South Korea will extend the trading hours of its foreign exchange market by ten and a half hours in a bid to make the country a more attractive investment destination.

In a meeting with foreign reporters on Thursday, finance minister Choo Kyung-ho said the government will work to drastically improve the financial system in an attempt to rectify the so-called “Korea discount” issue, whereby domestic firms tend to be valued lower than global peers.

In addition to pushing the closing time of the foreign exchange market back from 3:30 p.m. to 2 a.m., Choo said the government will abolish the required investor registration to increase accessibility for foreign investors and mandate English regulatory filings for listed firms starting next year.

He added that the country will implement an improved dividend system to promote long-term investments from next year as well as the ministry seeks to match the global standard.

The government will also improve the investment environment for foreigners in the bond market in order to be included in the World Government Bond Index.

Source: KBS World Radio