South Korean President nominates Chung Sye-Kyun as PM

South Korean President Moon Jae-in on Tuesday nominated Chung Sye-Kyun, a former National Assembly speaker, as the country's new Prime Minister.

If appointed after a parliamentary confirmation hearing, Chung will be South Korea's first prime minister who served as a National Assembly speaker, according to Yonhap news agency.

He is known for experience and expertise in economic affairs, having worked at a local conglomerate for 17 years ahead of his career as a politician.

Moon's choice reflected his stronger push for revitalising the South Korean economy in the latter half of his single five-year presidency.

The president stressed that his government has endeavored to reform the outdated system of South Korean society to open a new era.

He pointed out the policy priority of fostering an "innovative, inclusive and fair" economy.

"What matters most to this end is to unite the people's power as one through integration and harmony and pull off accomplishments in terms of the people's living and economy so that they can actually feel changes," Moon was quoted as saying.

In that sense, Chung is the "right person" to meet such a demand of the times, he added.

If appointed for the post, Sye-Kyun would be replacing outgoing prime minister Lee Nak-yon.