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CALL FOR SOUTH KOREANS TO REVIVE ENTREPRENEURIAL SPIRIT.
SEOUL, Nov. 3 Asia Pulse - Reviving the entrepreneurial spirit of South Korea's business community is key to overcoming the current global economic crisis, a senior government official said Monday.
Knowledge Economy Minister Lee Youn-ho told the first international conference aimed at breathing new life into entrepreneurship, that the present difficulties require aggressiveness, dynamism and a willingness to meet challenges.
"The ideal time to revive the entrepreneurial spirit is when people believe we are in a crisis situation," the senior policymaker said.
He added that companies should use the present situation to strengthen the competitiveness of their core business areas, to permit solid growth down the road when the global economy shakes off its woes.
Asia's fourth-largest economy and 11th-largest trading nation expects growth to fall off to mid 4 per cent levels this year from 5 per cent in 2007.
The remarks reflect Seoul's broad economic strategy of confronting difficulties triggered by the U.S. sub-prime mortgage debacle and the Lehman Brothers bankruptcy by getting businesses to make long-withheld investments.
The "pro-business" Lee Myung-bak administration pledged to correct market distortions that have hurt investment and moved to slash red tape and implement tax cuts.
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Source: HighBeam Research, CALL FOR SOUTH KOREANS TO REVIVE ENTREPRENEURIAL SPIRIT.