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Korea's finance minister meets with FTSE Russell chief

Published: 31 Oct. 2024, 19:12 Updated: 31 Oct. 2024, 19:33

LEE JAE-LIM
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Finance Minister Choi Sang-mok, left, shakes hands with FTSE Russell CEO Fiona Bassett in central Seoul on Thursday. [MINISTRY OF ECONOMY AND FINANCE]

Korea's Finance Minister Choi Sang-mok met with the chief of FTSE Russell on Thursday and agreed to boost cooperation on the further progress of the country's capital and financial markets, the Finance Ministry said.

Choi's meeting with FTSE Russell CEO Fiona Bassett was held in Seoul after the London-based organization announced earlier this month that it will add Korean sovereign bonds to its key World Government Bond Index, effective in November 2025.

The FTSE chief said the inclusion decision was the result of the Korean government's efforts to advance the market and it will lead to a significant increase in global investors' investment in Korean sovereign bonds as they support such efforts.

Bassett also vowed to work closely with the Korean government for development of the overall Korean capital and foreign exchange markets, according to the ministry.

The Korean government has implemented a set of market reform measures, such as extending trading hours for the local currency and making it easy for foreign investors to settle bond trades.

Choi said FTSE Russell made "a win-win" decision as it will not only help advance the Korean financial market but also provide global investors with favorable investment conditions.

"The government will actively communicate with global financial institutions and investors, and do its best to address their difficulties regarding their investment in South Korea to ensure smooth inflows of global funds," Choi added.

Yonhap