Korea has also been pursuing relentlessly reform measures to establish a transparent and fair market. Phrases like government-controlled economy, government-controlled financing, or collusion between the government and business are all things of the past. A market under the initiative of the private sector and with merit-based competitions is on its way. The system and practice in each sector of economy is being adapted to global standards, and social culture is changing rapidly to accommodate more rational thinking.
We are also making best efforts to reduce regulations and to improve the living environment for foreign residents. As many as 16,000 foreign businesses are already operating in Korea and 263 of them are the Fortune 500 companies. With an objective to establish Korea as the most business-friendly nation in Asia, we project to increase FDIs to account for 14 per cent of the nation’s GDP by the year 2012.
Through such efforts, Korea will proceed to become an advanced economy in name and substance as well as a hub of logistics, finance and R&D in Northeast Asia.
This is the right time to invest in Korea. If you invest at early signs of potentials, your yields will be that much GREater. I want you to succeed without fail and firmly believe that you will succeed if you choose Korea.
Distinguished participants,
Korea’s support for the multilateral trading system is firm. Korean economic growth has been made possible on the basis of free trade. We will continue to aim at realizing an advanced nation of international trade through proactive market opening.
Currently, we are negotiating for free trade aGREements with approximately twenty major trading partners and will continue to concentrate efforts on concluding them. We will also contribute positively to the successful settlement of the WTO DDA negotiations.
With regard to the North Korean nuclear issue, some difficulties may lie ahead but I believe that we will eventually arrive at desirable outcomes. To ascertain such results without fail, the Korean Government will continue to cooperate closely with the countries involved.
Distinguished CEOs and ladies and gentlemen from home and abroad,
Liberalization and globalization are an irreversible tide of the times. With the advancement of globalization, however, an adverse effect of socio-economic disparities is also on the rise. In many economies including Korea, disparities between industries and businesses lead to disparities in employment and income and to disparities in education and investments in human resources, further widening the gap between different income groups.
Such socio-economic disparities are likely not only to hinder social integration but also to discourage consumption, thus causing a contraction of the market and investments eventually. When the legacies of poverty produce an increasing number of people without hope, it alone can constitute a threat to peace. It is time for us to search for ways we all can share the fruit of development stemming from globalization.
During this APEC Economic Leaders’ Meeting, I would like to put forth this issue in search of collective wisdom of the member economies. In this regard, the role of those of you present here is also important. Reduced socio-economic disparities as well as sustainable development will be made possible when government policy initiatives are combined with a spirit of coexistence and mutual help shared by the business leaders.
Distinguished participants,
We already have a general direction where we should go from here in the years to come. That is the future of shared prosperity through open door policies and cooperation.
What we need now is the will to act on that vision and translate it into reality. Let us look farther and join our forces together for GREater benefits. Let us march forward together, hand in hand, for a bright future for the Asia-Pacific community.
This City of Busan is a hub port of Northeast Asia linking Asia and the Pacific. This is an ideal place where you can nurture exchanges and friendship. I hope you will have a pleasant and productive time during your stay despite busy schedule.
Thank you.
