By UN Journal Lee Kap-soo

Amid heightened uncertainty in the Korean financial markets following the state of emergency, Financial Services Commission (FSC) Chairman Kim Byoung-hwan met with the British Ambassador to Korea Colin Crooks on Dec. 11 and emphasized that “the Korean government has been consistently and reliably managing the market situation by closely monitoring it and implementing proactive market stabilization measures.”

“Based on our experience in keeping the financial system stable during the political upheaval in 2016, we now have more robust market stabilization mechanisms in place,” Kim said, adding, ”We plan to continue to implement key policy issues such as real estate project financing (PF) and corporate valuation.”

“We commend the Korean government for its efforts to stabilize financial markets, and we look forward to continuing to strengthen our cooperation in the financial sector, building on the unwavering trust between our two countries,” said Ambassador Colin Crooks.

The Financial Services Commission will continue to communicate with overseas financial authorities and investors. Kim also met with heads of foreign financial firms the previous day and emphasized that “economic issues are being managed stably by the economic team, including the vice prime minister.” 

Meanwhile, Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance said, “We will continue peacetime-like policy responses to ensure that foreign investment and economic activities do not shrink under any circumstances.”

His remarks were made during his meeting with Japanese Ambassador to Korea Koichi Mizushima at the Government Complex in Seoul on Dec. 9.