South Korea’s Finance Minister Pledges Inflation Control and Growth Push

South Korea’s finance minister pledged to make inflation control a central policy priority while pursuing government-led projects intended to strengthen economic growth, setting out the ministry’s agenda during a parliamentary audit on Tuesday.

Finance Minister Lee Hyoung-il said consumer price stability was fundamental to protecting livelihoods and easing the cost-of-living burden. He identified fuel, food and other everyday necessities as areas requiring particular attention and said the government would respond firmly to irregular conduct that disrupts market prices.

The appearance before the National Assembly’s finance, economy, planning and budget committee was Lee’s first parliamentary audit since taking office last month. His remarks placed household pressures and economic disparities alongside the government’s longer-term industrial strategy.

Lee said the ministry would work to reduce financial burdens on vulnerable groups and focus on housing, employment and access to financial services for low-income households. He also said the government would continue expanding the supply of public housing, with the aim of promoting a market centered on residential demand rather than speculation.

At the same time, the ministry plans to support the administration’s three-megaproject initiative, which includes development of the semiconductor and artificial intelligence industries. Lee said the government would also seek to improve the business environment and reinforce the economy’s growth potential.

The minister addressed South Korea’s investment commitments in the United States under a memorandum of understanding linked to lower tariffs on Korean goods. He said decisions would take commercial viability and strategic interests into account, indicating that the government intends to weigh economic returns and national priorities as it carries out the commitments.

External risks also featured in Lee’s assessment. He said the government would continue responding to uncertainty arising from the war in the Middle East and the monetary policy decisions of major economies. Such developments can affect energy costs, capital flows and broader market conditions facing South Korea.

Lee also reaffirmed a roadmap to move the Korean won from a regulated currency toward full convertibility. He said authorities would work to lower barriers facing foreign investors in the securities market, linking financial-market access with the government’s broader growth strategy.

The agenda combines immediate measures aimed at household expenses with structural policies involving housing, advanced industries and financial-market reform. Its implementation will now face scrutiny through the parliamentary audit process as lawmakers examine how the ministry balances price stability, support for vulnerable groups and investment-led growth.