President Kim Emphasizes Thorough Chaebol Reform

President Kim Dae-jung emphasized in his congratulatory address on Liberation Day, August 15, that chaebol reform will be an economic policy of the first priority for the government.
The business world looked on tensely as President Kim said, 'The market no longer flourishes with the chaebol system, and we must encourage an enviroment of competitive individualized corporations.'
However, the business sector pointed out the lack of a government policy to strengthen the competitiveness of individual corporations.
A source in the Federation of Korean Industries said, 'We cannot ignore the contribution of chaebols to the development of the Korean economy. An alternative policy which includes a constructive way of replacing the role of chaebols should be suggested.'
An executive within the top five chaebols said, 'According to President Kim's address, the chaebol reform is likely to proceed with much severity.'
But another source within a chaebol said, 'We've already begun to prepare for a new business environment which is composed of individual corporations' coalitions instead of chaebols.'
Kang Joo-an : jooan@joongang.co.kr