Following safety manual most crucial

The Korea Times

The Korea Times

National

Fri, December 8, 2023 | 15:02

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Following safety manual most crucial

Posted : 2014-05-15 19:49

Updated : 2014-05-15 20:03

Jun Kwang-woo, former chairman of the Financial
Services Commission

By Kwon Ji-youn

A former chief of Korea's financial regulatory body called on authorities to focus on the effective implementation of existing safety rules rather than creating new regulations in the wake of the ferry Sewol disaster.

"It's not the fact that we don't have a safety manual which is the problem, because we do," Jun Kwang-woo, a distinguished professor at Yonsei University's Graduate School of Economics, said in a recent interview with The Korea Times.

He served as chairman of the Financial Services Commission between 2008 and 2009. He was also chairman and CEO of the National Pension Service from 2009 to 2013.

"We have to pay more attention to the disciplined and effective implementation of safety rules and assess the situation in an appropriate manner, rather than jumping into reregulating or strengthening regulatory standards," he said.

Jun extended his heartfelt condolences to the families of the victims of the ferry accident. The number of casualties now exceeds 300. The Sewol sank off Jindo Island, South Jeolla Province, April 16. The nation is still in shock and grief over its worst maritime disaster in two decades.

"It may be necessary to establish an agency or a committee devoted solely to disaster prevention, but it's more crucial for existing entities to work together in such emergencies," he said.

"We have to maintain a good balance in our thinking and future policy direction, and fight the temptation to strengthen regulations in the wake of such disasters," Jun said.

Jun expressed hope that Korea will overcome the ferry catastrophe successfully just as it showed "enormous" resilience during past disasters, including the 1997 Asian financial turbulence and the 2008 global financial crisis.

He said other countries, especially developing countries, can learn from Korea's experience in overcoming such crises as well as making an economic success story.

Korea-Vietnam partnership

Jun visited Vietnam late last month as chairman of the Program Management Committee for Development Experience Partnership (DEEP) to carry out a government-sponsored joint research project, titled "Vision for Vietnam." The committee is working to share Korea's development experience and know-how with the Southeast Asian nation.

Korea is one of the major countries which provide Official Development Assistance (ODA) to Vietnam. The two countries have maintained a friendly and cooperative relationship since the re-establishment of their diplomatic ties in 1992. They have upgraded their ties to a strategic partnership.

"Vietnam has asked for policy consultation, and hopes to learn from Korea's experience in achieving rapid economic development and overcoming the financial crises," Jun said. "Vietnam is still a communist state, but it hopes to make a successful transition into a market economy."

Vietnam and Korea have decided to work together on the "Vision for Vietnam" project, through which ministerial level officials from both countries will work together to support Vietnam's institutional development.

Jun said the Development Experience Exchange Partnership program, initiated by the Ministry of Foreign Affairs, is different from other government-sponsored projects to support institutional development in developing countries because DEEP will not be a one-time, one-sided effort.

"It's not about throwing them ideas and waiting for them to implement them. It's about making sure policy-oriented implementation actually takes place," he added.

The two countries have produced successful results from joint research on rural development. Next year, they will focus on human resource development to develop a skilled workforce.

He believes that Vietnam's successful transition to a market economy will send a strong message to North Korea as well.

"Our relationship with Vietnam is especially important," he said. "The average age of Vietnam's population is 27, while ours is 40. We can create a synergetic effect with their workforce at low costs. And Vietnam has kept a close relationship with North Korea which may help North and South Korea mend their ties."