Business Leaders Busy Studying N. Korea
By Jane Han
Staff Reporter
Local business leaders are said to have been busy hitting the books recently, as they cram in their Pyongyang studies just days before accompanying President Roh Moo-hyun to North Korea for the second inter-Korean summit that starts tomorrow.
With economic cooperation being on top of the agenda, a special entourage of 18 business and financial leaders _ including Hyundai Kia Automotive Group Chairman Chung Mong-koo, LG Group Chairman Koo Bon-moo, Samsung Electronics Vice Chairman Yun Jong-yong and POSCO Chairman Lee Ku-taek _ have been selected to attend the three-day summit.
And to prep up for the trip going North, these corporate executives are making sure that they're on top of their basic understanding of North Korea.
While there are the book worm-types like Chairman Koo and SK Chairman Chey Tae-won, who collected updates and read through reports of North's economy and on Gaeseong's investment circumstances, there are also those like Chairman Chung who took a more hands on approach.
Company officials said the Hyundai chief made a visit to the Ministry of Unification two weeks ago and got a special ``visiting Pyongyang'' lesson from Minister Lee Jae-joung.
He has also been getting detailed briefings from his staff regarding the current inter-Korean economic cooperation situation to prepare for issues that may rise at the upcoming talks.
``I'm grateful to be given the privilege of attending the historic high level talks,'' Chung said, as he shared his hopes that the summit will push forth peace and economic benefit to both sides.
And while returning entourage member Chairman Koo said, ``Following the first summit in 2000, I'm again looking forward to scouting North's various regions to seek cooperation,'' first time visitor Chey showed higher expectations of the trip, saying ``I feel the responsibility to reach good business and peacemaking results from the talks.''
The participating leaders of top firms are known to be looking for mid- to long-term economic cooperation plans rather than sketching out details through the summit.
POSCO's Lee referred to the conference as an opportunity for the steel maker to evaluate the circumstances for teaming in the steel sector.
Although Seoul's corporate chiefs aren't looking for specifics, because business leaders from both sides are set to meet face to face, industry insiders say it is hard to predict the unexpected talks that may spur.
And they are expecting that the North may request for three main solutions _ expanding roadway, establishing infrastructure for communication and distribution, and building social overhead capital (SOC) _ from the South to bridge the economic gap between the two Koreas.