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https://www.koreatimes.co.kr/path/A2025041715120003151
By Jun Ji-hye
Financial Services Commission (FSC) Chairman Kim Byoung-hwan and Financial Supervisory Service (FSS) Gov. Lee Bok-hyun are facing growing controversy over their planned overseas trips as the country grapples with political and economic uncertainty ahead of an early presidential election on June 3, industry officials said Thursday.
While some view the trips as a responsible move to address growing global risks, others argue the timing is inappropriate given the pressing domestic challenges.
According to the FSC, the country�셲 top financial regulator, Kim is set to visit the United States for a seven-day trip starting Sunday to help Korean startups and venture companies secure funding abroad.
During his trip, he will hold a meeting with bio venture capital professionals in Boston to assess the local venture investment ecosystem and its operations.
He will also meet with senior officials from Blackstone and Morgan Stanley Capital International to discuss the Korean government�셲 initiatives to improve foreign exchange market accessibility, including the resumption of short selling and the enforcement of mandatory English-language disclosures.
Lee already traveled to Hong Kong and Beijing earlier this week to hold meetings with overseas investors and local financial officials.
He is also planning to visit Switzerland in May to attend the Basel Committee on Banking Supervision.
The government officials explained that the primary purpose of these overseas trips is to build investor confidence in Korea�셲 financial markets and help curb potential capital outflow by fostering direct communication with global investors amid increasing market uncertainty.
However, concerns are mounting in both political and financial circles over whether it is appropriate for top financial authorities to travel abroad when multiple domestic challenges remain unresolved, including a prolonged downturn in the capital market.
Adding to the concerns, the opposition-controlled National Assembly is moving to impeach Finance Minister Choi Sang-mok, prompting fears that the government may struggle to coordinate an effective response in the event of a crisis.
�쏻hile direct communication with foreign investors is important to address global uncertainties, a constant response system to manage domestic risks is even more crucial to maintain trust in the overall financial system, especially when the country is facing an unprecedented political situation,�� a source in the financial sector said, referencing the impeachment of former President Yoon Suk Yeol.
�쏥iven the critical importance of timing, it is difficult to avoid questions of appropriateness when key financial figures are absent simultaneously amid a host of pressing domestic issues.��
