Gov't taps financier to defense branch to fight economic woes: officials

By Sam Kim
SEOUL, Jan. 22 (Yonhap) -- The decision by President Lee Myung-bak to name a
veteran finance official as deputy defense minister signals his resolve to
harness a government branch with a substantial budget and pull the country out of
its economic slump, officials said Thursday.

South Korea has been pushing for the early implementation of its 284-trillion won
budget this year to fight the deepening economic crisis. The Ministry of National
Defense accounts for 10 percent of the proposed budget.
The decision to appoint Chang Soo-man, head of the national procurement office,
comes as Lee calls for government-wide stimulus efforts. It is also part of a
weeklong reshuffle that led to the replacement of the top finance minister.
"The defense ministry is closed compared to other parts of the government, but
Chang's appointment should help it open up for better cooperation in fighting the
economic doldrum," a finance official who has long overseen defense budgets said
by phone. He declined to be named because he was not in a position to speak to
the media.
"The defense ministry has a lot of projects that can be quickly implemented this
year, and Chang could provide the impetus," a defense official said, also asking
for anonymity.
Chang helped provide the backbone of President Lee's widely publicized "747"
policy when he ran for office in 2007. The name stands for the policy's goals of
seven percent annual growth, per-capita income of US$40,000 and the
seventh-largest economy.
Chang studied economics at Seoul's Korea University, where Lee studied business
management. Chang, 59, was born in the southeastern port city of Busan, the
country's second-largest city.
samkim@yna.co.kr
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