Roh Looks into Investor Relations Activity on Regular Basis

President Roh Moo-hyun said March 14 at a meeting with senior presidential secretaries and aides, “It is very important that high-ranking government officials visit the international financial market and provide accurate information on its development here. Therefore, high-ranking officials in charge of national security or the economy should make regular visits to the world financial market to explain current developments in Korea.”

The president directed that the government’s investor relations activities be enhanced at a briefing session in which Korean delegates, including Ban Ki-moon, presidential aide for foreign policy, to the US financial market reported the results of their visit during which the Korean delegation explained Korea’s security and economic situation to the American financial community.

“Although some wonder if it is necessary to explain what everyone already knows, this visit to the US financial market served as an opportunity for Korea to acknowledge that its high-ranking government officials explain the Korean government’s position to the world financial market.” The president instructed government officials to make such a visit on a regular basis to cope with economic instability in a swift and timely manner.

Prior to the briefing, Presidential Aide Ban who visited American credit rating companies, such as Standard & Poor’s and Fitch, and securities firms, including Goldman Sachs, said, “Although this US visit was conducive to handle the urgent situation in Korea, we should strive to draw up a master plan to cope with any threats posed by the North Korea’s nuclear development programs along with the US and Japan. Efforts to further improve the Korea-US alliance are needed.”

He also added, “I could sense that foreign investors are worried about North Korea’s nuclear threat and possible war on the Korean Peninsula. They showed a sensitive response to signs of strained relations between Korea and the US, including a possible US military pullout.”

He said, “The Korean delegation tried to offer a persuasive explanation to those who expressed their concerns over the situation in Korea on the Korean government’s position and dispel their security concerns on the Korean Peninsula. They gave a positive response to President Roh’s swift move to have dispatched government officials.”

The foreign policy aide said in a meeting with reporters after the briefing, “Experts said that if the North Korea’s nuclear issue is resolved, the outlook for the Korean economy will get better because Korean economic fundamentals are generally solid. I was told that some credit rating firms are planning to visit Korea in April.”

Aide Ban Ki-moon met with former US Ambassador to Korea Stephen Bosworth, and Secretary General of the Korean Peninsula Energy Development Organization (KEDO) Charles Karthman, as well as figures from the world financial community.

Young-Hae Choi yhchoi65@donga.com