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Politics List
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Inchon City To Develop Inter-Korean Trade Center
Inchon City plans to create a forward base to promote trade and to provide an area for reunions of separated families. Inchon city plans to name the center ＂Peace Island＂ and will build the center on Kyodong Island in Kanghwa County. On June 16 the city of Inchon disclosed that it had plans to secure a 165,000-330,000 square-meter lot upon which to build a facility to support reunions of separated families. Additionally, the city of Inchon wi…
June 18,2000
Leaders of Two Koreas Likely to Have Reached Secret Agreements
＂We have come to an understanding about several agreeable issues.＂ President Kim Dae-jung＇s statement upon returning to Seoul on June 15. ＂There are things that I can tell and things that I cannot reveal.＂ North Korea＇s National Defense Commission Chairman Kim Jong-il during the farewell luncheon on June 15. The leaders of the two Koreas have thus hinted that they have held in-depth dialogue behind closed doors. A government official anal…
June 16,2000
Behind the Scenes of NK's Huge Welcome Party
What surprised South Koreans most as they watched the historic meeting of the two leaders of the Korean peninsula, was the throng of 600,000 people lining the entire route from Sunan airport to the Baekhwawon State Guest House ardently cheering the delegation from South Korea. The North's head-of-state, Kim Jong-il, stated, ＂I informed the people of Pyongyang June 11 of the route that President Kim Dae-jung's motorcade would travel.＂ This in…
June 15,2000
Summit Improves Korea＇s Economic Outlook
As a result of inter-Korean summit talks, the spread on Korea＇s currency stabilization bonds plummeted yesterday in international financial markets. According to the Bank of Korea on June 13, the day of the Korean summit, the spread on 10-year bonds fell to 2.12 percent from the 2.26 percent rate from the previous day, more than a 0.1 percent drop in a single day. By contrast, the spread on the same bonds rose to 2.60 percent on May 29, w…
June 14,2000
Gov't Willing to Finance Inter-Korean Economic Cooperation
The government has expressed willingness to appropriate a bigger budget for inter-Korean economic cooperation. The North-South Economic Cooperation Fund in particular is likely to benefit with an increase of 500 billion won ($450 million) - if the proposal from the Ministry of Unification is accepted. The Ministry of Planning and Budget (MPB) disclosed on June 13 that if visible results are seen after the inter-Korea summit meeting, it plans …
June 13,2000
Government Hikes Deposit Insurance Premiums
The Korea Deposit Insurance Corporation will double deposit insurance premiums collected from financial institutions, in return for substitute payment for deposits, across the board beginning in July. As a result, financial institutions' deposit insurance premiums will soar to almost 1 trillion won ($900 million) annually. It is likely that banks will transfer the burden to their customers either by raising interest rates for loans or by cutt…
June 12,2000
Kremlin Announces Putin＇s Planned Visit to North Korea
On June 9, Kremlin officials announced that Russian President Vladimir Putin would soon visit Pyongyang to have talks with General Secretary Kim Jong-il of North Korea. The Kremlin reported the news through ITAR-TASS, saying that National Defense Commission Chairman Kim Jong-il officially invited President Putin and that he would be the first Russian leader to visit North Korea. No Soviet heads of state have ever visited North Korea. Russ…
June 09,2000
MIC Unveils IMT-2000 Policy Draft
It is expected that three operators will be chosen for IMT-2000, the next-generation mobile telecommunications service to be launched in 2002. It is likely that the operators will be selected based on the quality of their business plans. It has been concluded that the proposed system of 'frequency auction,' which has been the subject of controversy, would be difficult to introduce because it would take at least six months to revise the relevant l…
June 08,2000
Government Price Control Policy Problematic, Says BOK
A recent report by the Bank of Korea (BOK) is critical of the government's policy to artificially control consumer prices. The BOK report emphasizes the need for a microeconomic method to allow the market to control prices while regulating the level of currency circulation, rather than the administration's policy of supressing public service and utility charges, as well as other prices. The BOK insists that the government should relax or disc…
June 07,2000
President Kim Vows To be Attentive to Economy
On June 6, in his Memorial Day speech, President Kim Dae-jung said, ＂I will be in the forefront to personally take care of the economy.＂ A Chong Wa Dae official relayed that the president added this sentence to the draft penned by his staff. This indicates that he strongly believes in what he said. President Kim has begun to pay closer attention to the economy since Prime Minister Park Tae-joon resigned on May 12. He often summoned economic m…
June 06,2000
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