Resolve for
Economic Recovery
- 222 biz execs cited for contribution to industry at Commerce and Industry Day

The 32nd Commerce and Industry Day was observed in a ceremony at COEX Trade Center in Samsung-dong southern Seoul March 16 with 1,200 people, including Prime Minister Lee Hae-chan and other hundreds of dignitaries, attending.
Also attending the event included Park Yong-song, chairman of the Korea Chamber of Commerce and Industry, and heads of three economic organizations.
Lee Tae-yong, president of Daewoo International and Ryu Jin, chairman of Poongsan Co. received the Order of Industrial Merit, Gold Tower medals for their contribution to the growth of Korean industries. Kang Seok-jin, president of Hyundai Autonet won the Order of Industrial Merit, Bronze Tower medal, while Lee Kun-soo, director of POSCO came away with the Order of Industrial Merit, Tin Tower medal.
Prime Minister Lee, in his congratulatory speech, said exports totaled $250 billion last year with $30 billion in trade surplus in what is one of the greatest achievements overseas in our history. The enviable record is doubly significant because it came amid high raw material prices including oil with enhanced competitive strength of our export products.
Domestic economy remained sluggish due to the household loan crisis and widening gap between the rich and poor, but this year it is showing all kinds of signs that it will recover due to the government's efforts to make it rebound and efforts of every industry people in the country.
Exports, too, show its strength again this year despite concerns that it might not be as vibrant as last year with the shipments in January and February recording $5.5 billion in trade surplus. "Our economy has been displaying signs of growth both at home and abroad," the prime minister said.
The credit for the bright development should all go to all of you industry people who have been working hard at their jobs and are the reason for our success.
But, he said, there are problems like the won's exchange rate with the U.S. dollar and high oil prices, in addition to shortages of raw materials.
These problems could be overcome easily if all of us including the government, business, labor unions and other interested parties unite together and try to eliminate the uncertain factors.
The participatory government has been doing all it can to provide support to industry people for their effort to revive the economy so that the current recovery trend might be upheld. The government will try to remove various unnecessary regulations and support R&D and human resources development and furthermore reform universities and strengthen the cooperation between academics and industry to expand potential growth capabilities of our economy.
KCCI Chairman Park Yong-song said it was a difficult year last year for all major economic players. The domestic economic slump dragged on, along with high oil prices and the won's exchange rate appreciation, creating concern for economic growth.
We overcame the difficulties and recorded $250 billion in exports, the largest in history, with economic growth close to 5 percent.
The record performances have been achieved through a strong will of the people, especially those of you here, the KCCI chairman said.
He said he would like to pay tribute to those who did their jobs to the fullest last year. The government intends to channel all of its policies to reviving the economy and major economic players have been relieved by the government's move. It is encouraging to know that the economy has been showing signs of recovery in recent months.
He said he would like to thank Prime Minister Lee and other dignitaries including ethnic Korean businessmen from overseas for participating in the ceremony. nw