Kim calls for patience, temperance to overcome economic crisis

President Kim Dae-Jung Thursday called upon the people to make a united effort to overcome the economic crisis with patience and temperance.

He said, ¡°We are now facing many challenges from both at home and abroad with regard to the recent economic difficulties, and if we leave them as they are, we will confront difficulties that we cannot tide over.

¡°However, we can do it again, and if I take the lead and all the people pool their energy together, there will be no difficulty we cannot overcome,¡± the President stressed.

Kim was delivering an address to a ceremony commemorating the 37th Day of Trade held at the COEX Convention Center in southern Seoul.

Noting that a situation similar to the oil shock of the 1970s is taking place amid difficult global economic conditions not only in Southeast Asia, but also in the United States, Japan and the European Union, he emphasized that ¡°we have no choice but to overcome for ourselves such deteriorating conditions with patience and temperance.¡±

The President reconfirmed that restructuring in the corporate and financial sectors will be concluded within this year, while basic reform in the public sector will be completed by the end of next February. He also said that the government would abolish eight types of quasi-taxes imposed on businesses at the request of the business circles and would seek legislation banning the imposition of such financial burdens.

Choi Young-Mook ymook@donga.com