Minister Kwon Chil-seung: "Coupang's IPO, a Model Grown in Korea That Succeeded in New York"

Minister Kwon Chil-seung of the Ministry of SMEs and Startups is speaking at a meeting with small business owners held on the 17th at the Korea Federation of SMEs in Yeongdeungpo-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Junhyung Lee] Kwon Chil-seung, Minister of SMEs and Startups, stated regarding Coupang's listing on the New York Stock Exchange in the United States, "I believe the model nurtured in Korea has proven successful in New York."

Minister Kwon made these remarks on the 12th during a visit to the manufacturing company Yongju Industry located in Yongin, Gyeonggi Province. When asked by reporters about Coupang's U.S. listing after establishing its business foundation in Korea, he said, "Coupang has aimed to list in the U.S. market since 2011," adding, "Above all, Coupang listed in the U.S. is an American company."

Minister Kwon stated, "Coupang's (U.S.) listing and the 41% increase in its offering price mean that a company that was previously focused only on Korea has also succeeded in New York." He continued, "It is better to find meaning in such cases rather than viewing Korean companies' overseas listings negatively."

He also said, "Basically, the biggest reason companies go public is to raise funds or enhance their creditworthiness," adding, "Considering that they can raise more funds abroad, it should be viewed comfortably."

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