Korea seeks Bloomberg market status review

Korea's finance minister has said the country's classification as an emerging market in a Bloomberg bond index should be reviewed, citing its improved market access for foreign investors, the finance ministry said Wednesday.

Finance and Economy Minister Lee Hyoung-il made the remarks during a meeting with Bing Li, head of Asia-Pacific at Bloomberg L.P., to discuss ways to cooperate on the development of Korea's financial market.

During the meeting, Lee said a review was needed to determine whether Korea's classification as an emerging market in the Bloomberg Global Aggregate Index remains appropriate.

Lee noted that Korea is classified as a developed nation by the International Monetary Fund and the World Bank, adding that Seoul has also made progress in improving market access for global investors.

He called for Bloomberg's continued attention and cooperation to ensure these factors are reflected in future reviews of the country's classification in the index.

Lee also highlighted the importance of communication with global investors and called for Bloomberg's support through its financial information services and media channels.

In response, the Bloomberg official acknowledged the importance of communication and cooperation with the Seoul government, saying the company would also work to help global investors better understand the Korean market.

Yonhap