SEOUL (Dow Jones)—South Korean President Kim Dae-jung reaffirmed Tuesday the government’s stance that nonviable companies should be shut down, and he said a temporary increase in unemployment is inevitable given corporate restructuring.
Economic policies should be addressed as economic policies and not
as social policies,
said Kim in a meeting with economy related
ministers.
We have to do what we need to do for the country’s
future,
he said, adding that labor unions must understand that
their companies must survive first in order to save their jobs.
Think this is the last chance for restructuring,
Kim said while
asking the cabinet members to carry out the reforms with principle and
resolution.
He said Daewoo Motor Co. (Q.DMT) should be dealt with in the same way as Kia Motors Corp. or Samsung Motors Inc. Kia was taken over by Hyundai Motor Co. (Q.HMC) and Samsung by Renault SA (F.RNA) through public auctions.—21/11/00 05-55G