Europe Investment Talks Yield $14.1 Billion

President Kim Dae-Jung had a summit meeting on March 9 with Germany Prime Minister Schroeder in which they exchanged opinions on North Korean issues. They came to an agreement that the engagement policy ("Sunshine Policy") is the only way to solve Korean peninsula problems and decided on March 10 to cooperate with each other in order to realize the objectives outlined in Kim's 'Berlin Declaration'.
President Kim has now been in Europe for 10 days and will return to Seoul on March 11.
President Kim's three-nation European tour has attracted foreign investments of $1 billion from Italy, $10.8 billion from France and $2.4 billion from Germany. Investment in infrastructure such as railways, roads, and harbors marked the most at $7.5 billion and electronical facilities and small and micro business followed at $5 billion and $1 billion respectively.
Minister of Commerce,Industry and Energy, Kim Young-ho, made a contract in ministerial talks with Germany on cooperation in small and micro business, an investment guarantee agreement and a double tax avoidance agreement, and also reached a deal on the joint development of intellectual micro systems.
As a result, Korea's small and micro private enterpreneurs will be provided with advanced technology from EU nations. In addition, a 'Global Venture Investment Center' will be established which will lead to exchanges of employees and skills between two nations. Furthermore, a cyber venture college will be set up, with the participation of 19 colleges from 12 nations, aiming to produce industry experts.

by Kim Jin-kook