Lee calls for nationwide campaign for exports

By Yoo Cheong-mo
SEOUL, Nov. 4 (Yonhap) -- President Lee Myung-bak said Tuesday that the nation
has virtually overcome its foreign currency liquidity problem and should now
focus its energy on expanding exports as part of a nationwide effort to avert a
slump in the real economy.
Presiding over a government-private sector meeting convened to declare a revised
export target of US$500 billion for 2009, Lee called on Korean exporters to
reinforce efforts to diversify their overseas markets and develop new products to
produce "outstanding results" next year.
The president then urged domestic banks not to hesitate to extend the much-needed
credit lines to Korean exporters.
"The nation has virtually tided over its foreign currency liquidity problem
thanks to a recent currency swap deal with the U.S and pending similar deals with
China and Japan. The government has also announced an unprecedented economic
stimulus package to boost domestic demand," said Lee.
"The attention should now be shifted to efforts to revive the real economy. Of
them, exports will be the biggest public concern and will have the greatest
impact on the national economy next year. Both the government and banks have to
extend their full support to export companies," the president said.
South Korea's annual export is projected to rise from $371.5 billion in 2007 to
approximately $430 billion this year.
In a weekly Cabinet meeting held earlier on Tuesday, meanwhile, Lee instructed
his ministers to push for an early implementation of his government's 14 trillion
won stimulus package unveiled on Monday.
ycm@yna.co.kr
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