Ambassador for Financial Cooperation Choi Jong-ku held briefings during his March 10-14 visit to New York on promoting the Korean economy. Shown is the envoy (right) on Jan. 10 with Acting President Choi Sang Mok (center), who also serves as deputy prime minister for economy and finance, at Government Complex-Seoul in the capital’s Jongno-gu District. (Ministry of Economy and Finance)
By Xu Aiying
Ambassador for Financial Cooperation Choi Jong-ku has stressed the rapid resolution of political uncertainty in Korea and stable functioning of the nation’s economic system while in New York.
The Ministry of Economy and Finance on March 16 said the envoy held briefings on the Korean economy in the Big Apple from March 10-14 as well as meetings with representatives of key financial institutions there such as the Financial Times Stock Exchange Russell (FTSE Russell) and Morgan Stanley Capital International (MSCI).
The ambassador explained the latest in Korea’s political and economic situations, strengths of the country as an investment destination and improved climate for investment. The briefings were attended by BlackRock, the world’s largest asset manager; global bond management giant PIMCO; and Goldman Sachs.
“Korea is resolving political uncertainty in an orderly manner,” the envoy said. “National affairs under the leadership of Acting President Choi Sang Mok are being stably run, with the nation’s financial and foreign exchange markets quickly recovering thanks to a solid economic system.”
Mentioning that key global credit rating agencies have maintained Korea’s sovereign grade, he added, “The international credibility of the Korean economy is strong.”
Ambassador Choi also spoke to global index providers FTSE Russell and MSCI to explain Seoul’s efforts to widen accessibility to the Korean financial market.
In talks with FTSE Russell CEO Fiona Bassett, he said Korea has reorganized infrastructure in finance, foreign exchange and taxation to improve the foreign investment environment ahead of Korea’s entry into the World Government Bond Index (WGBI) in November.
To MSCI, Ambassador Choi explained Seoul’s efforts to improve accessibility to the capital and foreign exchange markets for the Korean Exchange and discussed further improvements required for the country to join the MSCI World Index.
He said, “Despite Korea’s recent political situation, I confirmed the firm confidence of global investors in the Korean economy and their positive assessment of our government’s efforts to streamline the financial and foreign exchange markets.”
Next month, Ambassador Choi will visit Japan and other countries ahead of the final review of Korea’s entry into the WGBI. He will continue communication with investors on things like better investment conditions on the Korean government bond market.
xuaiy@korea.kr
