Kim Dae-jung Reveals Business Policy

President elect Kim Dae-jung said Wednesday that businesses that are non competitive or close to bankruptcy should be liquidated as soon as possible and others need to strengthen their financial structure. At a lunch meeting with five leaders from the business world including Choi Jong-hyon, chairman of the Federation of Korean Industries (FKI), Kim commented that from now on businesses should focus on profits, not their size or appearance.

He will not allow big businesses to create monopolies, engage in unfair dealing, nor exert direct control over small to medium sized companies and that he will personally oversees this. Speaking on the labor issue Kim noted that the priority now should be on international competitiveness followed second by labor and management and urged everybody to unite behind the government.

Layoffs should still be considered secondarily as companies should first attempt freezing or cutting wages, though if this fails mass redundancies will be permitted. Kim is to concentrate on a strict price stabilization policy and also emphasized self-sufficiency in food production.

There will be no more collusion between business and politics and an end to government controlled or sponsored financing. He urged firms not to attempt to second guess the government but to proceed ahead with their own restructuring as no special benefits will be given to any company. Kim promised that there will be no more harrassment of businesses by officials and no requests for extra political funding, funds should be allocated within the legal framework to all parties.