Choo Kyung-ho: "No Abnormal Signs Found in Full Survey of Real Estate PF Project Sites"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 12th (local time) that "no abnormal signs were detected in the full inspection of real estate project financing (PF) market sites."

While visiting the United States to attend the G20 Finance Ministers and Central Bank Governors Meeting, Deputy Prime Minister Choo met with James McCormack, Global Head of Sovereign Ratings at the international credit rating agency Fitch, and responded to inquiries about recent domestic real estate market trends. Choo explained, "The previously soaring real estate prices have recently shown a downward stabilization trend, and in particular, a soft landing is underway through the government's regulatory and tax normalization." He added, "Household debt has recently turned to a decreasing trend, and the delinquency rate is stable. In the case of the real estate PF market, close monitoring is being conducted through cooperation among relevant authorities, and no abnormal signs were found in the full inspection of the sites."

Choo also said, "The domestic economy is expected to improve in the second half of the year due to the effects of China's reopening of economic activities and the recovery of the semiconductor industry," and evaluated, "Despite recent instability in international financial markets, the domestic foreign exchange and financial markets are showing resilience." He added, "The government is maintaining a sound fiscal stance and is working on the three major structural reforms in labor, education, and pensions, as well as responding to low birth rates and aging, regulatory innovation, and tax support to revitalize corporate investment."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, who is visiting Washington D.C., USA, to attend the G20 Finance Ministers' Meeting and the IMF/WB Spring Meetings, met with James McCormack, Global Head of Sovereign Ratings at international credit rating agency Fitch, at the International Monetary Fund (IMF) on April 12 (local time).

- Shaking hands and exchanging greetings before the meeting.
- Shaking hands and taking a commemorative photo before the meeting.
- Having the meeting.

On the same day, Deputy Prime Minister Choo met with Ilang Goudfain, President of the Inter-American Development Bank (IDB), and requested continued cooperation and interest in the '1st Korea-Latin America Innovation Forum,' tentatively scheduled to be held locally in Latin America for the first time in October. The forum is jointly hosted by the Korean government and the IDB in Latin America as part of establishing local strategic bases to promote and diversify exports of Korean companies to Latin America.

Choo stated, "Through this forum, we plan to focus on creating tangible results by supporting Korean companies with excellent technologies in fields such as information and communication technology (ICT) platforms to enter the Latin American market." He also announced that the Korean government plans to join the IDB's efforts to expand cooperation with the private and public sectors for Latin America's economic and social development. The IDB is strengthening the role of the Inter-American Investment Corporation (IDB Invest) for Latin American development and is making efforts such as renewing the External Economic Cooperation Fund (EDCF) cooperative loan facility. Deputy Prime Minister Choo signed a Letter of Intent (LOI) with the IDB President to contribute an additional $20 million by 2028 to replenish the poverty reduction fund.

Deputy Prime Minister Choo also engaged in sales diplomacy through a meeting with the Polish Minister of Finance. He met with Magdalena Szczygłowska, Minister of Finance, and requested attention to ensure that Incheon International Airport Corporation can be selected as a strategic operating partner (joint investor) for the 'Poland New Airport Construction Project,' a national priority project. He also expressed expectations for cooperation from financial institutions of both countries for the smooth implementation of the $12.3 billion defense export contract signed last year and for future additional export contracts. Choo said, "Bilateral trade reached a record high of $7.7 billion in 2021, and the number of Korean companies entering Poland has increased to 300, expanding economic cooperation between the two countries," and requested Poland's active administrative support to ensure that labor permits and residence permits for Korean businesspeople and workers operating locally are issued promptly so that Korean companies can conduct their businesses smoothly.