AI, innovation, field visits emphasized as Koo Yun-cheol steps down; vows to scout cutting-edge technologies in private sector

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol stepped down Friday after roughly 14 months as the country's top economic policymaker, marking the end of his tenure with a farewell ceremony at Government Complex Sejong.

The first economy minister under the Lee Jae Myung administration, Koo oversaw major external challenges including US tariff negotiations, investment issues and the Middle East war. To the last, he pressed the message that South Korea must produce world-class products and services to survive in the global economy.

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol receives applause as he arrives at his farewell ceremony, held as a final town hall meeting, at Government Complex Sejong on Friday. [Yonhap]
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol receives applause as he arrives at his farewell ceremony, held as a final town hall meeting, at Government Complex Sejong on Friday. [Yonhap]

"I remain convinced that for our economy to survive in the global arena, we have no choice but to produce world-class products and services," Koo said at the farewell ceremony at Government Complex Sejong. "We need to push at least one item hard enough that it can become the next memory chip."

He also expressed regret that his signature "ultra-innovation economy" initiative had not advanced as far as he had originally envisioned. Koo recalled that when he was first nominated as deputy prime minister, he had settled on nurturing ultra-innovation economy items as the one legacy he wanted to leave behind.

"If even one thing doesn't work properly, doing 20 or 30 things means nothing," he said. "My biggest regret is leaving without having pushed even one of them far enough." He added that the economy would benefit more if each person identified one area in their own position, stayed focused on it and kept pushing.

Koo also cited his inability to visit enough field sites as another source of regret, given the relentless stream of external issues — from US investment talks to the Middle East war. "Under normal circumstances, I would have gone to the field once or twice a week, identified items, fixed what was lacking and allocated R&D budgets where needed," he said. "Not being able to do that is what I regret most."

About 200 Ministry of Economy and Finance staff gathered in the auditorium of the central building at Government Complex Sejong, greeting Koo with applause. Staff members selected three words he had frequently emphasized during his tenure — AI, innovation and field visits — and asked him to deliver a final message around them.

Koo described the three words as a "gift" to his staff. He opened by recounting how he had encountered bitcoin in the United States in 2011 but dismissed its potential, and how he had missed the rise of Chinese e-commerce the following year. His point: when a new wave of change arrives, one must not look away but get on board first.

"When a civilizational shift comes, you have to boldly seize it," he said. "When new change and innovation emerge, you must decide to be the protagonist." He also urged staff to resist simply following established ways of doing things, and instead to seek out what is inconvenient and work to change it.

He doubled down on the importance of field visits. "What is said at the center and what happens in the field are completely different," Koo said. "You have to know the field — anything disconnected from it is meaningless no matter how much effort you put in."

After leaving public office, Koo said he plans to continue scouting innovative technologies and visiting companies in the private sector. "I want to go to companies and stay not just for a day but overnight — to discuss, share ideas and identify problems on the ground," he said.

Earlier that day, when he stopped by the press room ahead of the ceremony, Koo said he intended to keep studying future technologies — including AI, biotech and power generation — and to identify "ultra-innovation economy technology items" in the private sector. He highlighted the importance of key components such as sensors and actuators, and named urban hydropower, solar glass, power semiconductors and graphene as areas of personal interest.

"Out of 30 cutting-edge technology items, even 10 percent — two or three — would be enough," Koo said, stressing that rather than trying to be competitive across all fields, the goal should be to develop at least one core technology to world-leading standards. Using the robot industry as an example, he said, "If you make the world's best olfactory sensor, you can sell it to everyone who makes robots" — illustrating how a single key component can open up the global market.

He also called on staff to take pride in the ministry. "You must hold the belief that if the Ministry of Economy and Finance collapses, South Korea collapses," Koo said. "You can't do everything, but please approach your work with the mindset of 'I will take on this one area myself.'"

On his successor, Deputy Prime Minister-designate Lee Hyung-il, Koo said the role is not an easy one. "The deputy prime minister can only do well if you support him," he told staff. "Without your support, nothing can be accomplished."

He closed with a personal note. "I was so happy and received so much support while I was here," he said. "I leave in good spirits — let's meet again."


y2k@heraldcorp.com