Second Vice Finance Minister Huh Chang, center, poses with officials from French financial businesses in Paris, Thursday. Courtesy of Ministry of Finance and Economy
Korea will continue efforts to lower barriers for foreign investors by rolling out measures to enhance the market’s attractiveness, including the launch of a 24-hour foreign exchange market, a senior financial official said.
Second Vice Finance Minister Huh Chang briefed French investors on Korea’s financial and stock markets on Thursday (Paris time) in response to growing interest in Asia’s No. 4 economy despite global geopolitical uncertainties, according to the Ministry of Finance and Economy.
Major participants for the session included officials from Amundi, BNP Paribas, Credit Agricole, Natixis and Societe Generale.
During the event, Huh said Korea’s attractiveness as an investment destination has expanded due to its solid financial health coupled with its key position in the global supply chain for the artificial intelligence (AI) industry.
Huh noted Korea’s exports in the January-April period surged 40 percent on-year to $390 billion on the back of the memory supercycle, which led to a 1.7 percent on-year expansion in gross domestic product (GDP) in the first quarter, the highest among members of the Organization for Economic Cooperation and Development (OECD).
The finance ministry said Huh told French investors that Korea will make efforts to maintain the momentum, including operating the country’s foreign exchange market on a 24-hour basis.
Korea plans to launch the 24-hour trading system for the Korean won and the U.S. dollar on July 6.
Huh added Korea will continue to provide support for the AI, semiconductor and manufacturing industries to revitalize domestic consumption and private investment.
The finance ministry said the participants highly evaluated Korea’s market reform efforts, describing the country as one of the “core markets” alongside the United States and Europe.
