FKI Chairman Kang S.H. Sees Tough Year Ahead This Year
- Calls for cooperation between large, small businesses to cut dependency on foreign parts

Last year has been a tough one for us all around. Investigation into political funds, the Presidential impeachment, and the dispatch of troops to Iraq and others have been overcome by the wisdom of the people with clean general elections to boot.
Externally, international prices of oil hit the highest level in history and raw material problems and restrictive policies in China pushed down stock prices around the world. U.S. presidential elections attracted our attention with some impacts on the economy. We were able to break the $200 billion in exports for the first time in history with all of us working hard to achieve it.
What makes us unease is the fact that this year is going to be any better. Exports have been slowing down due to the weak dollar, a sign that the livelihood of the people would be a difficult one again this year due to low growth and growth without job increase. Many small firms may have a tougher time than big firms in securing raw materials and coping with other problems including the volatile exchange rate and the weak dollar. Big firms, too, have been unable to find a breakthrough to revive the economy with systems and other environment not conducive to investment,not much possibility in sight to boost their morale with an anti-business sentiment among the public still running high.
The new year is here. We have to think from fundamentals. Our economic woes will not go away soon, it may take years and we better be prepared. Business woes such as slack domestic consumption, sluggish economy, regulations hampering businesses and anti-business sentiment, among others, are something that should be overcome by business, not an obstacle to business.
It has become our mission in this age to look far ahead and build up potentials for economic growth. We have to get away from looking after short-term interest such as share prices, but plan what we would be doing 10 years from now. In this context, business people should try to develop new technologies and explore new markets with strenuous efforts. They have to find a new business that will pay a large profit and invest in it. Especially, the development of parts and resources industries should be fostered in cooperation between large and small firms We have to cut dependency on foreign parts so that increased exports would create demand for domestic products, not increases in imports. nw