Lee Pledges to Revise Sub-Global Standard Regulations

President Lee Myung-bak said Wednesday (local time) that he will review all regulations that hamper economic activities and fail to meet global standards.

"Some are worried that I am excessively business-friendly. However, I am ready to be more business-friendly if it can create a better environment for businesses to revive the economy," President Lee said in his keynote speech at an investor relations session held at the Plaza Hotel New York. Some 900 U.S. investors and business executives attended the meeting.

"I will put the utmost priority on the development of the knowledge-based service industry, in particular, the financial industry. I will ease regulations in the financial sector and actively nurture internationally competitive financial experts," Lee said. "I will also create a small but efficient government and improve the tax system.

Lee stressed that as part of the effort to create a business-friendly environment, Korea has been actively pursuing free trade agreements and that central to this is the ratification of the FTA between Korea and the United States. "If the Korea-EU FTA is concluded within the year, following the ratification of the KORUS FTA, Korea will be able to establish itself as East Asia’s gateway for investment." "If Korea concludes FTAs with China and Japan in the future, Korea will play the role of a main link that connects all four major economies in the world."

According to Cheong Wa Dae officials, President Lee met with U.S. business leaders in person and signed a total of five memorandums of understanding with international companies over $1.18 billion worth of investment in a number of areas, including a logistics complex, a game studio and auto-parts. In particular, the world’s top logistic infrastructure provider ProLogis decided to invest $1 billion in distribution facilities in Bucheon, Anseong, Icheon, Yongin, Pyeongtaek and Namyangju in Gyeonggi Province.

Meanwhile, President Lee also held a meeting with a group of Korean Americans in the afternoon that day at the Capital Hilton Hotel in Washington, D.C. Lee said that Korea will recruit 500 Korean Americans as English teachers this year and that their annual wage will be around $30,000.

In the morning of Thursday, the third day of his U.S. trip, Lee paid a tribute at Arlington National Cemetery and had an interview with the Washington Post.

swpark@donga.com