To address external economic instability arising from the state of emergency and impeachment, the government appointed former Financial Services Commission Chairman Choi Jong-gu and former Minister of Knowledge Economy (now the Ministry of Trade, Industry and Energy) Choi Joong-kyung as ambassadors for international cooperation. The three Choi's, appointed by Acting President and Minister of Strategy and Finance Choi Sang-mok, all have a history of overcoming crises under former Minister of Strategy and Finance Kang Man-soo during the 2008 global financial crisis, earning them the nickname 'Kang Man-soo Boys.'
According to relevant authorities on the 12th, former Financial Services Commission Chairman Choi Jong-gu (25th National Civil Service Examination) has been appointed as the ambassador for international financial cooperation, while former Minister of Knowledge Economy Choi Joong-kyung (22nd National Civil Service Examination) has been appointed as the ambassador for international investment cooperation. The ambassador for international cooperation is a 'diplomatic envoy' appointed by the president when deemed necessary. They serve a one-year term as government representatives or special envoys. However, they are not public officials but private citizens.
The person who appointed them is Acting Prime Minister Choi Sang-mok (29th National Civil Service Examination). All of them are former officials from the Ministry of Strategy and Finance (formerly the Ministry of Finance and Economy).
In government circles, the connection among the three is being recalled from 17 years ago, during the 2008 global financial crisis when Kang Man-soo was serving as the first Minister of Strategy and Finance under the Lee Myung-bak government.
At that time, Ambassador Choi Joong-kyung was the first vice minister of the Ministry of Strategy and Finance, and Ambassador Choi Jong-gu was the head of the international finance division. Acting Prime Minister Choi Sang-mok was closely assisting the former minister as a policy advisor and chief of staff. The international finance division is under the first vice minister, and next to the minister who oversees the vice minister is the chief of staff, so the three of them were indeed witnesses who navigated the financial crisis together.
They were also referred to as the 'exchange rate management' lineup. Former Minister Kang deemed that the excessively strong exchange rate (a decline in the won-dollar exchange rate) during the deteriorating current account situation in early 2008 was a serious issue and sought to 'normalize' the exchange rate (an increase in the won-dollar exchange rate) to boost exports. This policy decision was based on the lesson learned from the crisis in 1997 when the excessively strong exchange rate led to a worsening current account.
However, as summer arrived that year, the situation changed dramatically, and this time the steep rise in the won-dollar exchange rate became the issue. To defend against this, the government intervened actively in the exchange rate. They suddenly dumped a large amount of dollar sales during the slow trading hours of lunchtime. This operation was nicknamed the 'lunchbox bomb' strategy, led by former Director-General Choi Jong-gu of the international finance division.
Their names also appear in former Minister Kang Man-soo's book 'Record of Economic Crisis Response Seen from the Field.' Regarding Ambassador Choi Joong-kyung, he wrote, 'The efforts to turn the current account into a surplus were fraught with difficulties. The media, scholars, and politicians continually criticized the high exchange rate policy and market intervention and blamed rising prices on the exchange rate rather than oil prices,' adding, 'I also experienced the pain of sending off the vice minister of external balance, Choi Joong-kyung, with tears on July 7.'
Regarding Ambassador Choi Jong-gu, he noted, 'In organizational operations, the minister directly instructed and received reports from the responsible directors and managers, evolving into a system where the vice ministers and deputy ministers received reports afterward.' He mentioned, 'Exchange rates and current accounts were managed directly by Director-General Choi Jong-gu in accordance with my directives.'
While evaluations of the exchange rate normalization policy vary, there is a view that Korea managed to navigate through the global financial crisis triggered by the collapse of Lehman Brothers relatively smoothly. It is suggested that Acting Prime Minister Choi Sang-mok may have selected them to seek the help of senior officials who were on the front lines of crisis management.
Going forward, Ambassador Choi Jong-gu will play a role in managing South Korea's international credibility in the 'financial' sector, while Ambassador Choi Joong-kyung will focus on the 'industry (investment)' sector. Notably, Ambassador Choi Jong-gu is also known as an expert in international finance, and he plans to leverage this experience to communicate with government officials of major countries, global credit rating agencies, and international organizations. Ambassador Choi Joong-kyung will mainly engage with foreign investors, drawing from his experience as the head of the authorities responsible for export and industrial policy.
The two are also mentioned as potential moderators for the government's upcoming overseas Korean Economic Information Session (IR) in February. Despite situations such as the 'state of emergency' or the 'impeachment crisis,' they are expected to actively convey the message that there are no issues with Korea's economy to the international community.