Following Plans are Needed in the 'Sales Diplomacy'It was announced that the result of President Kim Dae-jung's visit to four European nations was to draw a total of over $14.1 billion in investment. This is an amazing result, considering that the aggregate sum of foreign investment was calculated to be $14.5 billion last year.
Despite this announcement, the actual investment after such meeting is often much lower.
The meeting's results are incredible because contracts for a large portion of the promised money will be made this year and should total $100 million out of the $14.5 billion.
Also, the attraction of European investment is very meaningful because it means that Korea's economic performance is recognized externally.
Moreover, while President Kim was attracting foreign capital, he once again promised that he will make Korea into one of the best countries for business and investment.
The realization of his promise will depend on the transparency and trust of in the various institutions of Korea.
Given the fact that businesses have been led by governmental policies, there is great concern over how Kim will keep his promise without discriminating against domestic firms.
Some projects are only in the earliest stages, such as 'The Milan Project' , and the 'Eurasian Superspeed Information and Communication Network project.'
Therefore, preparation should be made quickly in order to allow substantial discussions at the Asia-Europe Meeting in December 2000 in Seoul.
To prevent the outcome of this meeting from becoming ineffective, the government should create a project team to manage the agreed upon investments.