Gov't vows to lower barriers for foreign investors with 24-hour FX market

South Korea's government pledged to lower barriers for foreign investors by launching a 24-hour foreign exchange market and enhancing market attractiveness, Second Vice Finance Minister Huh Chang told French investors in Paris on Thursday. The move comes as Korea's exports surged 40 percent on-year to $390 billion in the first four months of 2024, driven by the memory chip supercycle and its key role in the AI supply chain.

Korea will continue efforts to lower barriers for foreign investors by rolling out measures to enhance the market's attractiveness, including the launch of a 24-hour foreign exchange market, a senior financial official said. Second Vice Finance Minister Huh Chang briefed French investors on Korea's financial and stock markets on Thursday Paris time in response to growing interest in Asia's No. 4 economy despite global geopolitical uncertainties, according to the Ministry of Finance and Economy. Major participants for the session included officials from Amundi, BNP Paribas, Credit Agricole, Natixis and Societe Generale. During the event, Huh said Korea's attractiveness as an investment destination has expanded due to its solid financial health coupled with its key position in the global supply chain for the artificial intelligence AI industry. Huh noted Korea's exports in the January-April period surged 40 percent on-year to $390 billion on the back of the memory supercycle, which led to a 1.7 percent on-year expansion in gross domestic product GDP in the first quarter, the highest