President Moon Jae-in pushed ahead with the appointment of a new startups minister Tuesday despite vehement objections from opposition parties.

Hong Jong-haak was appointed the chief of the newly minted Ministry of SMEs and Startups shortly before a weekly Cabinet meeting, according to the presidential office.

The progressive economist and former lawmaker was nominated on Oct. 23 but faced criticism over controversial inheritance of family wealth.

The National Assembly failed to issue a report on the outcome of his confirmation hearing, held Nov. 10, due to opposition parties' objections. A hearing report is not legally required for the appointment of a minister.

By appointing Hong, the president, who took office in May, has completed filling the 19-member Cabinet with his own appointees.

"I had hoped to appoint a venture minister much earlier because I believe support for small and medium-sized companies and venture firms is the most important part of the new government's economic policy," the president said, according to Cheong Wa Dae pool reports.

"So the Ministry of SMEs and Startups has a long way ahead. I also ask for the opposition parties' understanding considering such circumstances," he added.

The ruling Democratic Party currently controls 121 seats, far short of a majority in the 300-seat unicameral parliament.

The main opposition controls 116 parliamentary seats, while three other opposition parties hold an additional 61 seats together.

Upon inauguration, the new minister pledged to actively communicate with SMEs to resolve difficult outstanding problems, including the minimum wage hike issue.

"I will be at the forefront of creating an environment for the second venture boom in the country," Hong said in his inauguration speech.

The new minister vowed to boost venture investment and vitalize the benchmark index of the tech-laden KOSDAQ. The country's secondary bourse has been posting sharp gains on hope that the government will actively support smaller businesses. The boom, on the other hand, is raising concerns of a market bubble.

The representatives of SMEs welcomed the appointment, hoping the new minister will take an active role in improving their business environment.

"We hope (Hong) will spearhead the expansion of innovative businesses to create more jobs, and to put efforts to improve the unfair trade environment surrounding conglomerates and smaller companies," said Park Sung-taek, the chairman of the Korea Federation of SMEs. (Yonhap)