Yoon Attends First Stock Market Opening Ceremony as President: "Will Resolve Korea Discount"

2024 Securities and Derivatives Market Opening Ceremony Congratulatory Speech
Yoon: "Stock Market, a Platform for Coexistence and a Ladder of Opportunity"
Emphasis on Regulatory Reform Including Abolition of Financial Investment Income Tax

President Yoon Suk-yeol stated on the 2nd, "We will resolve the 'Korea Discount' through deregulation of the capital market during my term."

President Yoon attended the "2024 Securities and Derivatives Market Opening Ceremony" held at the Korea Exchange Seoul headquarters that morning and said, "There are many world-class companies in Korea with global competitiveness, but the stock market is significantly undervalued," according to the presidential office.

This is the first time a sitting president has attended the stock market opening ceremony. Previously, President Yoon attended the ceremony on January 3, 2022, as a presidential candidate.

In his congratulatory speech, President Yoon said, "The stock market is a 'win-win platform' where the people and companies grow together and a 'ladder of opportunity' supporting the accumulation of citizens' assets," adding, "To prevent social stratification and enhance social dynamism, the financial investment sector must be revitalized."

[Image source=Yonhap News]

He also emphasized that deregulation is essential to activate financial investment and resolve the Korea Discount. President Yoon explained, "We will thoroughly prepare the 'short-selling reform plan' and promote the abolition of the financial investment income tax," adding, "We will positively consider revising the Commercial Act to enhance the interests of small shareholders and significantly expand asset formation support programs for citizens, such as the Individual Savings Account (ISA)."

The event was attended by Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Kim Ju-hyun, Chairman of the Financial Services Commission; Lee Bok-hyun, Governor of the Financial Supervisory Service; Yoo Ui-dong, Policy Committee Chair of the People Power Party; and over 160 financial investment industry workers. From the presidential office, Lee Kwan-seop, Chief of Staff; Sung Tae-yoon, Director of Policy; Park Chun-seop, Senior Secretary for Economic Affairs; and Lee Do-woon, Senior Secretary for Public Relations, were present.

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