The country's state pension fund will inevitably have to grow its overseas portfolio of investments, its head has said. 

Health Minister Park Neung-hoo - who doubles as the chief of the National Pension Service(NPS)'s fund management committee - made the remark on Friday during a committee meeting at a Seoul hotel.

He said that as uncertainties still remain high in financial markets at home and abroad, the pension fund must consider long-term investment strategies with an eye on coming structural changes in the aftermath of the COVID-19 pandemic.

Park said NPS assets under management are expected to surpass one thousand trillion won by 2024, with more than half invested in overseas assets.

He said as the pension fund continues to increase, expanding its overseas investment is inevitable in order to maximize return, diversify risks and overcome limits of the domestic market.

He said over the next ten years, the NPS will enjoy a period of rich liquidity with revenue exceeding expenditure, and therefore it should invest aggressively to maximize profits during this time. 

Regarding concerns raised by some over investing abroad, the minister said the government has drafted a comprehensive plan through consultations with experts.