The government says, "Institutional reforms are under way... once completed, inclusion in the MSCI developed market index is expected"

[Financial News]
The government said it understood Morgan Stanley Capital International's decision to keep South Korea off its watchlist for developed market index inclusion, stating that more time was needed for the effects of institutional reforms to be felt in the market.
In a statement released on the 24th after MSCI announced the results of its annual market classification review, the Ministry of Economy and Finance and the Financial Services Commission (FSC) said, "MSCI also recognizes the South Korean government's efforts and achievements in advancing the foreign exchange and capital markets. However, some tasks are still undergoing institutional reform, and even for completed tasks, more time is needed before the market can feel the effects. We understand that this is why South Korea was not included in the watchlist this year."
The government added, "If we continue to push ahead with foreign exchange and capital market reforms according to our own needs and timetable, we expect that we will naturally be included in the MSCI World Index as well."
It also said it would quickly activate regular communication channels with major overseas investors to review how the improvement measures are being used in practice and reflect feedback from the field.
syj@fnnews.com Seo Young-joon Reporter