Finance Minister Lee Calls for More Japanese Cos. Investment

KOREA TIMES 2000/03/24

By Oh Young-jin

Staff Reporter

Finance-Economy Minister Lee Hun-jai yesterday called for Japanese companies to invest more in Korea.

In a meeting with Japanese reporters, Minister Lee said that he wanted to see more investments from Japan, noting that the United States and European nations are actively seeking chances for and making investments in Korea, while Japan's direct investments are less than active, a ministry spokesman said.

Lee's invitation of Japanese corporate investments comes amid a spreading negative sentiment against foreign investments.

Yesterday's meeting followed meetings with western reporters and a group of U.S. and European businessmen on Wednesday in an apparent effort to reassure foreign investors that Korea would not go back on its words to welcome foreign investors.

In the middle of heated campaigning, allegations that the incumbent government let foreigners spirit national wealth out of the country, excessively pursuing efforts to induce foreign investments have surfaced.

Turning to the national economy, Lee ensured the Japanese reporters that the long-term interest rates will be lowered.

As for this year's economic outlook, the minister predicted no ``big problems,'' although in the first half, the economy is expanding faster than forecasted.

``There have been no major strife in workplaces, although it is said that the workers are seeking better salary (a wish that has been suppressed during the initial stage of economic crisis)'' he said.

Meanwhile, the Japanese reporters responded that there should be more success stories involving Japanese investors in Korea draw in more Japanese investments.

When the minister asked for their opinions on the recent allegations that foreign investment is depleting the country's wealth, they said the important issue is where investments are made, not whose investment it is, adding that Japanese public, except for the older generation welcomed French carmaker Renault's takeover of Japan's Nissan Co.

They also said they cannot make any comments on the issue of national debts since Japan's national debt level is significantly higher than Korea's.

oh@koreatimes.co.kr