Congratulatory Remarks

- 2021 ASEAN Ambassadors, Ambassador of India

and Korean Financial Institution CEO’s Dinner Event (11.22) –

Distinguished guests, ladies and gentlemen, good evening.

It is my great pleasure to have a chance to be with you at the 7^th special dinner with ASEAN-India Ambassadors and CEOs of Korean Financial Companies.

First of all, I would like to express my appreciation to Ambassadors of ASEAN countries and India for taking your time to join us today.

And I would like to thank Chairman of the Korea Federation of Banks 김광수 and CEOs of financial companies for organizing this meaningful event.

ASEAN countries and India have been developing close relationship with Korea as we have many things in common, especially in historical and cultural aspects.

When it comes to the economy and trade, ASEAN and India are Korea’s second largest trading partners.

The tourism industry has been hit hard by COVID-19 this year, but ASEAN countries and India, which have beautiful heritage and natural attractions, are consistently one of the most popular tourist destinations for Koreans.

ASEAN countries and India have also been important partners for Korea in the financial sector. We have made much progress in various sectors of finance, including banking, insurance, and wealth management by enhancing our financial cooperation.

A number of financial firms established their business in ASEAN countries and India, accounting for more than 40% of total overseas branches operation.

I believe Korean financial companies have their unique strengths and competitiveness which could contribute to the economic development of ASEAN countries and India.

First of all, as Korean financial companies have experiences of successfully boosting key industries, including information technology (IT), petrochemical, automobile and shipbuilding industries, they have knowhow and knowledge that can be shared with ASEAN countries and India.

In addition, Korean financial companies could be good partners in fields, such as contactless financial services and fintech, which have become more popular and important since COVID-19 outbreak.

With the most sophisticated IT infrastructure, Korean companies have gained a competitive edge in digital finance in the global markets.

ASEAN countries and India also have a lot of potential in the digital industry.

In this regard, I hope Korea, ASEAN countries and India can continuously cooperate and collaborate to promote our development in the digital finance sector.

I’d like to ask Ambassadors for your support and cooperation in sharing information and granting licenses needed for business operation so that Korean financial companies can actively enter into the ASEAN and Indian markets and contribute to mutual development and prosperity.

I’d also like to ask CEOs of Korean financial companies here today for your continuous efforts to promote mutual growth with your partners in ASEAN countries and India.

The government will support financial company’s overseas business operation by engaging in dialogues and signing MOUs with our partner countries.   

I hope today’s event can be a great opportunity to deepen our friendship.

Thank you.