Ambassador Choi Jong-ku held a Korean economic briefing in New York, United States, as part of efforts to convey the stability of the Korean economy amid the impeachment political landscape.
Ambassador Choi noted that on the 11th (local time), he held an economic briefing for senior executives of major asset management firms in Wall Street, including BlackRock, one of the world's largest asset management companies, PIMCO, and Goldman Sachs, at a hotel in New York, as reported by the Ministry of Economy and Finance on the 16th.
During the briefing, Ambassador Choi emphasized, "Korea's political uncertainties are being orderly resolved," and added, "Under Acting Prime Minister Choi Sang-mok, the government has been run stably, and the Korean financial and foreign exchange markets have quickly recovered through a solid economic system."
He also pointed out that major credit rating agencies have maintained the country's credit rating and added, "The external credibility of the Korean economy is solid."
Ambassador Choi presented robust fundamentals, such as stable foreign exchange reserves ranked 9th in the world, a low government liability ratio compared to major countries, and strong exports based on semiconductors and secondary batteries, indicating that Korea is a high-value investment destination.
Regarding Korea's bond market, which is ranked 12th in the world with a size of $800 billion, he promoted that Korea is set to be included in the World Government Bond Index (WGBI) this November.
In response to a participant's question about measures against U.S. government tariff imposition, he said, "Since the effective tariff rate for U.S. imports from Korea last year was around 0.79%, I will actively dispel misunderstandings through various channels," and added, "In areas of high interest to the U.S., such as shipbuilding and energy, I will discuss mutually beneficial outcomes with the U.S."
He explained that following the WGBI inclusion, it is expected that the inclusion in the Morgan Stanley Capital International (MSCI) developed markets index will also proceed naturally.
Regarding the medium- to long-term direction of the Korean economy, including enhancing potential growth rates, he introduced government policies focusing on solving low birth rates and aging issues, discovering and nurturing new industries, and implementing structural reforms to improve productivity.
Ambassador Choi also met separately with key financial figures, including Financial Times Stock Exchange (FTSE) Russell CEO Fiona Bassett.
In the meeting with Bassett, the CEO, Ambassador Choi discussed the final preparations for the WGBI inclusion and the progress of advanced policies in foreign exchange and capital markets.
In discussions with MSCI officials, he explained the Korean government's efforts to enhance accessibility to the capital and foreign exchange markets.
Evan Russo, head of Lazard Asset Management, advised Ambassador Choi during their meeting that, "Since many of the challenges have been significantly resolved, we are ready to expand our investments further," and suggested that Korea should actively leverage its advantageous position in global supply chains in cooperation with the United States.
A government official noted, "We confirmed investors' positive assessment of the government efforts during the New York activities," and added, "Ambassador Choi will continue to communicate closely with local investors in Japan ahead of the final review for WGBI inclusion in April."