London: South Korea has recently shared its economic growth vision and road map for the internationalization of the Korean won with investors in London and Singapore, the finance ministry said Thursday.
According to Yonhap News Agency, Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, visited Britain and Singapore earlier this week. He met with representatives of major financial companies and called for their proactive investment in South Korea.
The deputy minister conducted roundtable discussions on the current state of the South Korean economy and a session on Seoul's vision for the internationalization of the Korean won in both countries. During these meetings, Moon highlighted that South Korea is on track to achieve an annual economic growth of 3 percent this year. He cited robust exports, a record current account surplus, and increasing semiconductor-led investment as key drivers of this growth.
Moon also addressed the potential for the Korean won to gain strength against the US dollar, noting that the current exchange rate does not fully reflect the country's economic fundamentals. He emphasized South Korea's plans to expand domestic production and stockpiles of strategically important items amid uncertainties in the Middle East. This includes efforts to bolster its supply chain and energy security through long-term supply contracts with overseas producers.
In separate sessions focused on foreign exchange issues with registered foreign institutions in London and Singapore's Global Foreign Exchange Division, Moon provided a detailed briefing on the government's recently unveiled road map for the internationalization of the won. This initiative aims to create an environment where foreigners can easily obtain or use the currency outside of South Korea.
Moon stated that South Korea will establish infrastructure to facilitate foreign investors in trading, holding, and making payments in won through their existing banks. In response, foreign investors expressed support for the direction of the road map and showed strong interest in the details of the won's overseas settlement system.