South Korean President returns home from South America tour
Seoul, Aug 3
South Korea's President Lee Jae Myung returned home on Monday from an 11-day overseas tour that included meetings with the heads of leading US tech firms and summits with the presidents of three South American nations.
The trip first took Lee to San Francisco, where he met with Nvidia Chief Executive Officer Jensen Huang and the heads of three other leading US tech companies to promote bilateral cooperation on artificial intelligence, reports Yonhap news agency.
During subsequent visits to Brazil, Chile and Argentina, Lee held summits with their presidents and agreed to strengthen bilateral cooperation in areas ranging from critical and strategic minerals to crude oil imports.
At his final stop in Frankfurt, he briefly met with members of the Korean community in Germany.
Back in Seoul, the president was scheduled to resume receiving policy briefings from government ministries and agencies, beginning with the trade, environment and labour ministries on Tuesday, followed by the foreign, defence and unification ministries the next day.
Additionally, the president was set to hold a special meeting with his aides later in the day to discuss recent issues related to the housing market and sharp fluctuations in the local stock market, according to the presidential office.
The closed-door meeting at Cheong Wa Dae will bring together Prime Minister Han Seong-sook, Finance Minister Koo Yun-cheol and other relevant ministers to discuss pressing issues in the real estate and stock markets.
The government has sought to revise the property tax system, tackle supply and demand issues in the housing market, and introduce measures related to single-stock leveraged exchange-traded funds, which have been blamed for heightened volatility in the stock market.
— IANS
Reader Comments
The housing market and stock market volatility issues sound all too familiar. Even a developed economy like Korea is struggling with property prices and market swings. Meanwhile, back home we have our own battles with real estate bubbles. Solidarity with Seoul on that front.
Smart move focusing on critical minerals from South America. With the global push for EVs and semiconductors, securing supply chains is half the game. Our own government should prioritise similar resource diplomacy. Also, meeting with Indian community in Frankfurt shows good outreach.
Actually, it's reassuring to see leaders from democratic nations engaging in open trade and tech cooperation. These are the kind of partnerships that build resilience. Hope the housing and market reforms in Korea work out well.
Single-stock leveraged ETFs causing stock market volatility? That's a problem we might face in India too if we're not careful about introducing complex instruments. Korea's experience is a cautionary tale for our regulators.
It's always nice to see leaders meet with their diaspora abroad. That small gesture in Frankfurt speaks volumes. Also, the focus on AI and tech with US companies shows Korea is thinking long-term. Mujhe achha laga yeh padhkar. 👏
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