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| ▲ Finance Minister Hong Nam-ki holds an investor relations session in London to explain South Korea's economic situations on Nov. 1, 2021. (Yonhap) |
finance minister-MSCI market status
S. Korea to push for efforts to win MSCI developed market status: minister
LONDON/SEOUL, Nov. 2 (Yonhap) -- South Korea plans to again push to win developed market status from Morgan Stanley Capital International (MSCI), the finance minister has said.
Finance Minister Hong Nam-ki made the remarks Monday (local time) in London at an investor relations session with global investors to explain his country's economic situations.
Hong said the government will make efforts to win the MSIC's developed market status as the global index provider will have its annual review in June next year.
In 2016, South Korea failed again to put its stock market on MSCI's watch list for developed market status due mainly to the absence of an offshore currency market for the Korean currency.
Every June, the MSCI unveils the outcome of its review of a country's market status.
South Korea has been on the list of emerging market indices since 2009. If South Korea obtains the MSCI's developed market status, more foreign investment could be expected.
"In light of the Korean economy's situations and foreign investors' views about Korea, the government thinks South Korea deserves to win the developed market status," Hong said.
Meanwhile, Hong said South Korea will pump up efforts to minimize the fallout from global supply chain strains.
He said the government is exploring measures with companies to produce part of auto chips in a bid to tackle a global shortage of automobile chips.
The growth of South Korea's exports of autos slowed in the third quarter from three months earlier as the shortage of auto chips dented vehicle output.
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