Korea's finance ambassador meets with global investors in New York
Finance Ambassador Choi Jong-ku promotes Korean market, reassures global investors of economic stability at New York IR session
South Korea emphasized its market stability and commitment to enhancing accessibility for global investors in New York, aiming to reassure them amid ongoing domestic political turmoil.
The Ministry of Economy and Finance announced Sunday that Choi Jong-ku, Korea's ambassador for international financial cooperation, held a briefing on Tuesday for global investors. Senior executives from some of the world's largest asset managers, including BlackRock, Pacific Investment Management Company, Goldman Sachs and Blackstone, attended the session.
"State affairs have remained stable over the past two and a half months under acting President Choi Sang-mok's leadership," the ambassador told investors, adding, "Korea's financial and foreign exchange markets are swiftly rebounding, with a robust economic system effectively managing political risks."
The New York session followed Choi's earlier meetings with Asian investors in Singapore and Hong Kong in February as part of the government's efforts to address concerns about the country's economic stability following President Yoon Suk Yeol's martial law enactment in December and the ongoing impeachment trial.
During the briefing, the ambassador highlighted key indicators of Korea's economic strength. "Korea maintains strong external credibility," he said, noting that major rating agencies have upheld its sovereign rating, with Fitch reaffirming "AA-" last month.
He also stressed Korea's solid fundamentals, including the world's ninth-largest foreign exchange reserves, sixth-largest export volume and a $100 billion trade surplus. Korea's external payment capacity is strengthening, he added, with net external financial assets recently reaching a record $1.1 trillion.
Asked about Korea's response to higher US tariffs, Choi said, "We will address any misunderstandings through various channels and engage in discussions on sectors of key US interests, such as shipbuilding and energy, to ensure mutual benefit." He noted that, under the Korea-US free trade agreement, the applied tariff rate on Korean imports from the US stood at 0.79 percent in 2024.
Choi reaffirmed the government's commitment to enhancing market value and accessibility. "As with the World Government Bond Index inclusion, we expect Korea to naturally gain entry into Morgan Stanley Capital International's developed market index over time." Last summer, FTSE Russell maintained Korea's MSCI emerging market status.
The ambassador also held separate meetings with top financial institutions in New York. Speaking with FTSE CEO Fiona Bassett, he discussed Korea's preparations ahead of WGBI inclusion in November, while also briefing MSCI executives on the government's capital market reforms.
The ministry highlighted Choi's meeting with Evan Russo, CEO of New York-based Lazard Asset Management, who expressed the firm's commitment to expanding investments in Korea, noting that many capital market issues have been resolved.
Russo also underscored Korea's key position in the global supply chain, stressing that the country should leverage this advantage in negotiations with the US to secure a stronger position over other nations.
The ministry added Choi would maintain engagement with global investors and visit additional countries, including Japan, ahead of the final WGBI review in April.
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