(Source: The Chosun Ilbo)

April 18,2008

“Korea will emerge as the most open and business-friendly country in the world,” President Lee Myung-bak claimed Wednesday. Lee was speaking at the Korea Investment Forum hosted by the Ministry of Knowledge Economy in New York under the joint sponsorship of the Korea Trade-Investment Promotion Agency and the Federation of Korean Industries on Wednesday. Likening South Korea to an enterprise, Lee promoted investment opportunities for businessmen in the U.S.
At the forum, which was attended by some 900 Korean and American business leaders, Lee said, “Good investors look for the best CEO when they decide when to invest. I am the CEO of corporate Korea who has firm visions, solid experience and the necessary executive ability.”

Lee promised ¡°a changed Korea, where foreigners can live comfortably. If the Korea-U.S. free trade agreement is ratified and the Korea-EU FTA is concluded this year, and if similar FTAs are signed with China and Japan, Korea will emerge as a gateway to investment in East Asia and serve as a key link in the world’s four largest economic zones.”

Cheong Wa Dae claimed the event, where Lee directly promoted investment opportunities, led to ¡°memoranda of understanding worth US$1.18 billion with the five top global enterprises¡± for Korean businesses. ¡°The government will take follow-up measures, including forming a taskforce for each project, to put the MOUs into practice,¡± it added.

ProLogis, the world’s largest manager and developer of distribution facilities, agreed to invest a total of $1 billion in developing major ports and inland logistics centers across the country, including in Pyeongtaek, Bucheon and Anseong, all in Gyeonggi Province.

Kozar, a real estate developer, agreed to invest $140 million in developing infrastucture to build an urban-style community; Electronic Arts, a game developer, agreed to invest $20 million in building game studios; Mattson, a semiconductor equipment maker, and Metaldyne, a car component maker, also agreed to invest $10 million each.

http://english.chosun.com/w21data/html/news/200804/200804180016.html