Seo Yuseok, Chairman of the Korea Financial Investment Association, "Focusing on Capital Market Stabilization and Refinement of Financial Investment Taxation"

Inaugural Address of Seo Yuseok as the 6th Chairman of the Korea Financial Investment Association

[Asia Economy Reporter Kwangho Lee] Seo Yuseok, the newly appointed chairman of the Korea Financial Investment Association, emphasized on the 2nd that he will focus on resolving the industry's top priorities such as stabilizing the capital market and reorganizing the financial investment income tax (Geumtuse).

In his inauguration speech that morning, Chairman Seo said, "The ongoing global pandemic, inflation, and rapid interest rate hikes have caused great turmoil in the global capital and real estate markets, putting companies and our financial investment industry in crisis."

Chairman Seo stated, "We will proactively support overcoming the crisis by monitoring short-term funds and the real estate project financing (PF) market, and expanding cooperation with the government and related institutions. We will also rationally reorganize the Geumtuse taxation system."

He emphasized that he will continue and develop existing projects promoted by the association, such as the default option for retirement pensions, the establishment of alternative trading systems (ATS), and support for the passage of the Business Development Company (BDC) bill.

He also mentioned the need to discover future growth engines for the industry through revitalizing the private pension market, developing long-term investment products, improving shareholder return policies such as dividends, and securing leadership in the expanding digital asset market to broaden the industry's scope.

Regarding association operations, he promised to strengthen the industrial department's workforce, stating, "The association must represent member companies and proactively propose alternatives to become a trusted and beloved organization." He also urged, "The labor and management must unite to become a harmonious association."

Meanwhile, Chairman Seo won the election held last month with a high vote share of 65.64%. At that time, he defeated former Yuanta Securities President Seo Myeongseok (19.20%) and former Kyobo Securities CEO Kim Haejun (15.16%) to be elected as chairman.