President Moon Jae-in met with some 200 finance and business professionals, including key global finance leaders, in New York on the sidelines of the United Nations General Assembly. During the dialogue intended to give them an overview of the Korean economy, the President explained in person to these overseas investors the economic policies and pending issues of his Administration and answered questions from them.

President Moon urged the participants to make active investments in Korea by saying that the Korean economy had emerged stronger in the face of crises, making remarkable progress. He also explained that Korea’s investments in the United States were greater than that of the United States in Korea, asking for more investment in Korea by citing its bright economic outlook. He continued to say that transparency is necessary in investment and that as the new Administration in Korea is making efforts to make the entire economy transparent, it is now worth investing in the country.

In response to a question on the North Korean nuclear issue, President Moon said that some media outlets had reported that the South Korean economy was insecure due to the North Korean nuclear risk, but added that they were nowhere near the truth. The President emphasized that the economy was registering very solid growth, remaining unaffected by the North`s provocations. The President continued that the stock market, known to be very sensitive to the North Korean nuclear risk, witnessed steady rises this year with the Korean composite stock price index increasing 19 percent compared to the beginning of the year, and the index, rather than falling, rose 2.3 percent following the North`s sixth nuclear test. 

Noting that the United States was making all-out diplomatic and peaceful efforts in cooperation with the international community to make the North give in with strongest sanctions and pressure, President Moon said with confidence that the Korean economy would surely remain in good shape.   

Concerning matters related to the foreign investment environment, President Moon said that his Administration`s initiatives to pursue chaebol reforms and promote fairness in the economy were neither intended to impose restraints on business activities nor meant that his Administration was guided by anti-business economic philosophy. The President continued to say that creating a fairer and more transparent economic ecosystem was a path to building a better country in which to do business. Noting that these measures alone could increase the Korean economy`s potential growth rate by some percent, President Moon emphasized that now is high time to make investments in Korea with confidence when the new Administration is pushing for such policies, adding that there is no need to hesitate about making investments in Korea.  

To a question on reform of conglomerates, President Moon responded that the reform was not intended to disintegrate them or repress their ownership or management right, but to change their governance and decision-making processes from undemocratic to democratic and transparent procedures and to increase their accountability in decision-making. The President went on to say that it would instead greatly improve their competitiveness and vitalize the Korean economy. 

Regarding a question on Korea’s relationship with the United States and China, President Moon said that Korea, a U.S. ally, took seriously its relationship with the United States, the main focus of Korea’s diplomacy and security policy, and that he believed that their bilateral relationship should be more steadfastly developed. He continued to say that the relationship between Korea and China has come in recent years to bear a greater weight and that China could play a positive role to affect North Korea and that this needed to be actively utilized.