President Kim Wants APEC to Invite North Korea to Their Club

While addressing the delegates of the Asia-Pacific Economic Co-operation or APEC, President Kim Dae-jung fowarded his hope that APEC members would go through with his idea to invite North Korea to participate as a guest and future possibility as an official member.

The Seoul Forum, this year's site for the convening of APEC, starts March 31 and runs until April 1. The series of conferences and meetings kicked off at the Hilton Hotel in downtown Seoul with prominent political, economic and academic figures representing APEC's 21 nations in attendance. President Kim also said that it was high-time for APEC and Korean corporations to "foray" into North Korea individually or in alliance.

Kim also added that he wished for APEC and North Korea to setup some form of official channel of communication. This would allow "North Korea to receive aid from international organizations such as the International Bank of Reconstruction and Development(IBRD), the World Bank, the International Monetary Fund(IMF), and the Asian Development Bank(ADB). If North Korea were to ask for APEC assistance, member nations could take necessary steps and help bring North Korea out of its shell."

Kim's speech entitled "APEC:Harmony & Prosperity" proposed several ideas on the regions finances. The President proposed a 'hedge fund' monitoring system designed to regulate short-term investment of international financial organizations and offer foreign monetary reserve models to foretell economical crisis before they happen.

Another proposal of the President was for a non-economic "social safety net" system, a public and private sector effort assisting quickly with unexpected crisis and their social repurcussions in the Asia-Pacific region.

Kim's will present these ideas at the next APEC summit scheduled to take place in Novemeber on the island of Brunei, detailing the discussions and recommendations of the Seoul Forum.

by Kim Chin-kuk