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(From The Korea Herald)
Following are excerpts from Deputy Prime Minister and Minister of Finance and Economy Kim Jin-pyo's luncheon address at the Pacific Basin Economic Council's general meeting. - Ed.
Korea's economic policy It is truly an honor to have this opportunity to present the new Korean administration's economic policy agenda to political and business leaders of the Asia-Pacific region.
From its very inception, the Council has played a key role in promoting economic cooperation among and between companies in the Asia-Pacific region. An old Korean expression says, "Neighbors are true cousins." Those of you here today attest to the kernel of truth contained in this proverb, given the immense contribution you are making to further regional cooperation. I will explain the basic directions of Korean economic policy as I would to my closest neighbors.
Six months have passed since the "Participatory Government" led by President Roh Moo-hyun took off.
The core of the new administration's economic policy is to achieve sustainable economic growth with a more balanced distribution, and thus, to expand our longer-term growth potential.
Economic conditions were not exactly favorable when the new administration took office earlier this year. In particular, the U.S.- Iraq war, SARS, and SK Global accounting scandal had adversely affected the economy. Confronted with these conditions, the task we have uppermost in our mind is revitalizing investment. Promoting investment is crucial in the short term so far as creating jobs and spurring a recovery is concerned. It is also of the utmost importance …