Steel Mogul Blasts 2 Previous Gov’ts over Economy

The founder of the nation’s leading steelmaker Tuesday blamed the two previous administrations for putting the Korean economy in a crisis through neglect and mismanagement.

Park Tae-joon, founder and honorary chairman of POSCO, criticized the Kim Dae-jung and Roh Moo-hyun governments at a news conference after his company’s 40th anniversary celebration at its Pohang headquarters.

He said business was reluctant to invest under the past two liberal governments because of their emphasis on distribution over growth. “Because of this approach, the two governments failed to maintain national competitiveness,” Park said.

Park said the new administration is well aware of this and striving to revive the ailing economy. “I believe the incumbent administration, which strives to bring the economy back to the growth path, is pursuing absolutely correct policies,” he said.

“The Korean economy must grow. Once strong growth is achieved, distribution will follow naturally. The most important task now is convincing the people to invest again.”

His comments are similar to those he made in an exclusive interview with the Dong-A Ilbo in Dec. 2006. “The people have never been as aimless and discouraged as today,” he said then. “It is deplorable that the Korean economy is losing its vitality. I cannot sleep when I think about the country’s troubled economy.”

During his visit to the newly renovated POSCO History Hall, Park reminisced about the past, saying, “When everyone was opposed to it, only President Park Chung-hee and I attempted to make this steel mill. The construction of this steel company and industrialization would not have been possible without President Park’s strong determination.”

jinhup@donga.com