South Korea has become a safe haven for overseas investors by successfully differentiating itself from emerging markets that have been hurt by the U.S. central bank's tapering, Seoul's economic czar said Thursday.

Speaking at a global investors conference in Seoul, Choi Kyung-hwan said that each time the economy was hit by external shocks in the past, its financial and economic stability has actually become sounder.

"South Korea's external soundness improved after the 1997 Asian financial crisis, and in the wake of the 2008 global financial crisis, the economy once again showed great resilience compared to its peers," the finance minister said.

"While other markets were rocked by the move by the U.S.

Federal Reserve to taper its quantitative easing program, South Korea was not affected by the crisis and has even become a haven for investors."

Choi said investors have even started to differentiate South Korea from other markets by classifying it as an 'advanced-emerging market," calling on them to show continued interest and confidence in the South Korean economy.

Crises may occur in the future, but the South Korean economy will not be weak or vulnerable, he added.

Touching on the economy, he said that the recent slowdown is the result of the economy's maturing.

He, however, made clear that the government is committed to reforming the financial sector and business regulations in order to make local companies more competitive globally.

Cho, who doubles as deputy prime minister for economic affairs, said the government will fundamentally overhaul financial supervisory prices and encourage financial institutions to go abroad and increase overseas investment.

He also pledged to make every effort to support creative ideas so they can become the basis for innovative businesses down the road.

"In the past, GE and Ford changed the world. More recently, Apple, Samsung and many other companies are reshaping every aspect of our daily lives," he said. "The role of investors is to distinguish good businesses from bad ones, and to provide incentives and help businesses to grow." (Yonhap)