President Lee Jae Myung (right) on Jan. 28 speaks at a meeting with foreign investment companies at Cheong Wa Dae in Seoul. (Cheong Wa Dae)

By Kim Hyelin

President Lee Jae Myung said on Jan. 28, "The Republic of Korea as a market remains undervalued," adding, "I will create an objective environment to make Korea the world's best investment destination."

He said this that day to a meeting with foreign investment companies at Cheong Wa Dae in Seoul.

"The Republic of Korea, which has been underestimated for a long time, is seeing its value gradually recovering," he added. "With its excellent human resources and strong logistics capacity, the country holds enormous growth potential."

In his opening speech, the president thanked investors and cited the country's economic recovery that began last year.

"Looking back on last year, the first half marked a very uncertain period but the second half saw everything go back on track. Foreign investment also reached an all-time high, which I welcome," he said. "I will promise that expectations will not turn into disappointment."

On the recent bull run of the domestic capital and stock markets, President Lee called it "a process of normalization." He also pledged to realize the full growth potential of the economy through institutional reform and policy consistency at the government level.

"The government's highest priority is creating a fair, transparent and stable economic environment," he said. "We've reinforced the systematic foundation through bold removal of unnecessary regulations, reform of corporate governance and strengthening transparency of the capital market."

Reaffirming his commitment to reforming the stock market, he said, "I will thoroughly ensure fairness and transparency on the stock market."

"Stockholders are supposed to own a company but have not been treated as such," he added. "I will reform the governance structure to build a rational structure for corporate management that treats shareholders properly."

"I will clearly set a national industrial policy to build a predictable Korea," he said. "I will push for major reform centered on cutting-edge technological sectors centered on artificial intelligence and renewable energy."

"To promote balanced regional development, provincial areas will receive large-scale investment as well as renewable energy and infrastructure facilities."

On inter-Korean ties, President Lee said, "Peace on the Korean Peninsula is critical but no need to worry about it."

"We will not engage in unnecessary military conflicts with North Korea," he added. "Geopolitical risk on the Korean Peninsula will now disappear."

The meeting was attended by the head of the American Chamber of Commerce in Korea and those from seven other chambers and executives from 31 foreign-invested companies.

kimhyelin211@korea.kr