November 18, 2005 <BR>              <BR>              The Honorable Chairman Hyun Jae-hyun of the APEC CEO Summit and <BR>              economic leaders of the Asia-Pacific region, <BR>              Thank you Citigroup Senior Vice Chairman Mr. William R. Rhodes <BR>                for your kind introduction, which is a far better than how I remember <BR>                of myself. <BR>              Many internationally renowned business leaders are gathered here, <BR>                befitting the reputation of this event as the biggest business <BR>                forum in the Asia-Pacific region. I wholeheartedly welcome you <BR>                all to Korea. <BR>              The APEC Economic Leaders’ Meeting is to take place in just three <BR>                hours. It appears to me, however, that this gathering might be <BR>                of more material gain. <BR>              First of all, I congratulate you on the 10th anniversary of the <BR>                APEC CEO Summit. As an instrument through which the business leaders <BR>                in the region offer advice to and communicate with the leaders <BR>                of the member economies, this summit has contributed significantly <BR>                to shared prosperity of the Asia-Pacific region. Your great service <BR>                is much appreciated and I expect that this year’s summit will <BR>                become a good opportunity to broaden understanding between governments <BR>                and businesses. <BR>              Distinguished participants, <BR>              The Asia-Pacific region is at the center of prosperity with the <BR>                world’s most dynamic growth. Exchanges and cooperation among the <BR>                member economies within the region have also been accelerated. <BR>                In case of Korea, this region accounts for 70 per cent of international <BR>                trade and 64 per cent of foreign investments. <BR>              Nonetheless, we need to make much more efforts to accomplish <BR>                an Asia-Pacific economic community, which is the ultimate goal <BR>                of APEC.<BR>              First of all, we should strengthen open multilateral trade system <BR>                through steadily lowering trade and investment barriers. In addition, <BR>                we need to make parallel efforts to help reduce the gap between <BR>                the member economies through economic and technical cooperation. <BR>                It is for this reason that, as the chair of this year’s APEC, <BR>                Korea has initiated the theme &amp;quot;Towards One Community: Meet <BR>                the Challenge, Make the Change.&amp;quot; <BR>              This afternoon, the APEC leaders will discuss how to achieve <BR>                the Bogor Goals and present the Busan Roadmap to the Bogor Goals. <BR>                The Busan Roadmap will incorporate some concrete measures, including <BR>                the advancement of World Trade Organization Doha Development Agenda <BR>                negotiations as well as trade liberalization through free trade <BR>                agreements. <BR>              Establishing a &amp;quot;secure and transparent business environment&amp;quot; <BR>                is another major subject of this year’s meeting. Collaboration <BR>                to fight against terrorism, collective action to cope with public <BR>                health threats and disasters, and cooperation to combat corruption <BR>                will be discussed in depth. <BR>              In addition, we have agreed earlier to pursue cultural cooperation <BR>                this year to enhance mutual understanding among the member economies <BR>                and to promote a sense of community. Accordingly, as the first <BR>                project, the special APEC Film Week was held in Busan on October <BR>                6-14. <BR>              Such initiatives will translate diversity among the member economies <BR>                into a driving force for exchanges and cooperation and will contribute <BR>                to the making of APEC a more trustworthy community. <BR>              Distinguished participants, <BR>              As suggested by the proverb, &amp;quot;A bowlful of gems become a <BR>                peace of jewelry only if they are neatly strung together,&amp;quot; <BR>                you are the key players to transform the boundless potential of <BR>                the Asia-Pacific region into a reality. Your creative cooperation <BR>                will enhance any collaboration among the member economies in most <BR>                substantive and effective ways. <BR>              In this light, the meaning of this gathering under the theme <BR>                of &amp;quot;Building a Successful Partnership in the Asia-Pacific <BR>                Region&amp;quot; is profound. The closer you collaborate, the quicker <BR>                the future of the Asia-Pacific economic community will further <BR>                advance. <BR>              Distinguished CEOs, <BR>              Many of you may have considerable interest in the future of Korean <BR>                economy. <BR>              To give my conclusion first, the prospect for Korean economy <BR>                is bright. <BR>              First of all, the stock market that indicates the future of economy <BR>                is at a record high. Despite skyrocketing oil prices, exports <BR>                surpassed 250 billion U.S. dollars last year and aggregate exports <BR>                during the first nine months increased by 12.4 per cent. The OECD <BR>                and the IMF forecast that the Korean economy would grow by approximately <BR>                5 per cent next year, and international rating agencies have also <BR>                upgraded Korea’s sovereign rating one after another. <BR>              The road the Korean economy is taking is clear. <BR>              First, it is innovation in science and technology. We have been <BR>                focusing our efforts on technological innovation and nurturing <BR>                a talent pool so that both domestic and foreign businesses would <BR>                want to invest in Korea and that they will leap high yields on <BR>                their investments. I hope you will be able to confirm first hand <BR>                on this occasion our efforts focusing upon the development of <BR>                IT, BT and other future growth engine industries on the basis <BR>                of solid manufacturing industry. <BR>              Korea has also been pursuing relentlessly reform measures to <BR>                establish a transparent and fair market. Phrases like government-controlled <BR>                economy, government-controlled financing, or collusion between <BR>                the government and business are all things of the past. A market <BR>                under the initiative of the private sector and with merit-based <BR>                competitions is on its way. The system and practice in each sector <BR>                of economy is being adapted to global standards, and social culture <BR>                is changing rapidly to accommodate more rational thinking. <BR>              We are also making best efforts to reduce regulations and to <BR>                improve the living environment for foreign residents. As many <BR>                as 16,000 foreign businesses are already operating in Korea and <BR>                263 of them are the Fortune 500 companies. With an objective to <BR>                establish Korea as the most business-friendly nation in Asia, <BR>                we project to increase FDIs to account for 14 per cent of the <BR>                nation’s GDP by the year 2012. <BR>              Through such efforts, Korea will proceed to become an advanced <BR>                economy in name and substance as well as a hub of logistics, finance <BR>                and R&amp;amp;D in Northeast Asia. <BR>             This is the right time to invest in Korea. If you invest at early <BR>                signs of potentials, your yields will be that much greater. I <BR>                want you to succeed without fail and firmly believe that you will <BR>                succeed if you choose Korea. <BR>              Distinguished participants, <BR>              Korea’s support for the multilateral trading system is firm. <BR>                Korean economic growth has been made possible on the basis of <BR>                free trade. We will continue to aim at realizing an advanced nation <BR>                of international trade through proactive market opening. <BR>              Currently, we are negotiating for free trade agreements with <BR>                approximately twenty major trading partners and will continue <BR>                to concentrate efforts on concluding them. We will also contribute <BR>                positively to the successful settlement of the WTO DDA negotiations. <BR>              <BR>              With regard to the North Korean nuclear issue, some difficulties <BR>                may lie ahead but I believe that we will eventually arrive at <BR>                desirable outcomes. To ascertain such results without fail, the <BR>                Korean Government will continue to cooperate closely with the <BR>                countries involved. <BR>              Distinguished CEOs and ladies and gentlemen from home and abroad, <BR>              <BR>              Liberalization and globalization are an irreversible tide of <BR>                the times. With the advancement of globalization, however, an <BR>                adverse effect of socio-economic disparities is also on the rise. <BR>                In many economies including Korea, disparities between industries <BR>                and businesses lead to disparities in employment and income and <BR>                to disparities in education and investments in human resources, <BR>                further widening the gap between different income groups. <BR>              Such socio-economic disparities are likely not only to hinder <BR>                social integration but also to discourage consumption, thus causing <BR>                a contraction of the market and investments eventually. When the <BR>                legacies of poverty produce an increasing number of people without <BR>                hope, it alone can constitute a threat to peace. It is time for <BR>                us to search for ways we all can share the fruit of development <BR>                stemming from globalization. <BR>              During this APEC Economic Leaders’ Meeting, I would like to put <BR>                forth this issue in search of collective wisdom of the member <BR>                economies. In this regard, the role of those of you present here <BR>                is also important. Reduced socio-economic disparities as well <BR>                as sustainable development will be made possible when government <BR>                policy initiatives are combined with a spirit of coexistence and <BR>                mutual help shared by the business leaders. <BR>              Distinguished participants, <BR>              We already have a general direction where we should go from here <BR>                in the years to come. That is the future of shared prosperity <BR>                through open door policies and cooperation. <BR>              What we need now is the will to act on that vision and translate <BR>                it into reality. Let us look farther and join our forces together <BR>                for greater benefits. Let us march forward together, hand in hand, <BR>                for a bright future for the Asia-Pacific community. <BR>             This City of Busan is a hub port of Northeast Asia linking Asia <BR>                and the Pacific. This is an ideal place where you can nurture <BR>                exchanges and friendship. I hope you will have a pleasant and <BR>                productive time during your stay despite busy schedule.<BR>                <BR>                Thank you.