Date
2013.05.20
Cheong Wa Dae named the diffusion of North Korean threats and a shift in the perception of conglomerates as economic achievements from Korean President Park Geun-hye’s visit to the United States.
Chief Secretary for Economy Cho Won-dong said the President’s visit to the United States has resulted in many diplomatic and economic accomplishments despite having originally been planned for international relations purposes.
He pointed to the significance of the commitment of seven U.S. companies to invest USD 380 million in Korea and to the reaffirmation of a USD 8 billion dollar investment by GM, emphasizing also how promising it is to see companies interested in investing in the Korean economy.
Cho added that GM, a world-class multinational enterprise, is in the same boat Korea is, being more concerned than are Korean companies about the low yen and having these concerns triumph worries about North Korea.
Speaking about positive responses from conglomerates, Cho said one of the President’s most effective measures for promoting investment was improving communication with corporations. She asked conglomerates to serve as big brothers for small- and medium-sized companies regarding investment and shared growth, and they agreed. Cho also said the atmosphere for investment is ripe and that the question is simply how much investment will be made.
Being able to respond to requests from Koreans overseas about opening doors to investment through policies was also an achievement. Reaching a consensus regarding the Creative Economy Council network through the Creative Economy Leaders’ Meeting was another.
Cho said momentum from the U.S. visit will be maintained in Korea.
President Park will hold a financial strategy meeting at Chung Wa Dae on 16th to discuss funding for election pledges and allocations.
It was reported that the meeting will be held on the 16th as planned. Resources to fulfill election promises will not be solely from restructuring public spending and many institutional mechanisms are required, Cho stated. Discussions will be on how to fund and how to restructure.
He added that everything will not be determined at the meeting, and discussions with President Park and other ministries will get underway for two weeks.
Source Text
Chief Secretary for Economy Cho Won-dong said the President’s visit to the United States has resulted in many diplomatic and economic accomplishments despite having originally been planned for international relations purposes.
He pointed to the significance of the commitment of seven U.S. companies to invest USD 380 million in Korea and to the reaffirmation of a USD 8 billion dollar investment by GM, emphasizing also how promising it is to see companies interested in investing in the Korean economy.
Cho added that GM, a world-class multinational enterprise, is in the same boat Korea is, being more concerned than are Korean companies about the low yen and having these concerns triumph worries about North Korea.
Speaking about positive responses from conglomerates, Cho said one of the President’s most effective measures for promoting investment was improving communication with corporations. She asked conglomerates to serve as big brothers for small- and medium-sized companies regarding investment and shared growth, and they agreed. Cho also said the atmosphere for investment is ripe and that the question is simply how much investment will be made.
Being able to respond to requests from Koreans overseas about opening doors to investment through policies was also an achievement. Reaching a consensus regarding the Creative Economy Council network through the Creative Economy Leaders’ Meeting was another.
Cho said momentum from the U.S. visit will be maintained in Korea.
President Park will hold a financial strategy meeting at Chung Wa Dae on 16th to discuss funding for election pledges and allocations.
It was reported that the meeting will be held on the 16th as planned. Resources to fulfill election promises will not be solely from restructuring public spending and many institutional mechanisms are required, Cho stated. Discussions will be on how to fund and how to restructure.
He added that everything will not be determined at the meeting, and discussions with President Park and other ministries will get underway for two weeks.
Source Text
Source: Newsis (May 13, 2013)
** This article was translated from the Korean.