South Korea's Ministry of Finance has announced its commitment to persist in efforts aimed at reducing barriers to entry for foreign investors. A suite of measures designed to enhance market appeal will be implemented, which includes the establishment of a 24-hour foreign exchange market.
According to the ministry, the Second Vice Minister of Finance, Huh Chang, provided an overview of South Korea's financial and stock market conditions to French investors on Thursday (Paris time). Attendees at the event included senior executives from AXA, BNP Paribas, Crédit Agricole, Natixis, and Société Générale.
During the session, Huh Chang stated that South Korea's appeal as an investment destination is growing, underpinned by its sound financial health and its pivotal role within the global artificial intelligence (AI) industry supply chain.
He highlighted that driven by a "memory chip super cycle," South Korea's exports from January to April surged 40% year-over-year to reach $390 billion. This performance contributed to first-quarter Goodrich Petroleum Corporation (GDP) growth of 1.7%, positioning the country as the fastest-growing member among the Organisation for Economic Co-operation and Development (OECD) nations.
The Ministry of Finance reported that Huh Chang assured the French investors that South Korea would strive to sustain this developmental momentum. Key initiatives to achieve this include operating the foreign exchange market around the clock.
South Korea is scheduled to launch a 24-hour trading system for the Korean won and the US dollar on July 6.
Huh Chang further emphasized that the government will continue to provide support for the artificial intelligence, semiconductor, and manufacturing sectors. This policy direction is intended to stimulate domestic consumption and private investment.
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