Overview

• President Lee Jae Myung completed his inaugural Cabinet on July 11 by nominating Rep. Kim Yun-duk to head land and transport and travel-platform CEO Chae Hwi-young for culture, sports and tourism
• Kim Yun-duk brings three terms of Democratic Party lawmaker experience and service on the National Assembly’s land and transport committee to enforcing real housing demand protection and anti-speculation policies
• Chae Hwi-young, former CEO of Interpark Triple and NHN, will draw on his leadership of Nol Universe to spearhead expansion of South Korea’s cultural and tourism sectors
• Under South Korean law, all ministerial nominees must undergo parliamentary hearings but can assume office without legislative approval
• With his full 19-member team in place, Lee’s administration is set to move swiftly on housing market stabilization and cultural economy growth initiatives