Roh Administration Tries to Appease Business Leaders

Deputy Prime Minister of Finance and Economy Kim Jin-pyo has rolled up his sleeves to appease the business leaders.

Ministry of Finance and Economy announced yesterday that it would host a large-scale meeting with 500 business leaders belonging to four major owners` associations including the Korea Chamber of Commerce and Industry, and the Federation of Korean Industries

A Finance and Economy ministry official confirmed, "Ever since the arrest of SK owner Choi, business leaders seem as if they had `holed up` somehow. We would like to get them to feel safe and understand what this administration really intends by its reform efforts."

Especially, the meeting is scheduled at a time when the domestic economy is freezing rapidly, along with dwindling corporate investment. Thus, experts predict that the meeting will serve as an opportunity for the Kim Jin-pyo team to let business leaders relax and win over their trust.

The Deputy Prime Ministry reportedly intends to explain Roh administration`s support for business leaders and their activities, and present to them the administration`s plan to repeal various regulations hindering business operations. The Roh administration has repeatedly promised that it would guarantee free business activities as long as business entities keep the law and maintain transparency.

Business leaders hinge much hope on the upcoming meeting, which is arranged upon the demand of the Korea Chamber of Commerce and Industry.

Business leaders have "`holed up" in their rooms, upon hearing the rumor that the prosecution`s investigation, triggered by the SK group case, will spill into other chaebol. Thus, they need to verify what the Roh administration really intends to do.

They also reportedly plan to figure out what the administration truly desires to achieve with its introduction of new policies.

One business leader confessed, "When meeting with new ministers in charge of economy, we will promise our cooperation. In return, we will tell them what hardships we are going through now. When a businessperson feels insecure, the feeling leads to reduction in investment. It only hurts the national economy."

An official with Ministry of Finance and Economy said, "The uncertainties in the domestic and overseas markets have shrunk our business leaders. We will give them confidence and listen to what difficulties they are facing."

The upcoming meeting will be more like a cocktail party with every participant talking to each other freely, after speeches of Deputy Prime Minister and the representative of the business leaders.

Eun-Woo Lee libra@donga.com