Official addresses Korea's progress against political turmoil during New York visit

By Yi Whan-woo

Choi Jong-ku, Korea’s ambassador-at-large on international financial cooperation, said the country is clearing up recent political uncertainties “in an orderly fashion” as he met leading figures on global investment in New York last week, the government said Sunday.

The Ministry of Economy and Finance said the meeting was attended by about 10 representatives from multinational investment companies, including BlackRock, PIMCO and Goldman Sachs.

The meeting happened as part of Choi’s global trip to promote Korea as an attractive investment destination and quell the concerns of global investors.

He was appointed to a one-year term in December, just weeks after the National Assembly passed motions to impeach President Yoon Suk Yeol over his Dec. 3 martial law declaration. The president has been suspended from his role and awaits the Constitutional Court’s ruling on whether to dismiss or reinstate him.

“Korea is clearing up political uncertainties in Korea in an orderly fashion, in accordance with the Constitution and the relevant laws,” Choi told participants of the meeting at Lotte New York Palace. “We’ve been effectively controlling risks caused by political factors through durable economic structure, and our financial and foreign exchange markets have recovered fast.”

He pointed out that global rating agencies have sustained Korea’s sovereign credit rating at a stable level despite concerns over the political turmoil and that the country is expected to join the World Government Bond Index (WGBI) in November.

He also highlighted Korea's stable foreign exchange reserves, ranked ninth in the world, and its relatively low government debt ratio compared to other major countries.

Additionally, he mentioned the country's robust exports, particularly in sectors like semiconductors and secondary batteries.

Choi separately met Fiona Bassett, CEO of FTSE Russell, which operates the WGBI, as well as representatives from Morgan Stanley Capital International (MSCI).

Korea is listed as an emerging market in the MSCI index and has been pushing for years to receive developed market status.