By Lee Kyoung Mi and Lee Jihae
Minister of Economy and Finance Hong Nam-ki on Oct. 16 in New York told foreign investors that the Korean economy is resilient in explaining his government’s policy toward future growth.
He was speaking at an investor relations session on the Korean economy under the theme “Korean Economy, Making Headway for Sustainable Growth,” attended by about 100 figures in finance such as Bank of America Executive Vice Chairman James Quigley and Sjoerd Leenart, global head of corporate banking at JP Morgan.
Hong said consumption trends in Korea remained high and that job recovery and the balance in bond investment marked record highs, adding that foreign investors can trust the Korean market.
The resilience of the Korean economy stems from the nation’s relatively brisk performance on the global stage, its strong domestic finance and a balanced industrial structure, he said.
On Japan’s export restrictions on Korea, Hong said, “Damage to the global value chain and its negative impact on the global economy are cause for fear.”
“We’re making diplomatic efforts and actively responding to strengthen Korea’s competitiveness in the material and component industry to resolve this issue.”
The minister also laid out Korea’s strategies to respond to downside risk and continue the country’s mid-to long-term growth, saying, “Korea has overcome crises in the past through sufficient policy power and the government’s strong will. We’ll use our experience in recovering from past crises to overcome domestic and foreign obstacles,” he said.