When you want to talk about a certain issue with your friend, what is the best way to communicate? Of course, you can use your smart phone or even SNS, nothing would be better than actually having face-to-face meeting. This is because the meeting allows you to directly deliver your thought on the issue with minimal misunderstanding or miscommunication.
Same thing applies when considering ‘diplomacy’ between countries. For today, I would like to talk about ‘financial diplomacy’, which has been consistently sought and enhanced by Financial Services Commission. FSC’s Chairman Kim Seok Dong has emphasized the importance of maintaining relationships with foreign financial systems. This emphasis has never been limited to those with advanced countries. Rather, he acknowledged the significant ties with developing countries, which will provide Korean financial system with an opportunity to grow further.
In this regards, FSC has concluded MoU with developing economies in Asia, namely Mongol, Vietnam, Indonesia, Thailand and so on. This time, in pursuit of building ‘Financial Cooperation Belt’, Mr.Kim visited Kazakhstan. It signs that FSC expands its influence in Central Asia, which will be further enhanced through financial diplomacy looking for more substantial sharing and support.
During this trip, Mr.Kim met the governor of Kazakh Central Bank, Grigori Marchenko. Mr. Marchenko appreciated Korea’s sovereign rating upgrade last year. By signing MoU with Kazakhstan, it is expected that there will be more active financial flows between two countries, in terms of sharing information about financial policy, supervision, and regulation. Accordingly, private financial companies are to be more encouraged to enter into each country’s financial market. Mr. Kim also concluded Knowledge Sharing Program (KSP) MoU with Kazakh Ministry of Economy and Budget Planning.
We may expect that this MoU with Kazakhstan will be the sign of building ‘Financial Silk Road’ in Asia, which will allow financial network to be closely interlinked and to have practical sharing with each other.