New york: Finance Minister Koo Yun-cheol explained South Korea's efforts to reform its capital market while meeting with Henry Fernandez, chairman of the global index provider Morgan Stanley Capital International (MSCI), in New York, the finance ministry said Friday.
According to Yonhap News Agency, in a bilateral meeting held Thursday (local time), Koo detailed Seoul's plan to improve foreign accessibility to its equity and currency markets. This initiative is part of the country's efforts to be included in the global index.
The government plans to announce a comprehensive road map aimed at upgrading the country's market status by MSCI. The ministry indicated that these measures are expected to include improvements to the foreign exchange trading system and market infrastructure, as well as changes to investment regulations.
Earlier this year, MSCI retained South Korea in its emerging market group. One of the main reasons cited was the limited convertibility of the Korean won in the offshore currency market, which has been a significant barrier to its reclassification as a developed market and its inclusion in the global index.
Koo was in New York accompanying President Lee Jae Myung, who attended the U.N. General Assembly earlier in the week. The president was scheduled to return home later Friday.