Korean President Lee Myung-bak Wednesday (Apr. 16) pledged that his new government will enforce sweeping deregulatory reforms in all economic sectors, including the tax field, and stabilize high labor and real estate costs as part of its drive to increase foreign investments in Korea.

Lee also promised to drastically improve living conditions for foreigners by ensuring that first-rate educational facilities and hospitals are available to foreign investors and their families across the country.

"Excessive regulations are always the biggest barrier to business activities of both foreign and domestic companies. The reality is urging me to put highest policy priority on regulatory reforms," Lee said in a speech in English at the Korea Investment Forum 2008, held in New York prior to his departure for Washington D.C.

"I envision the construction of a Global Korea, with the global standard running through every corner of society to ensure a business-friendly environment. All rules and regulations that do not conform to the global standards will be revised."

Lee, accompanied by first lady Kim Yoon-ok and 120 delegates, arrived in New York Tuesday to begin his five-day trip to the U.S., which includes a Camp David summit with U.S. President George W. Bush on Saturday.

The president emphasized that his government will drastically overhaul labor sector practices, saying many foreign investors perceive labor relations as a big stumbling block to investing in Korea.

"Changes are already taking place in labor relations. Korea¡¯s largest labor union umbrella has declared ¡¯no illegal dispute¡¯ and participation in the nationwide efforts in reviving the economy.

As I pledged, my government will also stabilize Korea¡¯s high labor costs and expensive real estate prices in order to induce foreign investment," said Lee.

"We will provide plant sites at affordable prices for business companies. We¡¯ll also reduce corporate tax from the current rate of 25 percent to 20 percent. Equally important is creating comfortable living conditions, particularly for foreigners."

Lee also vowed to actively engage in free trade agreement deals, as part of the effort to create a business-friendly environment.

"A good investor looks for the best CEO. I am the CEO of the Korea Inc. I truly hope you will take on board by investing in Korea."


Lee engages in brisk sales diplomacy in New York

Korean President Lee Myung-bak on Wednesday (Apr. 16) engaged in brisk sales diplomacy through a visit to the New York Stock Exchange (NYSE), a luncheon meeting with U.S. business community leaders and a speech at a Korean investment road show before heading to Washington D.C. for a summit with U.S. President George W. Bush.

Lee began his second and last day in New York with a visit to the NYSE, where he pledged to further elevate Korean-U.S. economic cooperation and enforce sweeping deregulations to encourage foreign investment in Korea.

"I wish my visit to the NYSE would pave the ground for boosting bilateral economic cooperation. The South Korean government is in the midst of eliminating all regulatory barriers to business activities," Lee said before ringing the NYSE opening bell.

"I came here to publicize changes underway in Korea. We¡¯re making preparations to invite all enterprises from across the globe to come to Korea."

Lee had visited the NYSE in March 2006, while serving as Seoul mayor. At present, eight Korean companies, including POSCO, KT and Korea Electric Power, are listed on the NYSE, the world¡¯s largest equities-based exchange in terms of total market capitalization of the listed securities.

Lee went on to hold a luncheon meeting with a group of leading U.S. financiers and business leaders and to speak at Korea Investment Forum 2008 in New York, explaining his government¡¯s campaign to promote a business-friendly environment for both foreign and domestic investors through sweeping economic deregulations.


U.S. solons welcome President Lee's visit

Members of U.S. House of Representatives on Wednesday (Apr. 16) welcomed Korean President Lee Myung-bak¡¯s U.S. visit and hoped to use their meeting on Thursday to discuss wide-ranging bilateral topics.

Reps. Diane Watson, Vito Fossella, Michael Capuano and Ed Royce circulated a joint letter to the House on the importance of Korea-U.S. relations.

"We believe that President Lee¡¯s visit demonstrates that the U.S.-Korea alliance partnership is sound and strong. The 21st century will continue to see the friendship between the Republic of Korea and the United States grow in vitality and breadth," the letter said.

The Republic of Korea is Korea¡¯s official name.

The ongoing efforts to denuclearize North Korea are "just one component" of the regional security relationship that may soon "include elevating South Korea¡¯s military procurement status with the U.S.," it said.

The lawmakers, members of the congressional Korea Caucus, proposed that House members should "use President Lee¡¯s visit as an occasion to express their own good wishes to him and to the people of Korea."

Watson and Fossella will present separate remarks, which go on the congressional record, highlighting Seoul-Washington ties and the urgency of approving the bilateral free trade agreement (FTA).

Watson¡¯s statement says, "Approving the U.S.-Korea Free Trade Agreement will strengthen our relationship with one of our most important and indispensable allies in Asia and give the United States a permanent economic foothold in the most dynamic and fastest growing region in the world.

"This agreement will also provide a counterbalance to China¡¯s emergence as a dominant market player in that region and worldwide."

Fossella notes the growing uncertainties about the health of the U.S. economy, making it all the more critical that the U.S. take steps to spur growth and create new jobs through securing market access.

"The proposed U.S.-Korea Free Trade Agreement stands to further increase U.S. exports to Korea and will generate new jobs for Americans," his statement says. "This agreement will be a win-win-win situation -- a win for workers, a win for businesses, and a win for consumers."


Lee asks for deeper U.N. attention to N. Korean defectors

Korean President Lee Myung-bak called on the United Nations to pay greater attention to issues related to the divided Koreas and North Korean defectors in particular, during his meeting with U.N. Secretary General Ban Ki-moon at U.N. headquarters Wednesday (Apr. 16).

Korea has maintained close relations with the U.N. and supports U.N. efforts to address water shortages and other important global agendas," Lee was quoted by his spokesperson, Lee Dong-kwan, as saying at the meeting.

"I also expect the U.N. to pay a great deal of attention to nuclear and human rights issues on the Korean Peninsula. In particular, I want to ask the U.N. to show particularly deep interest in the fate of North Korean defectors," said the president.

In response, Ban pledged to strive to guarantee North Korean defectors freedom and human rights stipulated in the U.N. Charter through close consultations with the Office of the United Nations High Commissioner for Refugees, according to spokesperson Lee.

Ban then praised Seoul for having "patiently and carefully" dealt with a series of provocative threats from Pyongyang and urged North Korea to pursue confidence-building measures to resume a dialogue with South Korea.

"Specifically, Ban promised to help the two Koreas engage in smooth summit-level talks and hold a more detailed discussion during his visit to Seoul slated for early July," said the spokesperson.

Throughout the 30-minute meeting, Ban spoke in English, while Lee¡¯s remarks were interpreted by his aide.

Since his inauguration in late February, Lee has urged North Korea to completely abandon its nuclear weapons program, but vowed that his government would continue the existing inter-Korean economic cooperation projects and the provision of humanitarian aid to North Korea.

Meanwhile, the U.N. chief, who formerly served as Seoul¡¯s foreign minister, called for Lee¡¯s cooperation in expanding Korea¡¯s contributions to the U.N. campaign to combat global warming, reinforce peace-building activities worldwide and support developing-country economies.


Lee arrives in Washington for summit with Bush

Korean President Lee Myung-bak arrived in Washington Wednesday (Apr. 16) for a weekend summit with U.S. President George W. Bush on North Korea¡¯s nuclear ambitions, ratification of a free trad deal and other issues of mutual concern.

After engaging in sales diplomacy in New York for two days, Lee¡¯s chartered Korean Air plane touched down Wednesday afternoon at Andrews Air Force Base on the outskirts of Washington, where he was welcomed by a number of U.S. State Department officials and Korean diplomats stationed here.

Prior to the summit with Bush, Lee, accompanied by first lady Kim Yoon-ok and an entourage of about 120 people, plans to meet separately with U.S. Vice President Dick Cheney, Secretary of State Condoleezza Rice, Secretary of Defense Robert Gates, U.S.

Trade Representative Susan Schwab, a group of U.S. lawmakers and Korea experts. An interview with the Washington Post is also slated for Thursday.

Lee will be the first Korean president to go to Camp David, a U.S. presidential retreat.

The Lee-Bush summit is expected to address a long list of bilateral and international issues, including North Korea¡¯s nuclear weapons program, burden-sharing for the realignment of U.S.

Forces Korea, the U.S. proposal for the redeployment of Korean forces to Afghanistan, ratification of a bilateral free trade agreement by the countries¡¯ respective legislative bodies and environmental, climate and energy problems.