Cheerleader for free market strong on vision

By Yoke Har Lee

South Korean president Kim Dae-jung once told CNN he wants to go down in history as human rights champion.

This man whom the world has come to know as the Asian equivalent of South Africa's Nelson Mandela, may also go down in Korean history as its most ardent market-economy advocate. His undertaking on opening up Korea is this: "Market liberalisation will not be delayed because of the financial crisis Korea has experienced recently. The government believes that genuine competitive strength can only be attained through free trade and investment among countries. And all parties will ultimately benefit from free trade."

Whether his free-market vision will withstand the legacies of economic molly-cuddling left by his predecessors remain to be seen.

Unlike the autocratic Park Chung Hee who had a grip on a large chunk of modern Korea economic development, Mr Kim said his vision for Korea is: "To simultaneously develop democracy, a market economy, and productive welfare which translates into the realisation of civil liberties, prosperity and pursuit of happiness for all."

The US, Korean's major ally and trade partner, remains unhappy over Korea dragging its on market access for automobiles, steel, pharmaceutical and the construction industry.

He said since last year, the government has begun to open its markets with speed.

"Laws and conventional business systems are being revised diligently to improve the investment environment for foreigners.

"The government has responded positively to the call from international traders to open up. As a result Korea and the US were able to settle the controversial automobile transaction negotiations in October 1998. Korean markets for pharmaceutical and other products are opening wider and wider through changes of regulations and traditional practices," he said.