President Kim vows to enliven promising enterprises

President Kim Dae-Jung said Tuesday that the government will take bold steps to enliven enterprises with chances of survival but resolutely force the exit of hopeless ones, stressing that the fate of Hyundai Engineering & Construction and Ssangyong Cement Industrial will be decided under these principles.

In a luncheon with local residents in Yosu, Chollanam-do, the President contended that however big a firm¡¯s scale may be, it is not an enterprise if it cannot earn money.

Predicting that about 50,000 people will lose their jobs due to the liquidation of nonviable firms, Kim noted that with the increased employment of some 200,000 in the information-communications sector, 150,000 new jobs would ultimately be provided. The government will assume full responsibility for solving the unemployment question, he added.

Referring to the regional antagonism existing between provinces, President Kim stressed that there is no reason why inter-provincial harmony cannot be achieved in the South at a time when South and North Korea are engaged in mutual cooperation. He called for the people to make spontaneous efforts to eliminate regional antipathy.

While Kim toured a fisheries market and some other local facilities, multitudes of well wishers crowded the streets, making it difficult for his car to proceed.

At the market, he made an impromptu speech for about 10 minutes to the crowd. Spending the night in Kwangju City, he is scheduled to receive briefings on city administration Wednesday at Kwangju City Hall.

Choi Young-Mook ymook@donga.com