Calling on Businesses to Invest

Pres. Lee M.B. urges businesses and individuals to join forces with the government to lead the economy out of the woods

The Korea Chamber of Commerce and Industry (KCCI) held its New Year’s gathering for its members and invited guests led by President Lee Myung-bak, National Assembly Speaker Kim Hyung-o, Chairman Chung Mong-joon of the ruling Grand National Party and the heads of five business associations and conglomerates including Hyundai Chairman Chung Mong-koo, totaling 1,200 at the Grand Ballroom of COEX in southern Seoul.
President Lee, in his speech at the gathering, said he appreciated the efforts of everyone present at the meeting to overcome the economic difficulties from the world economic recession. He predicted that the domestic economy will advance 5 percent in 2010. However, he said, businesses should make investments to expand the economy and create jobs this year and this is the right time to invest based on his experience. Last year, the government tried to revive the economy through expanded budget expenditure, adding that the government has its limits in what it can do to lead the economic recovery, meaning that everyone in the private sector including businesses should chip in to spark an economic resurgence. He said the government will keep its economic policy frames as they have been until the economic recovery is certain, not relaxing before the people feel warm and revitalized.











The Chief Executive said the creation of jobs is the priority of the government contingency measures to perk up the economy as it was last year. He said he will attend the meeting of the National Employment Strategy Committee to reinforce the government effort to create jobs. Ultimately, businesses should create jobs and the role of the government is to create an environment conducive to investment. It is time to change management-labor relations in line with the amended labor law.
The president recalled that luck played a big hand in clinching the nuclear reactor deal with the United Arab Emirates last year-end and he hoped that the same luck would continue to stay with Korea’s national projects as this is a huge year for the country.
Last year, Korea strengthened its ties with countries in Asia, of which Japan and China have also been making advances this year. The government intends to expand its relationships with African countries, he said, adding that Korean firms would take advantage of international events both big and small that are to take place in the country, such as the G-20 Summit, to expand their overseas operations.
National Assembly Speaker Kim said the legislative branch also should do something this year to show it is different, as there is no ruling party and opposition division in making efforts to help the economic resurgence, although the two sides often engaged in squabbles on the floor. He said the parliament will do its best to use political power to cooperate with each other so that it will be an institution that the people will not worry about. The speaker said he heard that people change the TV channel so they do not have to look at parliamentary scenes, but he said people would give words of encouragement to legislators who did good job so that they will work harder.
KCCI Chairman Sohn, the host of the annual KCCI event, said in his speech that businesses should find new growth engines and continue to run them with business initiatives and reform spirits. The political sector should help the business community to do its best to lead the economic growth.
On hand at the new year’s event included from the government side Minister Yoon Joong-hyun of the Ministry of Strategy and Finance and Minister Choi Kyung-hwan of the Ministry of Knowledge Economy, and heads of business associations including KCCI Chairman Sohn Kyung-sik, Chairman S.R. Cho of the Federation of Korean Industries and Chairman SaKong Il of the Korea International Trade Association. Business leaders on hand included Vice Chairman Lee Yoon-woo of Samsung Electronics, Chairman Chey Tae-won of SK Group, Chairman Park Yong-hyun of Doosan Group, Chairman Cho Yang-ho of Hanjin Group, Chairman Hur Dong-soo of GS-Caltex Oil and Chairman Kang Duk-soo of STX Group, among others. nw

Participants of a New Year’s event organized by the KCCI toast each other with wishes for a happy New Year.