KIC chief to work for Seoul's financial hub vision

KIC CEO Choi Hee-nam

By Park Jae-hyuk

Korea Investment Corporation (KIC) CEO Choi Hee-nam has vowed to do his best to attract foreign financial companies to Korea and improve the country's competitiveness in finance to fulfill his duties as an ambassador for financial cooperation.

The head of the nation's sovereign wealth fund was appointed to the position earlier this week to handle the task of supporting the government's diplomatic activities for its financial hub vision. Since 1992, the government has given ambassador titles to popular experts in the private sector to use for diplomacy.

According to the government, he will represent Korea in the international financial market and listen to opinions from foreign financial firms throughout a year-long term.

“The improvement in financial competitiveness comes from experience and credibility based on excellent talent and networks,” he said Thursday during the 2020 Seoul International Finance Conference. “Korean financial firms should enhance their global competitiveness, so as to change Seoul into a financial center.”

He also emphasized the necessity of mutual cooperation between the public and private sectors.

Anticipating his top priority will be giving advice to the government on preemptive measures against changing order in the international financial market after the U.S. presidential election, he promised to use all of his personal connections and expertise in his duties.

“The KIC has established a global wide network with leading asset management companies, sovereign wealth funds and pension funds,” he said. “Using its financial networks, I will discuss diversified measures with the financial and diplomatic authorities for the development of our country's financial industry.”

The government also expected he would actively contribute to finance-related diplomatic activities.

“Ambassador Choi is equipped with ample personal networks and expertise in the international financial market and the macroeconomic sector,” Cheong Wa Dae deputy spokeswoman Lim Se-eun said in the Tuesday's briefing.

Born in 1960, Choi majored in economics at Hanyang University.

After serving as a government official in 1985, he became deputy minister for international affairs at the Ministry of Economy and Finance, a World Bank executive director and an International Monetary Fund executive board member.

He was appointed CEO of the KIC in 2018, succeeding Eun Sung-soo who is serving as the Financial Services Commission chairman. His term as the chief of the sovereign wealth fund will end in March next year.