Foreign Voices Getting LouderForeign business voices are getting louder these days in the domestic market, and even more important, people in the right places are listening.
Since the International Monetary Fund(IMF) bailout in November 1997, many foreign business groups and even more capital surged into Korea. With an increased financial presence comes more clout, and they are making their presence known all the way up to policymakers.
At times, they publicly criticize the Korean government's policies through lectures and seminars, and their formidable power has spread in influential business circles.
A source from the government asserted, 'We have had to make ends meet since the IMF system was introduced into our economy, for we have to induce as much foreign capital as possible. As a result we have to listen to them.'
International businessmen residing in Korea are now candidly expressing their opinions and organizations like the American Chamber of Commerce and the Seoul Japan Club have the ear of President Kim Dae Jung at Chong Wa Dae(Blue House).
The Federation of Korean Industries(FKI)is also preparing to participate with foreign business consultants beginning this year which promises to have an even greater impact on Korea.
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