Pres. Lee Urges Civilian Experts to Monitor Inflation

President Lee Myung-bak yesterday urged civilian experts to help monitor consumer inflation.

In his first meeting with his senior secretaries, Lee was quoted by his spokesman Lee Dong-kwan as saying, “At the last Cabinet meeting, I noticed our ministers tried to curb flying consumer prices through traditional means. What we really need are specific and detailed plans.”

President Lee added, “We are losing 30 billion dollars every year in trade with Japan. We need fundamental changes. I will visit Japan very soon [in April] and it’s time to set forth specific measures.”

Chief presidential secretary for the economy Kim Jung-su said that to reduce the trade deficit, fostering Korea’s parts and materials industries is the most urgent task.

President Lee also urged cuts in the cost of storing rice. The government pays 600 billion won a year just to store rice.

“It seems more practical and wise to get rid of old rice stock by lowering prices,” he said. “It’s opportunity cost. We can then use the resources and proceeds for other purposes.

“Some say the prices are high. We can handle it if we take a positive approach.”

The president also proposed a joint celebration of Arbor Day with North Korea, saying Seoul can send trees to Pyongyang around April 5th.

swpark@donga.com