Korean Financial Firms Invest 34 Trillion Won in UK... "Expanding Global Market of Financial Industry"

Investment in the UK Financial Market Under Guidance of Both Governments

Korean financial companies have agreed to invest 21 billion pounds (approximately 34 trillion won) in nine sectors including green energy and infrastructure in the UK. This contract was made on the occasion of President Yoon Suk-yeol's state visit to the UK, and the Presidential Office explained that if Korean financial companies enter the UK, the global financial hub, with the support of both governments, it will have the effect of expanding the global market.

Michael Mainelli, Mayor of the London Financial District, welcomed President Yoon at a dinner hosted in the Great Hall of Guildhall in the London Financial District on the afternoon of the 22nd (local time), stating, "Today, nine contracts were signed, amounting to a trade agreement worth 21 billion pounds."

It is customary in the UK that when a foreign head of state is invited for a state visit, the Mayor of the London Financial District holds a reception or dinner for the dignitary, separate from the official royal events. Since medieval times, the Mayor of the London Financial District has been delegated some autonomy by the monarch and ranks second in protocol in this area after the British monarch.

The Presidential Office explained that this investment is significant in terms of expanding the global market for the financial industry. With the official endorsement of the UK government, Korean financial institutions are participating as key partners, which is expected to positively impact fundraising, portfolio diversification, and the export and overseas expansion of Korean companies.

[Image source=Yonhap News]

Furthermore, the investment is made by investing in the financial market based on reliable information from the UK government and others, rather than targeting specific industries. It has been reported that Korean financial institutions, which had been undervalued for their capabilities, have recently received high evaluations from UK financial institutions. Accordingly, UK financial institutions have individually contacted Korean financial institutions to attract this investment.

The government expects that with the extension of Korea's foreign exchange market trading hours to the London market and this investment, the participation of London-based banks and securities firms in the Korean foreign exchange market will expand. Choi Sang-mok, Senior Secretary for Economic Affairs, said at a local briefing, "We expect significant effects not only from the cooperation channels established through this state visit but also from synergy effects such as institutional improvements."

In his welcoming remarks, Mayor Mainelli evaluated the development of Korea's industry and financial status during the 140 years of diplomatic relations between the two countries and the 70th anniversary of the Korean War armistice, saying, "Korea succeeded by walking its own path. Therefore, we highly respect Korea," expressing his respect for this investment.

In his response, President Yoon said, "Korea and the UK must work closely together so that the international community can overcome the challenges of the (complex crisis) and become freer and more prosperous," and added, "I expect Mayor Mainelli to play a significant role in making the economic and financial cooperation between Korea and the UK even closer by utilizing his expertise (such as founding a global think tank)."

This content was produced with the assistance of AI translation services.