A leading driver and strong advocate for European Businesses in Korea
Roundtable meeting with Deputy Prime Minister / Minister of Economy and Finance Choi Sang-mok
On December 6, ECCK Chairperson Philippe van Hoof attended a Roundtable meeting with Deputy Prime Minister / Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun at KCCI. Chairperson Philippe shared his opinion as follows:
“The swift lifting of martial law, following its dramatic declaration, demonstrated that Korea’s democratic system is not only functioning effectively but also deeply rooted. This resolution highlights the strength and resilience of Korea’s democratic culture.
Although there were initial market impacts, including a sharp decline in the value of the won and corporate stock prices, the stabilization of markets within six hours of the National Assembly’s decision underscores the resilience of the Korean economy. With financial authorities taking swift and effective measures, we remain optimistic about a positive recovery, including the reversal of any temporary foreign capital outflows.
As martial law was promptly lifted in accordance with constitutional and legal processes, the economic impact is expected to be limited. European companies operating in Korea continue to have strong confidence in the Korean government and are maintaining their business activities without disruption.
For foreign investors, the fundamentals of the Korean economy outweigh external factors. We hope the Korean government continues focusing on strengthening these economic fundamentals, aligning domestic standards with global best practices, and protecting Korea’s long-term sovereign credit rating to ensure sustained growth and stability in future.”
Roundtable meeting with Deputy Prime Minister / Minister of Economy and Finance Choi Sang-mok
On December 6, ECCK Chairperson Philippe van Hoof attended a Roundtable meeting with Deputy Prime Minister / Minister of Economy and Finance Choi Sang-mok and Minister of Trade, Industry and Energy Ahn Duk-geun at KCCI. Chairperson Philippe shared his opinion as follows:
“The swift lifting of martial law, following its dramatic declaration, demonstrated that Korea’s democratic system is not only functioning effectively but also deeply rooted. This resolution highlights the strength and resilience of Korea’s democratic culture.
Although there were initial market impacts, including a sharp decline in the value of the won and corporate stock prices, the stabilization of markets within six hours of the National Assembly’s decision underscores the resilience of the Korean economy. With financial authorities taking swift and effective measures, we remain optimistic about a positive recovery, including the reversal of any temporary foreign capital outflows.
As martial law was promptly lifted in accordance with constitutional and legal processes, the economic impact is expected to be limited. European companies operating in Korea continue to have strong confidence in the Korean government and are maintaining their business activities without disruption.
For foreign investors, the fundamentals of the Korean economy outweigh external factors. We hope the Korean government continues focusing on strengthening these economic fundamentals, aligning domestic standards with global best practices, and protecting Korea’s long-term sovereign credit rating to ensure sustained growth and stability in future.”