The Presidential Council on National Competitiveness is chaired by Dr. Il Sakong, Special Economic Advisor to the President. The Minister of Strategy and Finance, and the Senior Secretary to the President for Economic Affairs serve as ex officio members of the Council, and the Senior Secretary to the President for State Affairs Planning serves as the Secretary of the Council.

Ministers of respective government ministries/agencies participate as presenters and discussants in the Council when relevant issues are included in the Council's agenda. Private sector representation in the Council include heads of business associations and government research institutes, as well as labor leaders, consumer advocates, press/media, and local governments.

Furthermore, foreign business leaders including the Chairman of the American Chamber of Commerce in Korea, the President of the European Chamber of Commerce in Korea, and the Chairman of Seoul Japan Club also participate in the Council to promote foreign investment. In particular, Mr. David Eldon, chairman of the Dubai Financial Centre Authority and former co-chair of the Special Council on National Competitiveness in the Presidential Transition Committee, participates as a Special Advisor to the Council.