Finance Minister Koo Yoon-chul, left, shakes hands with James Kim, president of the American Chamber of Commerce in Korea, at the Government Complex Seoul, Tuesday. Courtesy of Ministry of Finance and Economy
Finance Minister Koo Yun-cheol said Tuesday the government aims to further develop the capital market for economic growth, emphasizing ongoing reform efforts to advance the country's financial and foreign exchange markets.
"The Korean government is making all-out efforts to position the capital market as a core engine of economic growth and to upgrade it in line with global standards," Koo was quoted by the finance ministry as saying during a meeting with James Kim, chairman of the American Chamber of Commerce in Korea (AMCHAM).
The ministry cited a comprehensive road map aimed at securing Korea's inclusion in the developed market index of global index provider Morgan Stanley Capital International (MSCI).
He highlighted plans to operate the country's foreign exchange market on a 24-hour basis and to establish an offshore won settlement system.
"We will build momentum so that Korea's capital market can earn a fair 'Korea premium' by steadily implementing the tasks outlined in the MSCI road map," Koo said.
In response, Kim said Korea needs to further strengthen the competitiveness of its capital market and expand its base to attract global investment, the ministry said.
The AMCHAM chief added that the U.S. business lobby looks forward to continued close cooperation with the finance ministry to enhance market competitiveness and help improve the overall investment environment.
Source: Korea Times News
