[Congressional Record Volume 141, Number 121 (Tuesday, July 25, 1995)]
[Extensions of Remarks]
[Pages E1512-E1513]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


 REPUBLIC OF KOREA PRESIDENT KIM YOUNG SAM'S ACCOMPLISHMENTS IN OFFICE

                                 ______


                        HON. GERALD B.H. SOLOMON

                              of new york

                    in the house of representatives

                         Tuesday, July 25, 1995
  Mr. SOLOMON. Mr. Speaker, Republic of Korea President Kim Young Sam's 
state visit to the United States on July 25-28 is especially noteworthy 
because South Korea is one of America's most important and trusted 
allies in East Asia. Today, Korea shares many of the basic ideals and 
institutions that America cherishes. Most importantly, it shares 
America's commitment to democracy and a free market economy. However, 
many Americans are not fully aware of the great strides that South 
Korea has made regarding the institutionalization of democracy and the 
opening of its markets to foreign investment. The Republic of Korea's 
leader, President Kim Young Sam, who is the first civilian Chief 
Executive in 32 years, has played a crucial role in the country's 
democratic political development and economic liberalization.
  During his first 2 years in office, Republic of Korea President Kim 
Young Sam has implemented a bold reform agenda that places a high 
priority on continuing Korea's democratization, establishing high 
ethical standards for political officials, renewing economic growth, 
and internationalizing all aspects of Korean society.
  To successfully address the challenges of the post-cold-war era, 
President Kim has made Segyehwa--(globalization)--Korea's foremost 
national goal. The globalization initiative calls for significant 
reforms in six broad areas. These areas include: improving the 
efficiency of the government; implementing full-fledged local autonomy; 
sharpening Korea's competitive edge; improving the quality of life for 
the Korean people, especially the underprivileged; achieving progress 
toward reconciliation and cooperation with North Korea; and finally, 
globalizing Korea's diplomacy.
  Early in his term, President Kim pledged to create a corruption-free 
political environment by instituting a strong moral code of conduct for 
the members of his administration and political party. Leading by 
example, just 2 days after his inauguration, President Kim disclosed 
all of his property and financial assets to the public and encouraged 
all his senior cabinet and ruling party figures to do the same. In 
order to institutionalize high moral standards for public officials, 
President Kim backed on ethics bill passed by Korea's national 
legislature in May 1993. The legislation requires thousands of senior 
civil servants to make regular and full financial disclosures to the 
public. Last year, the President also supported a sweeping election 
reform bill that limits campaign spending.
  President Kim believes that the decentralization of political power 
through the promotion of local autonomy is critical to the 
institutionalization of democratic political reform. To that end, on 
June 27, local government officials, including provincial governors, 
metropolitan mayors, and councilmen, were chosen by popular vote for 
the first time in more than three decades.
  Another important component of the President Kim's anticorruption 
campaign was the introduction last year of a real-name financial and 
real estate transactions system. Under this reform, every transaction 
with a financial institution must be made under an individual's real 
name, thereby eliminating tax evasion, real estate speculation, and 
government-business collusion.
  The deregulation and liberalization of Korea's economy has also been 
a major priority of President Kim. To facilitate foreign access to the 
Korean market and help attract foreign technology, the President has 
introduced a number of measures that over the next few years will 
eliminate virtually all restrictions on foreign investment in Korea. 
For example, under President Kim's liberalization program, 91 percent 
of business lines are open to foreigners, and that figure will increase 
to 95 percent within 3 years. Moreover, the streamlining of the foreign 
investment approval process has reduced the time required for the final 
approval on projects from 50 to 5 days. To further demonstrate its 
commitment to free trade, the Kim administration supported legislation 
passed by the National Assembly last year that approved Korea's entry 
into the World Trade Organization.
  As a result of these efforts, direct foreign investment in Korea last 
year totaled $1.3 billion, up more than 25 percent from 1993. In 
addition, American firms have benefited from these liberalization 
initiatives as Korea has grown to be the United States' sixth largest 
export market, and fourth largest market for agricultural goods. Our 
countries' two-way trade now surpasses $42 billion. Furthermore, Korea 
is one of only a handful of countries having a deficit with the United 
States. Last year alone, Korean imports of American products grew 22 
percent. During the first 4 months of this year, America's trade 
surplus with Korea was $2.4 billion. This contrasts with the 
substantial deficits the Untied States is running with several of our 
East Asian trading partners. It also illustrates Korea's strong 
commitment to trade liberalization and deregulation.
  In addition to these domestic accomplishments, President Kim has also 
implemented a new foreign policy agenda that emphasizes the
 principles of democracy, liberty, human rights and free market 
economy. The Korean leader believes that the institutionalization of 
these core values is crucial to long-term political stability and 
economic prosperity in the Asian region and throughout the world.

  President Kim has promoted these ideals through summit talks with the 
leaders of major world powers, including the United States, China, 
Japan, Russia, Germany, France, and Great Britain, as well as through 
discussions with the new leadership of many of the former socialist 
nations of Eastern Europe and the newly industrialized countries in 
Latin America and Asia. President Kim has also worked hard to transform 
the Korea-United States bilateral relationship into a broader 
political, economic, and security partnership.
  While maintaining close ties with traditional friends, the Korean 
leader has also focused on expanding regional economic cooperation 

[[Page E 1513]]
and liberalization with Korea's Asian neighbors. To expedite this 
process, President Kim met with his counterparts from the region at the 
first two meetings of the Asia-Pacific Economic Cooperation [APEC] 
Leaders' Conference. In a major address at last year's gathering of the 
group in Indonesia, he outlined his proposal for new regional 
initiatives in the areas of trade and investment liberalization, 
manpower development, and telecommunications infrastructure. President 
Kim emphasized that it was imperative for APEC to take a leading role 
in liberalizing world trade and that the highest priority should be 
given to dismantling all barriers to trade and investment.
  President Kim's foreign policy agenda has also included efforts to 
increase Korea's manpower and financial contributions to such pressing 
international issues as arms control, the abolition of poverty, and 
environmental protection through membership in various U.N. 
organizations and other multinational bodies.
  One of President Kim's major policy goals has also been the 
improvement of relations with North Korea. Through close consultations 
with the United States and other major allies, and the United Nations, 
the ROK Government has pressed the North to comply with its obligation 
as a signatory to the Nuclear Non-Proliferation Treaty of 1992 to 
accept external scrutiny of its nuclear weapons program.
  The success of this effort was highlighted on October 21, 1994, in 
Geneva when the United States and North Korea signed the agreed 
framework. It requires North Korea to dismantle its nuclear program 
over the next 10 years and accept full-scope international inspections 
of all its nuclear facilities in exchange for two 1,000 megawatt light-
water nuclear reactors [LWR's]. To promote inter-Korean cooperation, 
the Republic of Korea will play a central role in the $4.5 billion LWR 
project.
  In an effort to promote improved South-North relations, on June 21, 
the ROK Government announced that South and North Korea had reached an 
agreement in which the South will supply the North with 150,000 tons of 
rice for free. The food aid will be provided to the North in order to 
help alleviate the critical food shortage in North Korea. President Kim 
hopes that this measure, along with his previous efforts to gradually 
lift restrictions on South Korean business investment and trade with 
the North, will serve as an impetus for improved South-North political 
relations and thereby help lay a foundation for the peaceful 
reunification of the Korean Peninsula.
  Mr. Speaker, I believe that all Members of Congress will find this 
record of achievement impressive, and will want to welcome President 
Kim when he arrives to address a joint meeting of Congress on July 26.


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