1st Vice Minister Holds IR Meeting in London
and Meets with Global Financial Leaders
1st Vice Minister Kim Yongbeom held Investors Roundtable, Investor Relations (IR) meeting, in London on October 3, and emphasized the Korean economy’s resilience, backed by strong external and fiscal soundness. He also met with Moody’s Head of the Sovereign Risk Group in the EMEA region Yves Lemay, and explained the government’s efforts to boost the economy.
In New York on October 4, 1st Vice Minister Kim had meetings with US Deputy Secretary of the Treasury Justin Muzinich and high-level IMF officials such as IMF Acting Managing Director David Lipton and IMF chief economist Gita Gopinath, and explained Korea’s efforts to deal with downward risks.
Investors Roundtable in London
The following is a summary of 1st Vice Minister’s presentation titled ‘Sustaining Resilience and Revitalizing Economy’:
- With strong external and fiscal soundness, the Korean economy is resilient enough to deal with external shocks
- The government is working hard to revitalize the economy through active fiscal management and measures to promote investment and consumption
- With regard to trade conflicts, the government is dealing with possible fallout by diversifying trade partners and items, and by beefing up the supply chain of materials, parts and equipment
- The government is promoting innovation-driven growth by improving competitiveness of manufacturing and service sectors, fostering startups and easing regulations
- The government has been mitigating the geopolitical risks on the Korean Peninsula through inter-Korean and US-North Korean summits
- The government is promoting sustainable growth by dealing with demographic changes and by expanding social safety nets
Meeting with Moody’s Head of the Sovereign Risk Group in the EMEA region
1st Vice Minister Kim met with Yves Lemay, Head of the Sovereign Risk Group in the EMEA region
of Moody’s, in London on October 3, and explained the government’s efforts to boost the economy. Mr. Lemay supported Korea’s expansionary fiscal policies, and said that Korea’s economic fundamentals are strong. 1st Vice Minister Kim said that Japan’s trade curbs will be a chance for Korea to boost its competitiveness in high-tech supplies.
Meeting with US Deputy Secretary of the Treasury
1st Vice Minister Kim met with US Deputy Secretary of the Treasury Justin Muzinich in New York on October 4, and talked about Korea’s strong economic fundamentals and active fiscal policies against downward risks. Deputy Secretary Muzinich supported Korea’s expansionary fiscal policies, and agreed with the need to address the tensions with Japan through dialogue. The two countries agreed to continue to work together on important international financial issues.
Meeting with high-level IMF officials
1st Vice Minister Kim met with IMF Acting Managing Director David Lipton and IMF chief economist Gita Gopinath in New York on October 4. 1st Vice Minister Kim said that the economy has not been affected by Japan’s export controls yet, and the government is working hard to boost the competitiveness of Korea’s high-tech supplies. The IMF officials said that Korea’s expansionary fiscal policies are appropriate to revitalize the economy.