Finance Ambassador Choi Jong-ku advocates for the Korean market, reassuring global investors about economic stability during a New York investor relations session.
South Korea highlighted its market stability and dedication to improving access for global investors in New York, striving to reassure them amid the ongoing domestic political uncertainties.
The Ministry of Economy and Finance announced on Sunday that Choi Jong-ku, Korea’s ambassador for international financial cooperation, held a briefing for global investors on Tuesday. Esteemed executives from leading global asset management firms, including BlackRock, Pacific Investment Management Company, Goldman Sachs, and Blackstone, participated in the session.
“State affairs have been stable over the past two and a half months under the leadership of acting President Choi Sang-mok,” the ambassador informed investors, adding, “Korea’s financial and foreign exchange markets are recovering rapidly, supported by a strong economic framework that effectively addresses political risks.”
This New York session followed Choi’s previous meetings with Asian investors in Singapore and Hong Kong in February, as part of the government’s initiative to alleviate concerns regarding the nation’s economic stability after President Yoon Suk Yeol’s declaration of martial law in December and the ongoing impeachment trial.
During the briefing, the ambassador emphasized significant indicators of Korea’s economic resilience. “Korea enjoys robust external credibility,” he remarked, indicating that major credit rating agencies have maintained its sovereign rating, with Fitch reaffirming “AA-” last month.
He also underscored Korea’s strong economic fundamentals, which include the world’s ninth-largest foreign exchange reserves, the sixth-largest export volume, and a $100 billion trade surplus. He added that Korea’s capacity for external payments is improving, with net external financial assets recently reaching a milestone of $1.1 trillion.
In response to inquiries about Korea’s strategy towards increased US tariffs, Choi stated, “We will clarify any misunderstandings through various channels and engage in discussions regarding sectors of significant interest to the US, such as shipbuilding and energy, to ensure mutual benefits.” He noted that, according to the Korea-US free trade agreement, the applied tariff rate on Korean imports from the US was 0.79 percent in 2024.
Choi reaffirmed the government’s dedication to enhancing market value and accessibility. “Like our inclusion in the World Government Bond Index, we anticipate that Korea will gradually attain entry into Morgan Stanley Capital International’s developed market index over time.” Last summer, FTSE Russell confirmed Korea’s status within the MSCI emerging markets.
The ambassador also conducted separate meetings with leading financial institutions in New York. In discussions with FTSE CEO Fiona Bassett, he outlined Korea’s preparations for WGBI inclusion in November, while also providing MSCI executives with insight into the government’s capital market reforms.
The ministry emphasized Choi’s interaction with Evan Russo, CEO of New York-based Lazard Asset Management, who indicated the firm’s commitment to increasing investments in Korea, noting that many capital market issues have been addressed.
Russo also highlighted Korea’s critical role in the global supply chain, stressing the need for the country to leverage its position in negotiations with the US to enhance its standing compared to other nations.
The ministry concluded by stating that Choi would continue to engage with global investors and travel to additional countries, including Japan, in anticipation of the final WGBI review in April.
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