[THE INVESTOR] South Korea will prepare for the possible impact of UK’s departure from the European Union through stronger international cooperation and stable management of foreign reserves, Finance Minister Yoo Il-ho said on July 8.
Speaking at a meeting of economy-related ministers in Seoul, Yoo, who also doubles as deputy prime minister for economic affairs, said that the government will maintain healthy foreign reserves, saying that it was the “last bastion” for Korean economy.
Finance Minister Yoo Il-ho
“(The government) will take preemptive measures against market uncertainties, including setting up measures for securing funds in case of emergencies,” he said.
He also said that G20, and other nations will work through various channels to contain the negative effects of Brexit.
Saying that UK’s departure from the EU could fuel isolationism and protectionism, Yoo said that the government will seek new free trade agreements and to improve standing FTAs to increase trade.
The minister also said that a fund for improving economic cooperation with emerging nations will be established.
By Choi He-suk (
cheesuk@heraldcorp.com)