South Korea financial authorities on Wednesday pledged to create a level playing field for foreign and domestic investors, and to apply regulation in a reliable and rational way, as Asia’s fourth largest economy pursues its goal of becoming a major financial centre in the region.

The government has identified financial services – and asset management in particular – as a key area of future growth for manufacturing-reliant Korea, and has begun liberalising its economy and promoting greater liquidity in its markets as a result.