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President Kim, ``Workout to Be Completed``

Posted August. 08, 2001 09:58,   


On August 7, President Kim, Tae-Jung said, ``There is a dispute about whether or not the workout (business restructuring) has been completed successfully. Through speedy workouts, we need to be exempted from such question.``

President Kim mentioned the above in a luncheon meeting with economy-related ministers in the Kwachun government building, including Jin, Nyum, vice prime minister and minister of Finance and Economy, saying ``We should finish the process of company bond purchase, as promised.`` according to Park, Joon-Young, Chief Officer of Public Affairs in the Office of President.

An official in Bluehouse said, ``What President Kim mentioned implies that if there are companies with chances for survival, they are to be vitalized, while other companies will be pushed out. Such adjustment will be done by the end of this year.``

As of now, there are 35 companies under the workouts. At the meeting, President Kim also said, ``As our economy has built a certain level of wealth, we are now able to resort to domestic demands. We should build our economy robustly by creating domestic purchasing powers internally, rather than by excessively relying on exports to foreign countries.`` Then he added, ``We shouldn’t deal with industrial restructuring and business conditions `pump-priming policy` separately. While the industrial restructuring is driven steadily, we should deal with the business conditions `pump-priming policy` in depth.``

Yun Seung-Mo ysmo@donga.com