South Korea's new finance minister has vowed to reinforce communication with the private sector in a bid to ease anxiety over the economy.

At his inaugural ceremony on Tuesday, Finance Minister Hong Nam-ki said officials should keep in mind there is a possibility that economic conditions could get worse at home and abroad next year.

He added in order to bring change and achieve an economic paradigm shift, all the obstacles the government faced in enforcing its policies, including anxiety, should be removed and he will do so by better communicating with businesses.

Hong stressed the need to increase reliability of government policies and to better listen to suggestions from the market, to create an environment where businesses can confidently invest and create jobs under fair regulations.

He said he will adjust the pace of implementing policies to ensure they bring actual changes into people's livelihoods.