KOREAN GOVT TO STRENGTHEN COOPERATIVE TIES WITH LOCAL BUSINESSES.

SEOUL, March 3 Asia Pulse - The government is planning to host a reception for major economic umbrella organizations to strengthen the working relationship between policymakers and the business community, sources at the Ministry of Finance and Economy (MOFE) said today.

The sources said members of the Federation of Korean Industries (FKI), the Korea Chamber of Commerce and Industry, the Korea Employers Federation, the Korea Federation of Small and Medium Business and the Korea International Trade Association were on the list of those asked to attend the gathering.

"The point of the reception is to stress to business leaders that the new government will promote legitimate and transparent managerial practices," an MOFE official said, who did not give an exact date for the meeting. He added that ranking economic officials will outline plans to remove administrative red tape, including those related to use of land and environmental protection regimes criticized for curtailing business activities.

Deputy Prime Minister for Finance and Economy Kim Jin-pyo will be present to talk directly with corporate leaders.

The measures are designed to induce businesses to increase their investments and breathe new life into South Korea's economy, which is being affected by sluggish consumer spending and concerns of war between the United States and Iraq.

Besides those factors, some policymakers conceded that the ...