Lee orders ministers to speed up corporate restructuring

SEOUL, July 30 (Yonhap) -- President Lee Myung-bak on Thursday instructed
economy-related ministers not to slow the pace of corporate restructuring, noting
that the South Korean economy still remains in a crisis phase.

"We can't afford to go slow on corporate sector reforms," Lee was quoted by his
spokesman as telling his economic policy team during a meeting held at the
presidential office Cheong Wa Dae.
"The government is still on an emergency footing. We should remain alert," Lee
said, ordering his ministers to present a monthly report on progress in corporate
restructuring, according to presidential spokesman Lee Dong-kwan.
Since his inauguration in February last year, the CEO-turned-president has
repeatedly stressed that his government's policy priorities include restructuring
of the nation's inefficiently-run public and private businesses.
Lee has urged domestic industrial conglomerates to voluntarily carry out sweeping
restructuring measures in return for state financial support and to survive the
current global economic crisis, while intensifying pressure on public
corporations to implement massive staff reductions.
Meanwhile, the president urged his ministers to map out post-crisis policy
measures in anticipation of a turnaround in the global economy, according to
spokesman Lee.
The president also touched on labor issues, including job security for
non-regular workers, calling for greater efforts to advance the nation's
labor-management relationship.
"Labor sector reform is an unavoidable policy task if we want to further
consolidate the cornerstone of the state. Policymakers should not be conscious of
public popularity in enforcing labor reforms," said the president.
Meanwhile, the Ministry of Strategy and Finance forecast during the Cheong Wa Dae
meeting that South Korea's economy will continue to improve in the second half of
this year despite lingering uncertainties as labor and business conditions
rebound at home and abroad.
ycm@yna.co.kr
(END)