President Yoon Suk Yeol has named trade minister Ahn Duk-geun as the new minister of trade, industry and energy.

Presidential chief of staff Kim Dae-ki told reporters on Sunday in a press briefing that President Yoon nominated Ahn as the replacement for incumbent minister Bang Moon-kyu, who took office some three months ago and is expected to run in the general elections in April.

Kim said that Ahn is an expert in international trade with expertise in both theory and practice, and shows great competence in successfully responding to various related issues as the current trade minister.

Kim said the government hopes the nominee will revitalize the economy and lead the expansion of the country’s economic horizons by promoting exports, fostering key strategic industries and revamp industrial regulations.

The nominee vowed to do his best to help South Korean businesses lead innovatively and prosper in the global market through close communication with businesses.