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South Korean President picks former parliament speaker as prime minister

South Korean President Moon Jae-in named former National Assembly Speaker Chung Sye-kyun as the country's new prime minister, local media reported.

Chung is set to replace Lee Nak-yon, who is expected to run for president in the April 2020 elections as a candidate from Moon's Democratic Party, the Nikkei Asian Review said. South Korean law requires a public servant to resign at least 90 days before the election date to be eligible to run in next year's polls, according to the state-run Yonhap News Agency.

A six-term lawmaker, Chung was the speaker of the National Assembly from June 2016 to May 2018, according to The Korea Times. He had also served as industry minister.

Considering Chung's economic expertise, the president picked him to steer the country's economy as it faces a slowdown, the Nikkei said.