President Yoon Suk Yeol tapped Bang Moon-kyu, the existing government policy coordination minister, as the new minister for trade, industry and energy, his office said Tuesday.

Born in 1962, Bang, a finance expert, passed the civil service exam in 1984, before spending most of his career as a public servant in the finance ministry and in the field of budget planning. Before being appointed as the policy coordination minister last year, he served as the head of the state-run Export-Import Bank of Korea from 2019.

“Bang is a financial expert who has served in several key posts and has a strong understanding of government affairs and managing skills. He is the right man to carry out the national tasks at hand, boosting the country’s strategic industries and trade as well as regulatory reforms,” Presidential Chief of Staff Kim Dae-ki said, announcing the nomination.

Bang is to replace current Industry Minister Lee Chang-yang. Yoon has reportedly been pondering the option of replacing the industry minister, to speed up progress in the administration's goal to revive the nuclear power industry, among other industrial tasks.

"The world economy is changing fast and uncertainties are growing for our trade, investment and energy policies. Strategic industrial policy is important during these times," Bang said, delivering his greetings at the presidential office following his nomination.

"I feel great responsibility over the duty and I will do my best so that Korea's industries and companies can lead in the global market."

During his years serving in the government, Bang also held positions such as vice health minister and second vice finance minister.

Bang graduated from Seoul National University in English language and literature in 1995, earned his master’s degree in public administration from Harvard University, followed by a doctorate in public administration from Sungkyunkwan University. He was deployed to the World Bank to work as a senior public development officer as well.

To take the baton from Bang, Yoon named Bang Ki-sun, currently the first vice minister for finance, as the new policy coordination minister.

Bang Ki-sun is also a veteran in finance. He passed the civil servant exam in 1990 and served as executive director of the Asia Development Bank from 2021 to 2022.

He also worked as deputy minister of economy and finance, and director general of the Office of Innovative Growth and the Policy Coordination Bureau. He studied economics at Seoul National University and earned his Ph.D. in economics from the University of Missouri-Columbia.

Yoon also tapped Ko Ki-dong, currently vice mayor of administrative affairs for Sejong City, as the vice interior minister.

Tuesday’s appointment, coming in the second year of Yoon's administration, follows another major reshuffle in June, when the president appointed Kim Yung-ho, a political science professor known for his hard-line approach on North Korea policy, as the new unification minister along with several new vice ministers.