ID :
36528
Fri, 12/19/2008 - 17:36
Auther :
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http://m.oananews.org//node/36528
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Lee proposes removing bubbles from public, private sectors
By Yoo Cheong-mo
SEOUL, Dec. 19 (Yonhap) -- President Lee Myung-bak on Friday called for the elimination of bubbles across the public and private sectors in order for South Korea to tide over the ongoing financial crisis and drastically overhaul its inefficient economic structure.
During his visits to the port of Incheon, west of Seoul, and a nearby car plant
of GM Daewoo Auto and Technology, Lee said that the nation has to take the
economic crisis as an opportunity to reform its backward labor practices and
upgrade its overall corporate competitiveness.
"Bubbles should be removed from both private corporations and the state sector.
Only a country choosing to overhaul its economic structure would survive the
crisis," Lee said, indicating his intention to accelerate business restructuring.
"But the labor and management are unable to overcome the crisis through
conventional crisis-management methods. Unprecedented measures are needed to
fight the unprecedented crisis. Individual economic entities should be ready to
make sacrifices to some degree to survive," said the president.
Friday marked the first anniversary of Lee's presidential election victory, his
67th birthday and his 38th wedding anniversary. Port workers offered
congratulations for the anniversaries after sharing breakfast with the president.
"Economies across the world are now in dire conditions. Creation of new jobs is
important, but retaining the current jobs is also important. Economic times will
be very severe over the next one to two years. Let's share and endure the pain
together," said Lee.
During his meeting with GM workers, Lee expressed his intention to support the
struggling local automakers.
"General Motors of the U.S. is now too ill to be rescued through infusion of
taxpayer money. But the situation of GM Daewoo is different. It is one of the
world's best-performing GM car plants," said Lee.
"It's my second visit to GM Daewoo plant in a year. I'm convinced this GM plant
in Korea should be kept alive."
Amid a slowdown in domestic and overseas sales and rising inventories, GM Daewoo
has been enforcing a one-month suspension of operations at most its car plants
across the nation, starting early December.
ycm@yna.co.kr
(END)
SEOUL, Dec. 19 (Yonhap) -- President Lee Myung-bak on Friday called for the elimination of bubbles across the public and private sectors in order for South Korea to tide over the ongoing financial crisis and drastically overhaul its inefficient economic structure.
During his visits to the port of Incheon, west of Seoul, and a nearby car plant
of GM Daewoo Auto and Technology, Lee said that the nation has to take the
economic crisis as an opportunity to reform its backward labor practices and
upgrade its overall corporate competitiveness.
"Bubbles should be removed from both private corporations and the state sector.
Only a country choosing to overhaul its economic structure would survive the
crisis," Lee said, indicating his intention to accelerate business restructuring.
"But the labor and management are unable to overcome the crisis through
conventional crisis-management methods. Unprecedented measures are needed to
fight the unprecedented crisis. Individual economic entities should be ready to
make sacrifices to some degree to survive," said the president.
Friday marked the first anniversary of Lee's presidential election victory, his
67th birthday and his 38th wedding anniversary. Port workers offered
congratulations for the anniversaries after sharing breakfast with the president.
"Economies across the world are now in dire conditions. Creation of new jobs is
important, but retaining the current jobs is also important. Economic times will
be very severe over the next one to two years. Let's share and endure the pain
together," said Lee.
During his meeting with GM workers, Lee expressed his intention to support the
struggling local automakers.
"General Motors of the U.S. is now too ill to be rescued through infusion of
taxpayer money. But the situation of GM Daewoo is different. It is one of the
world's best-performing GM car plants," said Lee.
"It's my second visit to GM Daewoo plant in a year. I'm convinced this GM plant
in Korea should be kept alive."
Amid a slowdown in domestic and overseas sales and rising inventories, GM Daewoo
has been enforcing a one-month suspension of operations at most its car plants
across the nation, starting early December.
ycm@yna.co.kr
(END)
