Lee: Market Will Prevail Under GNP

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Lee: Market Will Prevail Under GNP

In a meeting with the heads of five leading business associations, opposition leader Lee Hoi-chang said that his party will uphold market principles.

He said those principles are not being respected under the Kim Dae-jung administration.

"Our party has always adhered to the principle of a market economy, and will continue to do so," Mr. Lee said.

Mr. Lee, a strong candidate for the 2002 presidential election, stressed creating an environment where businesses can work actively, but added, "Companies must be held socially accountable and efforts to revive the economy should not widen the gap between rich and poor."

The five business leaders said that the economy is still in crisis, and they singled out labor issues as hampering efforts to revive it.

"The current situation harkens back to the time when we had to ask the International Monetary Fund for help," said Kim Kak-choong, the chairman of the Federation of Korean Industries. "Companies are tired of dealing with issues of labor and finance."

He added that if the Hyosung business group goes under - it is currently mired in a labor dispute - it will do serious damage to the already fragile economy.

The businessmen also decried the restrictions they said the government is continually placing on the nation's leading corporations.

"Placing limitations on the top 30 conglomerates is like slapping the top 30 students," said Kim Jae-chul, the chairman of the Korea International Trade Association.



by Lee Soo-ho

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