President-Elect Seeks Foreign Investment for Growth
By Kim Yon-se
Staff Reporter
President-elect Lee Myung-bak called for foreign investors to be cheerleaders in making South Korea one of the world's seven biggest economies within 10 years.
When Korea sees its goal of $40,000 in per capita gross domestic product (GDP) by researching high-tech growth engines and shares responsibilities as a global citizen, the country will be qualified as an advanced nation, Lee said in a meeting with foreign businessmen at the Shilla Hotel in Seoul, Tuesday.
Commenting on competitiveness and growth potential Korea has, he said the country could double its per capita income over the next 10 years.
``For the goal, we need your help _ not only your capital and technology, but also your friendly advice and intellectual input into the reform process I am about to launch,'' he said.
He said, ``Without capital, technology and the passion of foreign investors, Korea would not have become what it is today,'' adding that Korea was one of the poorest countries in the early 1960s and now is an OECD member with a per capita GDP of approximately $20,000.
``No doubt, this rapid progress was the result of the hard work of the Korean people, but it was also a result of contributions made by foreign business people like you,'' he said.
The next President promised vast deregulation for foreign companies. `` I am well aware that while working in Korea, many of you have experienced a great deal of frustration over many man-made obstacles and barriers.''
He said he will launch task forces to look into the hurdles and come up with a reform agenda with specific strategies.
Lee and the participants cited the lack of predictability of economic policies _ with policymakers saying one thing and working-level bureaucrats carrying out another _ could be the main factor for such frustration.
They discussed ways to improve the current situation in which Korea imposes relatively high corporate income tax rates, compared to Hong Kong and Singapore, and the lack of clarity in the interpretation of tax laws.
The meeting was organized by the Seoul Japan Club; the European Chamber of Commerce; and the American Chamber of Commerce, in the form of a New Year reception.