President Kim Stresses Importance of Conventional Industries

President Kim Dae-jung said Wednesday, "Conventional industries, including textiles, shipbuilding and semiconductors, currently account for 84 percent of the nation's exports, information and communications, and manufacturing industries notwithstanding." He also stressed, "While information and venture industries are important, we also have to recognize the great value of existing industries."

President Kim made the statements at a trade and investment promotion meeting held at Chong Wa Dae (the Blue House) Wednesday. About 180 people, including government ministers and representatives of exporting companies attended the meeting, in which President Kim also emphasized that the manufacturing industry should attain a competitiveness befitting the information age.

At the meeting, Paul McGonagle, president of the American Chamber of Commerce (AMCHAM), and other representatives of foreign firms investing in Korea pressed for confirmation of the government's position on recent concerns about national wealth leaving the country through sales of conglomerates to foreigners at cheap prices. In reply, President Kim reassured them that "there would be no propaganda to make an issue out of matters that affect national prosperity by distorting facts."

President Kim said Korea's trade deficit from 1990-1997 amounted to $66.5 billion, but its trade balance had recorded a surplus of $62.9 billion during the subsequent two years. He also said the aggregate amount of foreign investments during the period of 36 years since 1962 reached a mere $24.6 billion, but had amounted to $24.4 billion in the last two years alone. "As such, foreign investments made the greatest contribution to helping Korea recover from its financial crisis," President Kim said.

by Kim Jin-kook