hankyoreh

President-elect Lee Myung-bak, who was elected on a platform of economic reform, and his transition team have begun to shape their new economic policies. Dubbed “MB-nomics,” the policy plan consists of two goals - achieving sustainable development and the creation of a business-friendly environment. To achieve these, Lee’s economic advisers say that a business-friendly environment should be created as soon as possible to accomplish economic growth.

Sagong Il, co-chairman of a newly-created subcommittee on national competitiveness, said at a press conference on December 30 that the new government’s political priorities and the administration’s plans can be seen in the establishment of the committee. “MB-nomics is aimed at strengthening economic growth potential by creating a business-friendly environment,” he added.

He continued by saying that with the disappearance of borders from today’s globalized world, the new administration will concentrate on creating an environment in which companies can freely do business. Sagong also remarked that the special committee will continue to exist even after the inauguration of the new administration, indicating that Lee’s administration will strive to improve business conditions in order to make the country more competitive during its term.

The new administration’s goal of achieving economic growth is likely to result in the creation of a more business-friendly environment. In the process, obstacles currently hindering business activities are likely to be removed, and the next administration is likely to do more than simply readjust economic conditions, including interest rates or taxes. The president-elect has championed the invisible expansion of production in all areas, including politics, society and culture, in order to accomplish 7 percent economic growth, which was one of his campaign pledges.

Sagong repeatedly emphasized that Lee’s administration will focus on boosting conditions for Korean businesses by strengthening the alliance with the United States, establishing principles of law and order, stabilizing labor-management relations and easing various regulations.

He said, “Korea ranked the third-lowest among Organisation for Economic Cooperation and Development member nations in terms of the standard of obeying the law,” adding, “The Korea Development Institute thinks that the nation can improve its economic growth by one percentage point every year, only if it can raise this standard to the level of the OECD average.”




Please direct questions or comments to [englishhani@hani.co.kr]