News Briefing
DPM Choo meets with global financial institutions
May 2023
Deputy Prime Minister Choo Kyung-ho met with former Citibank chief William Rhodes and representatives from major global financial institutions, including Blackstone, the Bank of New York Mellon and Goldman Sachs, in New York from April 10 to 11.
Meeting with former Citibank chief
DPM Choo expressed his gratitude for former Citibank chief Rhodes’ contribution to the ROK-US alliance. He also noted that maintaining solid bilateral ties is critical for Korea’s flourishing down the road as evidenced by the fact that consolidating bilateral trust and cooperation has served as a basis for the Korean economy’s development and growth.
Agreeing with him, former Citibank chief Rhodes assessed that Korea will manage to get through recent global uncertainties stemming from heightened geopolitical risks, global economic fragmentation and others as the country has already set a good example of overcoming past crises based on Korean people’s resilience and other great characteristics. In addition, he mentioned that expanded global demand for defense and other industries and global companies’ relocating production facilities will bring new opportunities to Korea.
Meetings with representatives from major global financial institutions
DPM Choo discussed with CEOs from major global financial institutions the current global financial and economic situations and future risk factors. The CEOs noted that the recent banking sector instability stemmed from certain banks’ asset-liability mismatch and therefore the possibility of the instability leading to systemic risks is limited, and assessed that governments’ swift policy responses have been effective in calming the market.
The meetings have provided a good chance to confirm that global financial institutions maintain their positive views on the Korean government’s policy directions as well as the Korean economy and financial situations.
The CEOs from global financial institutions mentioned their plans to expand long-term investment in Korea, emphasizing that they have not heard concerns about the soundness of the Korean financial system from Wall Street. Moreover, they showed keen interest in the Korean government’s improvement measures for Korea’s capital and foreign exchange (FX) market and assessed that its measures including the abolishment of the Investment Registration Certificate (IRC) scheme, the permission of foreign institutions’ participation in the onshore interbank FX market and the extension of onshore FX trading hours will contribute to boosting Korea’s capital and FX market.
In particular, they noted that Korea will be able to attract foreign investors who would like to expand their investment portfolio in Asia by stepping up its policy efforts to improve foreign investors’ market accessibility and implement mid- to long-term plans to stabilize supply chains on the back of Korea’s high growth potentials.
They also promised to play an active role in making the Korean government’s such policy efforts well-informed to more global investors.
Meeting with former Citibank chief
DPM Choo expressed his gratitude for former Citibank chief Rhodes’ contribution to the ROK-US alliance. He also noted that maintaining solid bilateral ties is critical for Korea’s flourishing down the road as evidenced by the fact that consolidating bilateral trust and cooperation has served as a basis for the Korean economy’s development and growth.
Agreeing with him, former Citibank chief Rhodes assessed that Korea will manage to get through recent global uncertainties stemming from heightened geopolitical risks, global economic fragmentation and others as the country has already set a good example of overcoming past crises based on Korean people’s resilience and other great characteristics. In addition, he mentioned that expanded global demand for defense and other industries and global companies’ relocating production facilities will bring new opportunities to Korea.
Meetings with representatives from major global financial institutions
DPM Choo discussed with CEOs from major global financial institutions the current global financial and economic situations and future risk factors. The CEOs noted that the recent banking sector instability stemmed from certain banks’ asset-liability mismatch and therefore the possibility of the instability leading to systemic risks is limited, and assessed that governments’ swift policy responses have been effective in calming the market.
The meetings have provided a good chance to confirm that global financial institutions maintain their positive views on the Korean government’s policy directions as well as the Korean economy and financial situations.
The CEOs from global financial institutions mentioned their plans to expand long-term investment in Korea, emphasizing that they have not heard concerns about the soundness of the Korean financial system from Wall Street. Moreover, they showed keen interest in the Korean government’s improvement measures for Korea’s capital and foreign exchange (FX) market and assessed that its measures including the abolishment of the Investment Registration Certificate (IRC) scheme, the permission of foreign institutions’ participation in the onshore interbank FX market and the extension of onshore FX trading hours will contribute to boosting Korea’s capital and FX market.
In particular, they noted that Korea will be able to attract foreign investors who would like to expand their investment portfolio in Asia by stepping up its policy efforts to improve foreign investors’ market accessibility and implement mid- to long-term plans to stabilize supply chains on the back of Korea’s high growth potentials.
They also promised to play an active role in making the Korean government’s such policy efforts well-informed to more global investors.
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