Public Pledges on Putting
Economy on Right Track

Presidential contender Lee unveils the 'Korea 747'vision during a ceremony marking the publication of his books

Former Seoul Mayor Lee Myung-bak has officially announced his bid for the upcoming presidential race in the form of a ceremony celebrating the publication of two books authored by Lee.
The ceremony marking the publication of Lee's three books, held at the convention center KINTEX in Goyang, north of Seoul, on March 13, attracted about 20,000 people from political, business, academic and religious and cultural circles, reflecting well the status of Lee, who is the front-running presidential contender in diverse opinion polls.
The participants included ex-president Kim Young-sam, Grand National Party Chairman Kang Jae-sup, GNP floor leader Kim Hyung-oh and 60 other lawmakers, and foreign ambassadors. The book publication ceremony has virtually changed into the one designed to inaugurate his presidential race. Even though he indicated his intention to throw his hat into the presidential race during a luncheon meeting with reporters while touring the Pohang, North Gyeongsang Province last October, it was the first time he officially announced his bid to run for the presidential race slated for the late 2007.
In his speech, ex-Seoul Mayor Lee unveiled his public pledges on economic policies ― "Korea 747"vision, calling for achieving an annual economic growth rate of 7 percent, raising the per capita national income to $40,000 and evolving into the top seven global economic powerhouse.
Lee analyzed the doomed prospects of the Korean economy, saying, "Korea has been deviating from the global navigation routes for the 10th straight year, and if further departing from them, the nation could fall into a crisis that cannot return to the 'hope'route."He was referring to the fact that the Korean economy has recently dived below the annual growth rate range of 4 percent, touching off worry that the potential growth rate might continue to decline, and the economic circumstances not only could delay in Korea's joining the ranking of advanced countries, but also cause an economic crisis for Korea, which has to prepare for unification and build up a welfare state.
The former Seoul Mayor contended, "Today's crisis has been caused by resorting to political means, not solutions based on economic rationale." "Departing from the current vicious circle, market-oriented policies will make the nation a country with a virtuous circle in which investments can be made and integration through development can be secured,"he said.
Lee said he proposed the "Korea 747"vision with the goal of tiding over the crisis facing Korea today and keeping the nation alive again thanks to combined efforts of people.
He said the vision calls for changing the paradigm for the management of the state from the current structure of a vicious cycle ― regulations, a drop in investments, instability of employment and consumption downturn into that of a virtuous cycle ― consumption/ investment, employment, and consumption. The former Seoul Mayor Lee appealed for all the people to join forces in attaining a national goal of achieving an annual economic growth rate of 7 percent, raising the per capita national income to $40,000 and evolving into the top seven global economic powerhouse.
Lee said, "Growth can improve the quality of public lives by building up better distribution and welfare infrastructure, and balanced development, not distribution, can lead to social integration, which can again create a new growth engine."Even though these can be never done easily, he said, it is possible for all the people to devote their energies, Lee said, adding, "Let's challenge for the creation of another myth."Lee's book "Mother,"one of the three published books, said he remembered his mother, who raised him on her own, after his father's death. Saying, "Poverty and my mother are my teachers in life,"Lee said his mother told him not to be ashamed of poverty, and work hard.
His book, titled "Lee Myung- bak's Unswerving Promises,"depicts his trips around the country and abroad as well as plans to build up Korea's next-generation growth engines, including the construction of a cross-country canal and an international scientific city. nw

Ex-Seoul Mayor Lee Myung-bak speaks during a ceremony marking the publication of two books authored by Lee, virtually announcing his bid for the upcoming presidential race.