South Korea Aims to Develop Capital Market for Economic Growth, Finance Minister Says
Koo Yun-cheol meets with AMCHAM chairman to discuss MSCI inclusion roadmap and 24-hour FX market plans
Quick Look
- Finance Minister Koo Yun-cheol met with AMCHAM chairman James Kim to discuss South Korea's efforts to develop its capital market as a core engine of economic growth.
- The government plans to operate the foreign exchange market on a 24-hour basis and establish an offshore won settlement system to meet MSCI developed market index criteria.
AI-generated summary
SEOUL, April 28 (Yonhap) -- 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 South 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 South 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.
