Strategy and Finance Minister Yoon Jeung-hyun speaks to American businesspeople about Korea’s readiness to accommodate foreign investment during a speech hosted by AMCHAM at the Ritz-Carlton Hotel, southern Seoul, Thursday. / Yonhap |
By Jane Han
Staff Reporter
A week after U.S.-based Cisco Systems promised a $2 billion investment in South Korea, Finance Minister Yoon Jeung-hyun met with American business executives Thursday to tell them the government will build more international schools and hospitals, and slash regulations to help make investing easier and more convenient.
``Seven additional international schools will be established by 2010 so that foreign investors will experience no trouble in having their children educated,'' said Yoon, who spoke fluent English to members of the American Chamber of Commerce in Korea (AMCHAM) during a luncheon in Seoul. However, he did not mention where these international schools will be opened.
He added that the government will also provide more easily accessible medical services to foreign residents and visitors.
``Our priority is to create ideal conditions so that foreign investors will find themselves at home here in Korea,'' said Yoon, stressing that Asia's fourth-largest economy is in need of creative ideas, suggestions and spending ``now more than ever'' from foreign investors.
Yoon's speech was part of a recent series of ministerial appearances at casual ``meet-the-investors'' events hosted by some of the biggest foreign business lobby groups here. Knowledge Economy Minister Lee Youn-ho met with European executives last week and Environment Minister Lee Maan-ee greeted the same audience the week before.
All of the speeches, followed by question-and-answer sessions, were centered on the one common topic of investment.
President Lee Myung-bak's top figures addressed questions and issues, and promised whatever support was needed. This investor relations campaign comes at a time when inbound direct investment posted its biggest drop in six years in the first quarter of the year.
Yoon admitted that both positive and negative factors were co-existing in the domestic economy, but played up recent positive developments such as the record current account surplus and successful sovereign bond sale.
``Korea successfully overcame a crisis 10 years ago, so I'd like to ask you to join hands in promoting economic cooperation between Korea and the U.S.,'' said the finance minister, who urged support to speedily ratify a bilateral free trade agreement in Washington.
Fending off concerns over labor issues, he emphasized that the country's labor-management relations today are ``different from what they used to be.''
``In the process of navigating the current economy, focus has been shifted from power fights to dialogue,'' said Yoon, who praised more than 1,500 local firms for participating in the government-backed ``job sharing'' scheme.
jhan@koreatimes.co.kr
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[단독] 르노삼성, 본사 모델로 한국 공략
