Go to contents

Korea Working Hard to Attract International Investment

Posted June. 16, 2003 21:53,   


A co-sponsored IR session to publicize achievements and visions of Korean businesses to overseas investors will be held in New York City on June 16.

This special session hosted by the Federation of Korean Industry and UBS Securities will also include seven major Korean corporations including Samsung Electronics, Hyundai Motors, Posco, LG Electronics, SK Telecom, KT and Woori Financial Group to explain trends and future strategies for each industry.

The government will also support the IR session by having Senior Presidential Policy Advisor Kwan Oh-kyu and Presidential Aide to Foreign Policy Ban Gi-moon talk about economic policies and the security situation on the Korean Peninsula.

Major American institutional investors such as JP Morgan, Merrill Lynch, Morgan Stanley and Tiger Fund and credit-rating firms of S&P and Moody`s as well as local press including the Wall Street Journal as well as opinion leaders attended the session showing their enormous interest in the event.

“Korea`s economic growth rate for this year will be maintained at 4 percent,” said Mr. Kwan said in his speech. “The government will provide full support for easing regulations against corporate investment, introducing a long-term non-taxation product to facilitate stock market investment, resolving household debt and suppressing real-estate speculation.”

Mr. Ban, who has been attending such events once a month since March said: “We were able to confirm a peaceful resolution to the North Korean nuclear issue at recent summits with the U.S., Japan and other G8 nations. Strengthening our investigation into drug-smuggling activities recently does not mean heightened tensions with North Korea, but should enhance international cooperation against international crime.”

The event will also be held in Boston on June 17 and London, England on June 19. Its host UBS said that this is the first time Korean companies will have such a session in Boston where the main buildings of major investors such as Fortnum, Fidelity, Axles and Wellington are located.

“An overseas IR session attended by government officials will contribute a lot to promoting national investment by providing a direct explanation to questions on national risk and credibility including the North Korean nuclear issue,” said Vice President of Hyundai Motors Chae Yang-gi.

“We will issue overseas DRs, and this event will help give our corporate image visibility,” said Vice Chairman of Woori Financial Group.

“A sense of crisis was felt in March due to the nuclear problem, but things have gotten much better now,” said David Chon, a partner at Discovery Fund. “Korea should be clear on policy direction for growth and distribution while providing strong credibility for its economic potential, in order to attract long-term investment.”

Yeon-Su Shin ysshin@donga.com