South Korea's Ministry of Finance announced on Friday that it will release a detailed roadmap in the first half of this year aimed at internationalizing the Korean won, with the goal of strengthening the currency's global standing.

The plan was discussed during a government task force meeting attended by senior officials from the Ministry of Economy and Finance, the Bank of Korea, and other relevant agencies.

Officials at the meeting noted that the won currently lacks the international recognition commensurate with South Korea’s status as Asia’s fourth-largest economy.

They identified the internationalization of the won as a key policy priority for driving economic growth and further developing the foreign exchange and financial markets.

The Ministry of Finance added that improving foreign investors’ access to the won, expanding its usage, and enhancing its stability will be central to this initiative.

The announcement follows a series of recent measures aimed at stabilizing the foreign exchange market, as the won has continued to depreciate against the U.S. dollar.