Speech by President Lee Myung-bak of the Republic of Korea at Korea Investment Forum 2008
Mr. Jamie Dimon of JP Morgan Chase,
Distinguished guests,
Ladies and gentlemen,
I am most honored and privileged to speak before a group of exceptional businessmen.
The people of Korea elected me their 17th President last December. They gave me a noble mandate to make Korea a leading global player. Since then, I have set my mind on Big Apple as the destination of my first overseas visit obviously because it is the very heart of the world economy.
I have a humble origin, coming from a small fishing village called Pohang. Like my life that continuously transformed from a manual worker to a CEO, to a National Assembly member and the Mayor of Seoul, to the President, Pohang has underwent a series of revolutionary changes. In the once remote fishing village stands the POSCO, one of the largest steel makers in the world.
The transformation of my life and my hometown is part of the larger national transformation. During the early 1960's, Korea was one of the poorest countries in the world, with squid as one of the major export goods. Now, she is a member of the OECD, with per capita income exceeding 20,000 US dollars.
The rapid growth was possible because my people were hard-working and high-spirited. We knew how to work with the market to bring out the best of our capabilities.
In this collective work of economic growth, foreigners constituted an invaluable partner, providing us with capital, technology, and managerial know-how. Without our friends abroad, growth would not have been possible. On behalf of the Korean people, I thank you for your friendship and support.
Ladies and gentlemen,
I envision the construction of a Global Korea, with the “global standard” running through every corner of society to ensure a business-friendly environment. I will foster entrepreneurship, harness market forces for the betterment of the people's livelihood, and uphold the principles of democracy and market economy to set free individual creativity. All rules and regulations that do not conform to the global standards will be revised.
I have been a man of action throughout my life knowing that action speaks louder than words. I will take bold actions toward creating a business-friendly environment. The newly established National Competitiveness Council in the President's Office will work toward this goal.
Ladies and gentlemen,
As you know, I am Korea's first CEO-turned-President. The good half of my life was with a company which is now a global household name. During my 3 decades there, I experienced all of the corporate ranks in the private sector. It is a testament to my understanding of business activities and their importance.
Excessive regulations are always the biggest barrier to business activities of both foreign and domestic companies. Since I was also a foreign investor myself, I can relate to you in this regard.
This reality is urging me to put highest policy priority on regulatory reforms. I will establish a small but efficient government. Tax system will be revised and the rule of law will be complied. All this is for a business-friendly environment where investment is encouraged, jobs are created and entrepreneurship is promoted.
Some criticize me as too business-friendly. I disagree. I am prepared to be more business-friendly if it helps to revitalize our economy.
I know well that many foreign investors perceive labor relations as a big stumbling block to investing in Korea. However, the changes we seek are already taking place in labor relations. The Federation of Korean Trade Unions (FKTU) - Korea's largest labor union - has declared ‘no illegal dispute' and participation in the nationwide efforts in reviving the economy.
As I pledged, my government will also stabilize Korea's high labor costs and expensive real estate prices in order to induce foreign investment. We will provide plant sites at affordable prices for business companies.
Improved productivity will offset the negative effects of wage increase. We will strengthen our competitive edge by creating skilled workers through educational reform and training programs. We will also reduce corporate tax from the current rate of 25% to 20%.
Equally important is creating comfortable living conditions, particularly for foreigners. I know that quite a number of foreigners and their families have expressed difficulties about living in Korea. To alleviate this concern, I will ensure that first-rate educational facilities and hospitals are available, so that foreign investors and their families can live in greater comfort in Korea.
I am no stranger to improving the surroundings. As the mayor of Seoul, I restored "Cheongyecheon river" which had been covered over with concrete for 40 years and overhauled the public transportation grid. Now, as President, I will once again go to the basics and reform the educational and healthcare systems to make foreigners feel at home in Korea.
Ladies and gentlemen,
As part of the effort to create a business-friendly environment, Korea has been actively engaging in FTAs. Central to this is the ratification of the KORUS FTA by both Korea and the United States.
Then will follow the Korea-EU FTA this year, which will increase Korea's attractiveness as a site of investment by making it a gateway to East Asia.
Once we finalize our FTA talk with China and Japan, Korea will become the link to the four largest economic entities of the world. These initiatives will have the cumulative effect of transforming Korea into one of the most open business-friendly environments in the world.
As you know, Korea is home to many leading global companies in high-tech industries including automobiles, shipbuilding, semiconductors, display panels and IT. Investing in Korea means opportunities to establish global cooperative networks with these leading companies to make your businesses prosper. I am sure you do not want to miss this opportunity.
My administration will put priority on fostering the knowledge-based service industry, with a special focus on development of the financial services industry. To this end, we will pursue more financial deregulation on a broad scale and foster highly qualified, globally oriented financial professionals.
Ladies and gentlemen,
Korea was a great part of the development history in the 20th century. We now want to go beyond that toward becoming a leading global player. We are determined to step forward to move to the next level.
A good investor looks for the best CEO. I am the CEO of the Korea Inc. I truly hope you will take on board by investing in Korea. Your success is our success. Let Korea be your gateway to success in Asia. I would like to see the United States and Korea win success together as partners.
Please join me and my fellow Koreans in our stride toward a “Global Korea.”
Thank you very much.
Speech by
President Lee Myung-bak
of the Republic of Korea
at Korea Investment Forum 2008:
Global Korea: A Gateway to Asia
April 16, 2008
New York
웹사이트: http://www.president.go.kr
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