[THE INVESTOR] The chief of Korea’s bourse operator vowed on Jan. 2 to further boost the tech-laden KOSDAQ market and upgrade the capital market in the new year to help nurture innovative firms and spur the economic growth.
Jung Ji-won, chief of the Korea Exchange, made the pledge during a ceremony marking the start of this year’s stock and derivatives markets trading, citing multiple headwinds that the country is facing.
“Many have forecast that uncertainties surrounding the capital market will continue for a quite long period of time or that things could even turn worse,” Jung said, pointing to signs of the global economic downturn and weaker corporate earnings momentum.
In order to further strengthen its role as the supplier of venture capital, the KRX will work harder for the development of the KOSDAQ market, the head of the bourse operator said, calling for advancing the market “both in qualitative and quantitative terms to the level of global advanced markets.”
He also pledged efforts to boost transparency and fairness in the capital market.
“In order to support listed firms in the development of their internal control system, the KRX will offer several guides, such as compliance guidebooks and online-based self-diagnosis tools,” Jung said.
As part of its effort to explore future growth engines, he also called for the strengthening of the latest technology-based information and index-based businesses.
“We will continue to carry out research regarding the potential establishment of a capital market in North Korea to be fully prepared for the time when conditions are fully met,” Jung said. He also vowed to boost ties with the ASEAN markets to create new business opportunities.
By Song Seung-hyun and newswires (firstname.lastname@example.org)