Published on March 26, 2026
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 JoongAng Daily at the Westin Josun Hotel in central Seoul, was attended 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-standing domestic issues, such as regional imbalances and a declining birthrate, along with heightened geopolitical uncertainty influenced 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 found it reassuring that Kwon expressed confidence in the resilience of Korea’s financial system. She 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 highlighted the comprehensive policy roadmap aimed at turning the financial sector into a future engine of growth, pointing to areas such as inclusive finance and digital assets as particularly noteworthy. Flies mentioned that Luxembourg is at the forefront of digital finance in the European Union and sees “a lot of room for further cooperation” with Korea in these fields.
For Carlos Peñafiel, Mexico’s ambassador, the forum served a practical purpose, as it helped him better understand the Korean financial system, which he described as challenging 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, expressed keen interest in discussions around financial markets and a newly proposed fund, emphasizing the critical timing of the forum amid 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, remarked that the presentation highlighted how Korean authorities are using monetary and financial policy to maintain stability in a volatile environment. He pointed out the broader geopolitical context, including energy disruptions, and noted the government’s approach reflects a focus on both economic growth and social stability—themes emphasized . Celaya also suggested opportunities for closer bilateral cooperation, describing Argentina as a potential partner in areas like food, energy, and mineral security.
Ivan Jancarek, the Czech ambassador, remarked that Kwon delivered a “clear message” regarding the government’s priorities. He noted the emphasis on information sharing and policy coordination resonated with challenges facing European economies, including real estate pressures affecting younger populations, a concern shared across many countries.
Singapore’s ambassador to Korea, Kai Jiun Wong, highlighted Korea’s ability to turn crises into opportunities as a key takeaway from the presentation. He described the message as both inspiring and important for all attendees to take back to their respective nations. Wong also noted recent diplomatic momentum between Korea and Singapore, following President Lee’s successful visit, with cooperation now spanning five key areas under an upgraded strategic partnership.
Emilia Gatto, Italy’s ambassador to Korea, praised the clarity and preparation of Kwon’s presentation, describing it as “the best presentation I have attended.” She commended Kwon for articulating Korea’s economic strategies effectively.
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