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Asia Financial Cooperative Network

Seok-dong Kim, the chairman of Financial Services Commission (FSC) visited Thailand and Hong Kong from June 9 to June 13. This business trip was an extension of his endeavour to establish Asia Financial Network including previous business trips to Mongol (September 2011) and Vietnam and Indonesia (March 2012).

It was a meaningful achievement to set up a cooperative system with Thailand and Hong Kong. Above all, Thailand has been Korea’s sincere allied nation since Korean War. In 1958, after establishing diplomatic ties, Thailand is now the 17^th export country ($8.4billion), the 22^nd import country ($5.4billion) and the 21^st foreign direct investment country ($0.176billion).  Also, it is needless to say the importance of Hong Kong because, as a centre of global finance and trade, there are a lot of global finance companies including 34 Korean companies.

Beginning his first schedule, Kim reinforced the corporation between Korean and Thai financial authorities. In detail, FSC and Thai financial authorities such as Office of Insurance Commission (OIC) and Securities and Exchange Commission (SEC) signed MoU to strengthen cooperation. Considering geopolitical factor of Thailand which is located in the centre of Indochina Peninsula, close cooperation might play an important role for Korea to advance into Asia rising countries such as Laos, Cambodia and Myanmar. According to this MoU, both authorities can exchange information about financial policies and supervisions. Also, they agreed to share political experiences and professionalism through regular meeting. Especially, at the meeting with Vorapool Socatiyanurak, secretary general of Thai SEC, FSC agreed the close cooperation to foster capital market and establish financial infrastructure in ASEAN and Greater Mekong Subregion (GMS).  From this, both authorities expect for Korean private company to advance into Thailand actively.

In Hong Kong, Kim made an effort to establish the market stabilization plan against the Eurozone crisis. Visiting Hong Kong Monetary Authority (HKMA) and Hong Kong Securities and Futures Commission (HKSFC), he shared opinions about Euro crisis and tried to seek cooperative counter plan. In particular, HKSFC conceded the necessity of reinforcement of cooperation, so acceded to cooperate with signing MoU in the near future as well as currently availing through International Organization of Securities Commissions (IOSCO) and APRC.

During the business trip, Kim also held a meeting with local advanced businessmen in both Thailand and Hong Kong. The participants highly requested for Korean government to support the companies’ advances and the local business activities continuously. They said the support is critical because Thailand and Hong Kong are located in the centre of Indochina and the core of Chinese economic region respectively.

FSC evaluated this cooperation with Thailand and Hong Kong as a promising achievement because of their geopolitical advantages. With the previous business trip to Mongol, Vietnam and Indonesia, this business trip has a significant meaning of expanding Asian Financial Cooperative Network to Indochina Peninsula and Hong Kong (China). FSC will keep strengthening financial diplomacy concentrating on the rising countries to support Korean companies’ advances to the global market.

Chaehack Chad Suh (chaehack.suh@gmail.com)