Fsc Vice Chair's Speech Offers Envoys, Executives 'better View' Of Lee's Economic Vision

 
Members of the diplomatic corps and business leaders gathered in Seoul on Wednesday to hear Financial Services Commission (FSC) Vice Chairman Kwon Dae-young outline President Lee Jae Myung's plan to steer the Korean economy through global instability and revive growth.
 
Kwon’s speech at the 20th annual Korea Economic Forum, hosted by the Korea JoongAng Daily at the Westin Josun Hotel in central Seoul, was attended by some 170 participants, including ambassadors and executives from major Korean companies.
 
 
In his presentation, Kwon detailed efforts to bolster financial stability and advance a broad set of economic reforms aimed at sustaining growth.
 
Senior diplomats in attendance said Kwon’s speech offered a clearer sense of how Korea intends to navigate long-running domestic woes, such as its stark regional imbalances and rock-bottom birthrate, as well as heightened geopolitical uncertainty due to the ongoing U.S.-Israeli conflict with Iran and consequent disruptions to oil shipments through the Strait of Hormuz, a key artery for Korea’s energy imports.
 
“It was very insightful today,” said New Zealand Ambassador to Korea Dawn Bennet. She noted that economies are deeply interconnected, adding that it was “very interesting to hear how Korea is planning to handle all of these external shocks.”
 
 
Bennet said she found it reassuring that Kwon expressed confidence in the resilience of Korea’s financial system. She also emphasized the need for coordination among countries, pointing to “a community kind of spirit” in responding to shared challenges.
 
Jacques Flies, Luxembourg’s ambassador to Korea, described the presentation as both “very interesting” and “very insightful.” He said he was particularly struck by what he called a comprehensive policy road map aimed at turning the financial sector into a future engine of growth.
 
Flies pointed to inclusive finance and digital assets as areas of particular interest. Luxembourg, he said, is at the forefront of digital finance in the European Union, and he sees “a lot of room for further cooperation” with Korea in those fields.
 
 
For Carlos Peñafiel, Mexico’s ambassador, the forum served a more practical purpose. He said it helped him better understand the Korean financial system, which he described as difficult to grasp from the outside.
 
“It’s a great initiative,” he said, adding that the session provided “a better view of the Korean economy” and its response to current global tensions.
 
Finland’s ambassador to Korea, Jyri Jarviaho, said he was particularly interested in discussions surrounding financial markets and a newly proposed fund.
 
He noted that the timing of the forum was critical, citing geopolitical tensions and the situation in the Middle East. “We all need to navigate this difficult environment now and understand what’s going on,” he said.
 
 
Darío Celaya, Argentina’s ambassador, said the presentation highlighted how Korean authorities are using monetary and financial policy to maintain stability in a volatile environment.
 
He pointed in particular to the broader geopolitical context, including energy disruptions, and said the government’s approach reflected a focus on both economic growth and social stability — themes President Lee has repeatedly emphasized.
 
Celaya also suggested opportunities for closer bilateral cooperation. Argentina, he said, could serve as a partner in what he described as key areas such as food, energy and mineral security.
 
“We are in a position to supply food and agricultural products anywhere,” he said, adding that Argentina is also a net exporter of energy and critical minerals. “We are in a condition to be a safe partner to Korea.”
 
Ivan Jancarek, the Czech ambassador, said Kwon delivered a “clear message” about the government’s priorities.
 
 
He said the vice chairman had explained in detail how Seoul aims to calm financial markets in what he called “this not very stable world today,” and added that the emphasis on information sharing and policy coordination resonated with challenges facing European economies. 
 
Jancarek noted that real estate pressures, particularly for younger people, are a shared concern across countries. “It’s not only here in Seoul,” he said. “It’s everywhere in Europe.”
 
Singapore’s ambassador to Korea, Kai Jiun Wong, said one of the key messages he took from the presentation was Korea’s ability to turn crises into opportunities.
 
“I think it’s quite inspiring,” he said, adding that it was “an important message for us all to take back.”
 
 
Wong also pointed to recent diplomatic momentum between the two countries following President Lee’s visit to Singapore.
 
He described the trip as “very successful,” noting that cooperation now spans five key areas under an upgraded strategic partnership, with further developments expected in the coming months.
 
Emilia Gatto, Italy’s ambassador to Korea, praised both the choice of speaker and the clarity of the presentation.
 
She described it as “the best presentation I have attended,” adding that Kwon's materials were “very well prepared” and his delivery “clear and well thought out.”

BY MICHAEL LEE AND LEE SOO-JUNG [lee.junhyuk@joongang.co.kr]