By Jane Han
Staff Reporter
It's not only the Korean citizens eagerly awaiting President-elect Lee Myung-bak ― the ``bulldozer'' known to turn the impossible into possible ― to restore the country's economic glory.
Foreign businesses here that may have been silently rooting for the former Hyundai CEO for his investment-friendly campaign pledges have been quick to welcome his landslide victory Wednesday, many calling attention to their own agendas.
The lingering beef issue stalling the ratification of the South Korea-U.S. free trade agreement (FTA) topped the order of business for the U.S. lobbying group, the American Chamber of Commerce in Korea (AMCHAM).
``Ratification of the KORUS free trade deal will signal a new dawn for Korea,'' said President & CEO of AMCHAM Tami Overby. ``Our efforts will focus on reiterating this message to the new government to ensure that the National Assembly and Congress recognizes the economic importance of ratifying the FTA without delay and Korea's full reopening of the beef market to U.S. beef.''
AMCHAM Chairman William Oberlin said Korea is at a critical point in terms of its standing in the international arena, but added Lee's diverse international and domestic experience keeps them optimistic about pushing U.S.-Korea economic relations up to the next level.
The business group, with over 1,100 member companies, underlined the successful negotiations of the KORUS FTA, modernization and Korea's likely entry into the U.S. Visa Waiver Program (VWP), Korea's win to host the 2012 World Expo and the successful meeting of North and South Korea as this year's highlights.
Like AMCHAM, a European business group also singled out the EU-Korea FTA as a key agenda item.
``As the representative voice of the EU business community, we hope that the new government will ensure the successful completion of the EU-Korea FTA,'' said Hans-Bernhard Merforth, acting president of the European Union Chamber of Commerce in Korea (EUCCK).
The bilateral negotiations, which began in May, recently completed its fifth round of talks without much progress.
The EU lobbying group, with more than 800 members, said it looks forward to a ``transparent, efficient and consistent'' administration that will entice foreign investors. It added that the new government will hopefully improve living conditions for the growing expatriate population and review steps to improving educational opportunities as well.
Many experts forecast that Lee, a strong advocate of FTAs, will sign off on existing, incomplete deals and go after many more.
And the beef issue dogging the KORUS deal is expected to find a fresh solution, as the former Seoul mayor said earlier this year, ``People are perhaps overly sensitive about bone-in beef, but they should also look at the flipside of being able to enjoy cheaper meat, too.''
He added that the stereotypical mindset that ``FTAs will kill farmers'' should be dismissed.
Just one day after the election, the conservative winner renewed his promise to boost business sentiment for foreign investors through deregulation.