South Korean deputy prime minister co-serving as the finance minister Choo Kyung-ho will sponsor an IR event in New York next Tuesday in hopes to bolster foreign confidence in the Korean economy in the face of crisis-like woes of a sharp weakening in the local currency and twin fiscal and current-account deficits due to reduced revenue from worsening trade conditions.

He would be pitching on Korean fundamentals before Wall Street investors while in New York for the Group of 20 (G-20) meeting of finance chiefs, the Monetary and Financial Committee (IMFC) conference and other events, the Ministry of Finance and Economy said in a press release Friday.

Choo plans to start his six-day visit by delivering a presentation on the Korean economy to foreign investors in New York on Oct. 11.

Choo will attend a two-day G-20 meeting of finance chiefs and central bankers on Oct. 12-13 to discuss pending issues which include concerns over an economic depression due to supply chain disruptions and monetary tightening, debt crisis in vulnerable countries, digital tax, central bank’s digital liability, post-Covid exit strategy, and promotion of infrastructure investment in the private sector. The meeting is also attended by representatives from major international organizations such as the International Monetary Fund (IMF), the World Bank (WB), and the Organization for Economic Cooperation and Development (OECD).

The minister will attend the ministerial meeting of the Coalition of Finance Ministers for Climate Action on Oct. 12 in Washington D.C., where Choo will discuss economic policies for green transition with financial officials from 78 member countries.

On Oct. 14, Choo will participate in the International Monetary and Financial Committee (IMFC) conference to discuss the current global economic situation, countermeasures, and the role of the IMF.

On the sidelines of his visit, Choo will hold separate meetings with WB President David Malpass and IMF Managing Director Kristalina Georgieva, as well as Indian finance minister, who will chair next year`s G-20 meeting, and the finance minister of Australia, Korea’s supply chain partner.

Choo will meet with executives of Moody’s, Fitch, and S&P, the world`s three major credit appraisers, on Oct. 13-14.

By Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]