President Advocates 'Economic Reform with Principles'

"The government should maintain a firm stance in pursuing reform in the economic sector," President Kim Dae-jung said in a cabinet meeting on May 2. "One thing the government should bear in mind in bringing about restructuring is that it must adhere to its principles."

The president also commented on the disputes over investment trust firms: "The measures taken by the government should be carefully devised in order to achieve the stabilization of stock prices."

"Wage increases can be agreed only through dialogue between employees and employers. However, the five-day working week is a matter to be discussed in a tripartite committee, composed of worker representatives, employers, and government," the president said in response to inquiries raised by the labor circle recently.

After the meeting, the president met Lee Yong-geun, chairman of the Financial Supervisory Committee, to learn about the current crisis concerning Hyundai Investment Trust. Lee Ki-ho, senior presidential secretary for economic affairs commented on the matter, saying that "Hyundai should look for ways to rescue itself. I hope the company finds solutions in the two day time period."

by Kim Jin-kook