“Ministry of Strategy and Finance” Changes Its Official English

Name to “Ministry of Economy and Finance”

As of August 1, 2018, the Ministry of Strategy and Finance changed its official English name to the Ministry of Economy and Finance.  This is to clarify the ministry’s role of being in charge of the overall economic policies in Korea to the international community, including international organizations and institutions.

The new name was selected upon considering survey results from the internal ministry staff and major international agencies, as well as examples from other countries.  This was finalized through consultations and review of the Advisory Committee on English Names of Government Organizations.

According to the survey results from the internal ministry staff, 71.4 percent of respondents were in favor of the name change, and 49.6 percent of respondents preferred the name “Ministry of Economy and Finance”.  Additionally, 81.6 percent of respondents from the survey of major international agencies, including embassies of major countries, investment banks and the American Chamber of Commerce, favored changing the ministry’s name.

The ministry will notify this change to governments of major countries, international organizations, including international financial institutions (e.g. IMF, World Bank, etc.), international forums (e.g. G20, APEC, etc.), foreign investors, international media and credit rating agencies, to ensure that the new name is swiftly and seamlessly adopted by the international society.

To facilitate the use of the ministry’s website, the ministry has registered a new domain “moef.go.kr”, and the previous domain “mosf.go.kr” will be automatically redirected to the new domain until the end of 2018.

The ministry expects that the name change will more accurately reflect its role and functions of overseeing the overall economic policies.

Please refer to the attached PDF