[2024 Capital Investment Award] Chairman Seo Yuseok: "New Driving Force Needed to Increase National Assets"

Hello. I am Seo Yoo-seok, Chairman of the Korea Financial Investment Association. I sincerely congratulate the 2024 Asia Economy Asia Capital Investment Awards. First, I would like to thank Mr. Woo Byung-hyun, CEO of Asia Economy, who prepared this event, Standing Commissioner Lee Yoon-soo of the Financial Services Commission, Chairman Jung Eun-bo of the Korea Exchange, who delivered insightful remarks earlier, and Professor Lee Joon-seop for his dedicated and fair judging.

Above all, I would like to express my gratitude to the award recipients, the protagonists of today, who have diligently worked for the capital market in their respective positions throughout the eventful past year. The Asia Economy ‘Asia Capital Investment Awards’ has significantly contributed every year to raising the capabilities of our financial investment industry to the next level. It serves as an important milestone that leads the trust and growth of the capital market and provides a great opportunity to set goals for the year.

This year, despite domestic and international economic uncertainties, I believe our financial investment industry has devoted itself to the stability and growth of the capital market. However, now facing the chronic issue of the Korea Discount in our stock market and the national challenges of overcoming low birth rates and an aging society, our capital market stands at a crucial crossroads preparing for another leap forward.

Seo Yu-seok, Chairman of the Korea Financial Investment Association, is delivering a congratulatory speech at the '2024 Asia Capital Investment Awards Ceremony' held on the 5th at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung

Beyond simply boosting stock prices, achieving qualitative growth of our economy and capital market through value-up, and securing new driving forces for increasing national assets and economic growth are tasks that we all must solve. Furthermore, creating an environment where citizens can live with peace of mind after retirement for a stable old age is a mission for the entire financial investment industry.

Accordingly, our association and the financial investment industry are making various efforts to modernize related systems and infrastructure, such as the retirement pension and ISA markets, and the revitalization of public offering funds.

On September 25th, the industry jointly launched the asset allocation-type fund called the ‘Didim Fund,’ providing another option in the private pension market, which has been concentrated on principal-guaranteed products, allowing for the pursuit of better returns.

Additionally, we are continuously proposing the government and the National Assembly to raise the ISA contribution and tax-exemption limits and to introduce the Junior ISA, expanding eligibility to minors.

We will help ISA establish itself as a genuine national savings account, alleviating the burden of child-rearing and becoming a long-term asset formation tool for the public through expanded investment demand.

Moreover, we are steadily preparing the operational system in cooperation with financial authorities and related organizations to introduce a listing system for public offering funds to enhance investor accessibility. This will increase options for utilizing public offering funds, activate the market, and help reduce volatility as a safety net for the stock market.

In addition, we will continue to participate in value-up of the capital market by continuously improving the capital market and related systems to promote capital inflow and create a virtuous cycle leading to the recovery and growth of our economy.

The great economist Milton Friedman said, "Do not worry about tomorrow; sow the seeds and water them. The time of harvest will surely come." We hope that our faith and efforts will lead to sustainable growth and harvest in the capital market and economy. Once again, I congratulate today’s award recipients and take this opportunity to pay tribute to your dedication and hard work. I wish you a successful end of the year and greater success and development in the coming year.