and national development strategies.

During his tenure in the National Assembly, Kim was actively involved in budget and finance committees and earned a reputation as a reform-minded policy advocate.

Lee Kyung-soo, the Chairman of the nuclear fusion startup Enable Fusion, has been designated as Vice Chair of the National Science and Technology Advisory Council.

Moreover, Kim Jong-gu, previously the head of food policy at the Ministry of Agriculture, Food and Rural Affairs, has been elevated to Vice Minister, while Hong Ji-seon, Vice Mayor of Namyangju, has been appointed as the second Vice Minister of Land, Infrastructure, and Transport.

Representative Cho Jung-sik of the ruling Democratic Party, now in his sixth term, has been selected as the President's Special Adviser for Political Affairs.

Lee Han-joo, chairman of the National Research Council for Economics, Humanities, and Social Sciences, has been appointed Special Adviser for Policy. He previously led the Presidential State Affairs Planning Committee, which acted as the transition team for the Lee administration.