By Gil Kyuyoung

Ambassador for International Financial Cooperation Choi Jong-ku has begun dispelling inaccurate information on the economy in Singapore and Hong Kong.

The Ministry of Economy and Finance on Feb. 16 said he held briefings from Feb. 11-14 in both cities and had discussions with the world's top three credit rating agencies: Fitch, Moody's and Standard & Poor's.

Attending the briefings were high-ranking executives from leading Korean institutions such as the ministry, Financial Services Commission and Korea Investment Corp. and leading global asset management giants such as Blackrock and PIMCO.

"Resolution of political uncertainty is progressing in an orderly fashion based on the Constitution and relevant laws," the ambassador said. "Thanks to its sturdy economic system, the Korean financial and foreign currency markets are swiftly recovering."

"Stable foreign currency reserves, record-high net foreign financial assets and a low government debt ratio are demonstrating the Korean economy's solid fundamentals."

Ambassador Choi held talks with executives from the three rating agencies and leading investment banks in Hong Kong and Singapore to share perspectives on Korea's economic and political situation.

The agencies said Korea has responded well to its recent crisis and differentiated itself from other countries where political stalemate led to fiscal deterioration and lower ratings.

David Liao, Hongkong and Shanghai Banking Corp.'s co-chief executive of Asia and the Middle East, mentioned Korea's policy to advance its capital and foreign currency markets and hailed the nation's inclusion in the World Government Bond Index, according to the ministry. 

Ambassador Choi will also hold briefings on the Korean economy in New York and London and continue meetings with the rating agencies and key figures in finance.

gilkyuyoung@korea.kr