Gov¡¯t, FKI to form body to boost industrial competitiveness

The government and the industrial community have agreed to form a joint committee aimed at strengthening the competitiveness of the nation`s economy and industry. The accord was reached today at a working luncheon attended by Kim Kak-Choong, chairman of the Federation of Korean Industries(FKI), as well as other members of the FKI Council of Chairman and Deputy Chairmen, advisors and Finance-Economy Minister Jin Nyum.

The proposed committee will work with the government to analyze trends in the real economy and devise measures to boost the general competitiveness of the national economy, Jin said.

The minister went on to appeal to business circles to complete the ongoing adjustment of business structure or "big deal" and corporate restructuring by the end of next February. A committee comprised of financial leaders in the private sector also existed in 1993 when the late Chey Jong-Hyon was heading the organization of big businesses. It has virtually ceased to function since the financial crisis of 1997, and the industrial community has been calling for the initiation of a similar but expanded joint committee including government representatives. The FKI proposed that the committee should consist of 30 or more CEOs of leading enterprises, the Minister of Commerce, Industry and Energy and the Minister of Finance and Economy; its quarterly sessions would be presided over by either the President or the Prime Minister and would focus on the formulation of policies and programs to strengthen competitiveness in major lines of business.

Participating in the luncheon meeting were Yoo Chang-Soon, honorary chairman of the FKI, SK Chairman Son Kil-Seung, Doosan Chairman Park Yong-Oh, Daelim Chairman Lee Joon-Yong and Trigem Computer Chairman Lee Yong-Teh.