[EDITORIALS]End rigid control of businessSamsung Electronics said it will make additional investments of 25 trillion won ($24 billion) by 2010, creating 10,000 jobs. This is a long-awaited news for Korean economy, which has been severely suffering from declining investments and high unemployment. The Korean economy will fare better if more companies are able to make similar decisions.
In Korea, the semiconductor industry contributed enormously to the nation’s economy. Samsung Electronics has recorded 110 trillion in sales and 29 trillion won in profits over 30 years in the semiconductor business. The company ranked first in the world for its static RAM sales. It is also had the second highest ranking in overall semiconductor sales including non-memory products after Intel. The company allowed Korea to become the global leader in semiconductor business. The nation achieved $200 billion in exports because of the semiconductor industry.
The company’s outstanding performance is based on its leadership’s vision and concentration as well as strong determination. It was also possible because of all employees’ continuous passion. Amid the extremely rigid control over the companies and politicians’ check on them, the firm has achieved such a growth and made an enormous contribution to our county. If we do not have those companies producing semiconductors, passenger cars and steel, it is hard to imagine the current level of our economy.
The Korean economy is now standing at a crossroads. The future is extremely uncertain.
All companies are seriously thinking what they should do in the next decade or two. We need more companies like Samsung Electronics. We need to find more industries like the semiconductor business. Then, we will see more jobs and restore the vitality of the economy.
Such improvements are only possible when businessmen are able to use their creativity and entrepreneurial spirits freely.
The regulations restricting businessmen must be loosened. Companies should no longer feel anti-business sentiments; expansion of large business groups should not be restricted just because they are conglomerates. The future of our economy depends on investment and the vitality of our businesses along with the creativity of businessmen, not on politicians and the government. Let them work freely.