Prime Minister-designate Han Duck-soo. Korea Times file

By Lee Kyung-min

Businesses are welcoming President-elect Yoon Suk-yeol's decision to nominate former Prime Minister Han Duck-soo to have him serve in the same capacity of prime minister for the Yoon administration, business lobbies said Monday.

They say the 73-year-old career bureaucrat is suited to balance national interests and economic growth in the rapidly changing trade environment, underpinned by his decades of experience encompassing diplomacy, trade and economic policymaking.

The Korea International Trade Association (KITA) said that Han will play a pivotal role in navigating the drawn-out U.S.-China trade feud, complicated further by the ongoing pandemic-triggered global supply chain disruptions.

"The prime minister-designate has a deep understanding of the inner workings of the global trade partnerships and the harsh reality of the international competition and Korean firms' struggle in it," a KITA spokesperson said.

"We are hopeful that he will help mobilize support for the trade industry in the years to come, as was the case when he met with key U.S. government figures as the KITA chairman about a decade ago to promote bilateral trade relations between Korea and the U.S., after the ratification of the Korea-U.S. Free Trade Agreement."

The Korea Chamber of Commerce & Industry (KCCI) said that the former prime minister with extensive experience in both the public and private sectors will help map out strategies to reinvigorate business activities bogged down by a variety of pending issues.

"We hope Han will play the role of a great communicator and mediator, listening to voices from stakeholders all across the country. The measures and policies outlined to overcome the current economic crisis may encounter some opposition along the way, but they will be best implemented with his seasoned leadership," a KCCI spokesperson said.

The Federation of Middle Market Enterprises of Korea (FOMEK) said that Han's expertise will be highly appreciated, especially given the uncertainties from within the country and abroad, during and far beyond the global health crisis.

"The COVID-19 pandemic and elevated external uncertainties in the rapidly changing economic, financial and trade environment pose grave challenges to Korea, a country in need of unity and solidarity without a taxing conflict over political orientations," it said in the statement. "Han will be the perfect fit for the daunting task of easing the socio-economic rift in the process of restoring the long-lost paradigm of private sector-led economic growth."

Han's appointment will be finalized upon the conclusion of a National Assembly confirmation hearing, a process that is not a given, as the majority of Assembly seats are held by the liberal Democratic Party of Korea.

Han will need to win a majority vote cast by at least half, or 150 of the 300 sitting members of the National Assembly.