Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol stated that the South Korean government is actively advancing its foreign exchange and capital markets. He emphasized that the government is positioning the capital market as a key platform for national competitiveness, implementing value enhancement policies, and preparing a comprehensive roadmap for inclusion in the Morgan Stanley Capital International (MSCI) developed markets index.
On Tuesday, during an investment roadshow for the Korean economy in New York, Koo held a series of individual meetings with top executives from major Wall Street financial institutions, including Apollo, BlackRock, and PIMCO, where he shared these developments.
These meetings were arranged to highlight South Korea’s economic fundamentals and policy consistency to global investors, explain efforts to invigorate the capital market and investment opportunities, and request continued interest and participation in the Korean market.
In his meeting with Apollo Chairman Marc Rowan, discussions centered on capital market development and investment opportunities in artificial intelligence (AI) and advanced industries.
Koo noted that South Korea’s capital market investment environment is continuously improving. He emphasized that the government is bolstering its policy capabilities to lead the era of physical AI transformation, leveraging world-class manufacturing capabilities and digital infrastructure. Koo predicted expanded investment opportunities in AI infrastructure and advanced industries in Korea.
Rowan acknowledged the rising global status of South Korea’s capital market and the growing influence of major Korean institutional investors in global financial markets.
He expressed alignment with the Korean government’s policy direction in strategic areas such as AI and data infrastructure, energy transition, and power grids. Rowan affirmed Apollo’s commitment to strengthening strategic partnerships with Korea based on long-term, large-scale capital.
Apollo, one of the world’s largest alternative asset managers specializing in credit, excels in private credit and pension and insurance fund management. As of late last year, it managed approximately 938 billion USD in assets, ranking among the top global private equity firms. The firm opened its Korean office in Seoul’s Yeouido district in November 2024.
Notably, Rowan co-founded Apollo in 1990 and has served as Chief Executive Officer (CEO) since 2021. He has been mentioned as a potential candidate for U.S. Treasury Secretary.
The meeting with BlackRock focused on foreign exchange and capital market reforms and improving accessibility for global investors.
Koo explained that the government is pursuing a roadmap for MSCI developed market index inclusion and enhancing communication to create tangible changes for global investors.
Rob Goldstein, BlackRock’s Chief Operating Officer, praised South Korea’s rapid progress in foreign exchange and capital market reforms. He viewed these changes as highly encouraging, noting their potential to expand accessibility for global investors.
Goldstein added that these efforts would accelerate the development of South Korea’s capital market while solidifying Korea’s position as a model demonstrating how open and resilient markets contribute to economic growth and financial stability.
BlackRock emphasized its ongoing contributions to the Korean market through asset management, institutional investor collaboration, and risk management platform provision.
Founded in 1988, BlackRock is the world’s largest asset manager, maintaining its top position in assets under management since acquiring Barclays Global Investors (BGI) in 2009.
The meeting with PIMCO centered on the market impact of South Korea’s inclusion in the World Government Bond Index (WGBI) and strategies to increase foreign investment.
Koo highlighted the successful start of WGBI inclusion on April 1, noting that it signifies global recognition of South Korea’s market accessibility and infrastructure at an advanced market level.
John Sturzenacker, PIMCO’s Vice Chairman, described the WGBI inclusion as a significant milestone for South Korea’s bond market development. He predicted it would enhance market depth and liquidity while encouraging sustained foreign investor participation.
Sturzenacker also commended the Korean government’s market stabilization efforts for maintaining market confidence amid global financial volatility.
He emphasized global investors’ trust in South Korea’s robust economic fundamentals, noting PIMCO’s active investments in both Korean government bonds and foreign currency bonds. Sturzenacker reaffirmed PIMCO’s commitment to Korea as a long-term core market and ongoing collaboration.
PIMCO, one of the world’s largest bond managers, is a global financial institution managing pension and sovereign wealth funds. Sturzenacker, who attended the meeting, is a financial expert with experience at Morgan Stanley, HSBC, and Blackstone, currently serving as a global strategic advisor.