Kim Yong-beom, the 1st Vice Minister of Strategy and Finance, is explaining the current issues and response directions of the Korean economy at the New York Investor Roundtable.
[Asia Economy Reporter Kwangho Lee] On the 19th (local time), Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, held an investor roundtable at the InterContinental Barclay Hotel in New York, USA.
According to the Ministry of Economy and Finance, 25 investors from New York-based asset management firms and investment banks such as BlackRock, Morgan Stanley, and UBS attended the roundtable to exchange opinions on current issues in the Korean economy and the government's policy directions.
In his presentation, Vice Minister Kim explained, "Despite difficult domestic and external conditions last year, the Korean economy achieved 2% economic growth," adding, "Recently, positive signs have appeared such as improvements in economic indicators like industrial production and sentiment indices, as well as rising semiconductor prices; however, the spread of the novel coronavirus infection (COVID-19) is emerging as a risk factor."
He continued, "The impact of COVID-19 spread on the Korean economy may vary depending on the future trend of the spread and its ripple effects on the Chinese economy, so it is still too early to quantify," emphasizing, "To minimize the economic impact, we are swiftly implementing support measures for affected companies and measures to alleviate production disruptions, and preparing comprehensive economic measures to maintain momentum for economic recovery."
He also urged, "Since Korea has past experience of successfully overcoming crises and possesses sufficient policy capacity, please trust the strengths of the Korean economy and the government's policy will, and continue to invest in the future of the Korean economy."
Additionally, attendees expressed interest in the progress of negotiations with Japan regarding export regulations, protection of domestic companies' intellectual property rights and securing procurement of key components in line with the promotion of innovative growth, and the outlook for the semiconductor market, the Ministry of Economy and Finance reported.
Vice Minister Kim then visited the international credit rating agency Standard & Poor's (S&P) and met with senior officials including Roberto Saifen-Ar?valo, head of sovereign credit ratings. S&P also inquired about the impact of COVID-19 on the Korean economy, Japan's export regulations, and the current situation related to North Korea.
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