Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol presented a new vision for the Ministry of Economy and Finance (MOEF) during his inauguration ceremony held on July 21 at the Government Complex-Sejong, delivering a lecture titled “The First Step Toward Innovation with the Deputy Prime Minister – MOEF on the Road to Change”.
Unlike a typical inaugural ceremony centered on a formal address, the event featured a lecture and open dialogue with staff, allowing DPM Koo to directly engage with ministry employees and discuss the direction of future changes together.
DPM Koo emphasized that MOEF should be “reborn as an innovative organization that serves as a core member of Corporation Korea and acts as a trusted partner to other ministries”. He then outlined five key strategies for driving innovation within the Ministry.
First of all, he underlined that MOEF officials should become key members of “Corporation Korea”. They must serve the people – the shareholders of Corporation Korea – with sincerity and dedication. As citizens are the true owners of a government based on popular sovereignty, MOEF should consider how best to support what the people truly need. Only then, he added, can MOEF become a trusted institution in the eyes of the public.
Second, he stressed that MOEF should serve as a partner to other ministries, not as a leading authority that directs from the front, but as a supportive body that assists and empowers. He underscored the importance of collaboration, integration, and support in working with relevant ministries.
Third, he called on MOEF officials to “seek solutions in the field”. He noted the imperative of becoming “field-oriented problem solvers” by staying attuned to challenges on the ground and fully adopting a field-centered mindset.
Fourth, he called on MOEF officials to become “icons of innovation”. He highlighted the necessity of staying alert, generating innovative ideas, and turning those ideas into tangible results by applying them into their work. He also pledged generous rewards for those who put forward such creative solutions.
Last but not least, he emphasized the need to build a “smart workplace”. He called for minimizing unnecessary formalities such as in-person reporting and meetings, fostering a culture that enables all employees, irrespective of their position, can freely and directly communicate new ideas to the DPM, and leveraging technologies like AI to enhance work productivity.
He stressed that through all these efforts, MOEF must work diligently to ensure that the nation’s progress and its benefits are delivered to the Korean people.
After the lecture, DPM Koo engaged in an open Q&A session with staff, encouraging a free and candid dialogue. Staff asked a variety of questions about his most rewarding experiences working at MOEF, his approach to work, and his commitment to public service. They also actively asked questions related to the lecture’s content, such as innovation know-how to achieve results on par with the private sector, and proposed innovative ideas including communication platforms for sharing work ideas across divisions and the automation of repetitive tasks using AI technology.
DPM Koo stated, “The ideas discussed today will be reviewed and those that are actionable will be promptly implemented. Innovation begins on the ground”, and pledged to “continue shaping a new MOEF together with our staff through ongoing dialogue”.
The inaugural ceremony marked the first step toward a new wave of innovation at MOEF, serving as an opportunity to reaffirm MOEF’s strong commitment – under the leadership of DPM Koo – to transforming itself into a more citizen-oriented and forward-thinking institution.
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