South Korea
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Gateway to Northeast Asia
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| South Korea is strengthening its role as northeastern Asia’s economic hub. The country’s GDP rose by over 6% in 2002 as domestic demand maintained its steady growth trend, while export growth accelerated as well. Having been upgraded to “A” ratings by Standard and Poor’s, Moody’s and Fitch, South Korea is set to attract even more foreign investment. |
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Roh Moo-Hyun
President
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Lee Myung Bak
Mayor of Seoul
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Thomas Hubbard
US Ambassador
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The country is led by President Roh Moo-Hyun, elected in 2002 in the country’s first election based on a national primary system. He enjoys strong support from the Korean people and has consistently called for the increased internationalism of the Korean economy. US Ambassador Thomas C. Hubbard, with extensive experience in Asia, encourages closer links between South Korea and the US.
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Seoul is the country’s thriving business hub. As Lee Myung Bak, Mayor of Seoul and former CEO of Hyundai, points out, “Having been the driving force behind South Korea’s rapid economic development for years, Seoul is an international capital like New York and London.” He adds that he is establishing strong environmental-protection measures to fight pollution, promoting the beautification of the city and a dynamic cultural life, and developing new programs to support disadvantaged citizens.
South Korea’s liberalization of key sectors is continuing, and the government has developed a number of measures to attract additional foreign investment, including liberalizing the foreign-exchange regime. As Mayor Lee points out, “We recognize foreign investors as crucial partners who contribute to Korea’s long-term growth potential, and we are making efforts to create a more favorable investment environment. Since the financial crisis, the number of economic regulations has been reduced by more than half, and tax breaks for foreign investors have been increased.” He adds that there is no discrimination against foreign investors wishing to acquire privatized enterprises.
The mayor explains that South Korea is also seeking to improve living and working conditions for foreigners. He says, “We are easing the requirement on establishing foreign schools and hospitals, and broadening foreign broadcast services. In particular, we will designate Special Economic Zones where foreign firms can enjoy the most favorable business environment.”
Addressing potential US investors, Mayor Lee concludes, “I strongly believe that my 30 years of experience in the business field and Americans’ willingness to change will lead to a new Seoul, a city that can compete with other advanced international cities like New York, Paris, Tokyo, and Shanghai. That is a mission for Seoul’s ten million citizens.” |
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