Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Finance minister to promote Korea's potential as investment destination in US trip
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks about economic issues during a meeting with reporters at the Government Complex Sejong, Thursday. Yonhap
By Yi Whan-woo
By Yi Whan-woo
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is anticipated to promote Korea's potential as a lucrative destination for overseas investors in his visit to the United States this week, according to financial sources, Monday.
Choo left for the U.S., Monday, to attend gatherings involving finance ministers from G20 countries, as well as chiefs of the World Bank, the International Monetary Fund (IMF) and the world's three major rating agencies, S&P, Moody's and Fitch.
The meetings, either bilateral or multilateral, will be held between Wednesday and Friday in Washington, D.C., as growing volatility in Korea's financial market and the outflow of foreign capital are adding to concerns over a possible economic crisis here.
“Under the circumstances, the finance minister plans to explain that Korea's fiscal health remains steady despite growing economic risks within and outside the country,” a source said.
Before heading to Washington, Choo will stop by New York City, Tuesday, to give a rare briefing on the Korean economy for those interested in investing in the Korean market.
“This will be an opportunity to learn about potential overseas investors' perspectives on Korea and hear their thoughts on the economic objectives of the administration of President Yoon Suk-yeol,” another source said.
It noted that Choo will host the aforementioned briefing for the first time since taking office as Yoon's top economic policymaker in early May.
He will participate in the meetings of the G20 finance ministers and central bankers from Wednesday to Thursday, on topics ranging from supply chain disruptions to inflation, tightened monetary policy and recession fears.
He is expected to talk about Korea's measures to overcome the aforementioned challenges.
On Friday, he will join the International Monetary and Financial Committee Meeting (IMFC).
Concerning one-on-one meetings, Choo is scheduled to meet World Bank President David Malpass and IMF Managing Director Kristalina Georgieva, respectively, on Wednesday.
His meetings with top-ranking officials from S&P, Moody's and Fitch are scheduled for Thursday and Friday.