According to Yonhap News,

(NEWYORK=Yonhap News) South Korean President Moon Jae-in urged U.S. investors to invest in his country Wednesday, insisting the country posed new and growing opportunities that will have no limits once North Korea stops its nuclear and missile provocations to join what he called a Northeast Asian economic belt.

"The business and financial sectors may have concerns about North Korea's recent nuclear and missile provocations," Moon noted. "But our government's position is firm. That is, we must resolve the North Korean issue through peaceful and diplomatic efforts under any circumstances."

The remarks came in a meeting with top U.S. business leaders and investors here that marked the first overseas investor relations event hosted and attended by the new South Korean leader. Moon arrived here Monday on a four-day visit to take part in the U.N. General Assembly.

Moon said the South Korean stock and foreign exchange markets continued to grow despite the communist state's sixth nuclear test staged Sept. 3, apparently implying the confidence of local and overseas investors in South Korea remained strong.


South Korean President Moon Jae-in (fifth from R) poses for a picture in a meeting with a group of U.S. business leaders and investors on the sidelines of the U.N. General Assembly in New York on Sept. 20, 2017. (Yonhap)

As of Wednesday, South Korea's stock market expanded 19 percent since the start of the year, with stock prices climbing 2.3 percent since the latest North Korean nuclear test, he noted.

"Despite North Korean nuclear risks, the International Monetary Fund recently revised up its growth forecast for South Korea to 3.0 percent from the previous 2.7 percent based on South Korea's strong growth trend," the president told the meeting.

"I say this with confidence that now is when you should invest in the South Korean economy, set to leap forward again," he added.

The South Korean leader said increased economic cooperation in his country and Northeast Asia may help North Korea realize that its nuclear arms and missiles may not be the only option to safety and security.

"We must make North Korea realize nukes and missiles are not the way to the safety of its regime and development. I believe the economic cooperation of Northeast Asian countries and their development may be a way. Once North Korea gives up its nuclear weapons, it may enter the frame of economic cooperation," he said.

"Should North Korea give up its nuclear weapons and missiles and come to the path of dialogue, a new economic road map will emerge for the Korean Peninsula and Northeast Asia. Once that happens, South Korea will only become a much more attractive destination for investment," the president said.

Wednesday's meeting involved some 200 top U.S. business leaders, including Lloyd Blankfein, chairman of Goldman Sachs, and Jamie Forese, president of Citigroup.

The South Korean president sought to win their support for the Korea-U.S. free trade agreement (FTA), currently facing possible modifications due to a U.S. request to address what it claims to be its growing trade deficit with South Korea.

"It is a fact that the Korea-U.S. FTA is an agreement that benefits both countries by expanding their trade, enhancing market accessibility and increasing their investment and jobs," Moon told the meeting.

He also noted the U.S.' trade deficit with South Korea was limited to products and that it was already shrinking. South Korea continues to post large trade deficits with the U.S. in the service sector, he added.

"Recently, a special session was launched to discuss amending the Korea-U.S. FTA after a U.S. request. South Korea will attend the negotiations with sincerity. But we want a fair evaluation of reciprocal benefits of the Korea-U.S. FTA," the president said.

bdk@yna.co.kr

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