Korea’s President Moon Jae-in had talks with global investors and business leaders in New York on September 20, where he affirmed the economy’s strong fundamentals and sustained vitality despite increased provocations by the North. The following is a summary of President Moon’s keynote speech.
Even though Korea went through a political turmoil last winter, the country successfully overcame difficulties thanks to many responsive citizens and finally saw the launch of a new administration. Korea’s new administration has been working on the shift of the country’s growth paradigm, moving towards “people friendly growth” and pursuing “increased household income”, “growth through innovation” and “a fairer playing field”. I believe these new economic policies will be able to address the economy’s structural problems and contribute to increased transparency, and thus will make the economy stronger.
The Korean economy has been stable despite increased provocations by the North, as it maintains strong fundamentals and external soundness. The new administration will spare no efforts to contain North’s nuclear ambitions and will work closely together with the international community, but at the same time will try to find a diplomatic and peaceful way to address the issues.
The Korea-US FTA is a part of the Korea-US alliance, and benefits of the FTA have been increasing in both countries. Korea wants this mutually beneficial trade pact to continue and would like to further develop economic cooperation between the two countries.