In March 2009, Seoul ranked 53nd among global financial centers; by March 2012, Seoul skyrocketed to number 9. What factors have enabled Seoul’s marked rise? How is Korea emerging relative to other hubs in Asia? What are the opportunities and challenges for continued growth?
Dr. Yoon-shik Park of George Washington University’s School of Business discusses Seoul’s emergence as a global financial center. Dr. Park was formerly Senior Economist at the World Bank and served as Financial Advisor to the Chairman of Samsung Group in Korea. He served as a member of the Board of Directors of Samsung and has written on the emergence of Korea in international finance.
Friday, September 21, 2012
8:15 AM | Registration & Light Breakfast
8:30 AM | Discussion
Seoul’s Rise as a Global Financial Center
with
Dr. Yoon-shik Park
Professor of International Finance
School of Business of George Washington University
Moderated by Nikita Desai
Director of PolicyCorporate Programs, The Korea Society
Now that the KORUS FTA has been in effect for three months, what has changed in the business environment between the United States and South Korea? To what extent has the treaty created jobs, spurred economic growth and generated new market demand for U.S. goods and services in Korea? And what are the prospects for the December Presidential election and how might new political alignments impact doing business in Korea?
Scott Kalb looks back at his three-year tenure as Chief Investment Officer of the Korea Investment Corporation (KIC), focusing on the principles that underlie good asset management and the challenges facing sovereign wealth funds in the years ahead. The Korea Investment Corporation was founded in 2005 to manage part of Korea’s foreign exchange reserves and other public funds, and today is a major global institutional investor with approximately $50 billion in assets under management.
Dr. Jong-Wha Lee, Senior Advisor to President Lee Myung Bak, and G-20 Sherpa in Korea discusses the challenges facing the Korean economy as a result of the global economic crisis. An anemic recovery in the US economy, slower growth in China, unresolved fiscal and financial issues in the Euro Zone, coupled with increased financial and trade linkages, have exposed fault lines in the Korean economy. Dr. Lee will discuss efforts to mitigate Korea’s economic risks and the important policy challenges that lie ahead in creating a foundation for stable growth.
Hong-Chul “Hank” Ahn, Commissioner of Invest KOREA, visits The Korea Society to outline the unique opportunities for foreign direct investment in Korea. Mr. Ahn will review the current investment climate, location benefits, promising industries, and high-quality human resources available to the foreign direct investor in Korea, and explain the services Invest KOREA offers to help foreign companies “land softly and successfully” in Korea.
Tom Byrne, Moody’s Singapore-based senior vice president and regional credit officer for Asia and the Middle East, discusses the credit profile of Korea and other prominent East-Asian governments against the background of rising sovereign-credit stress in advanced countries. He will also provide a focus on South Korea, which Moody’s upgraded to A1 in April 2010. How has Korea’s credit story played out since then, and what are the strengths and risks looking forward?
