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The accidental deaths of two junior high school
students were undeniably tragic and deplorable. The Korean business
community is concerned, however, that this unfortunate incident is
now leading to disproportionate and unjustified anti-US sentiments
among our populace. It is certain that the current wave of anti-US
demonstrations, if prolonged, will inflict serious damage on the
economy. The business community believes that the Korean people will
sensibly distinguish the issue of SOFA improvements from the
importance of maintaining the time-tested Korea-US friendship. Taken
to heart should be the following points:
Firstly, the US remains a major export market for
us. Koreas exports to US amounted to US$31.2 billion in 2001,
accounting for 20.7% of all exports, while imports from US were
US$22.3 billion (15.9% of all imports) leading to a trade surplus of
US$8.9 billion. Should the spread of anti-US sentiments result in a
boycott of Korean-made goods in the US market, we should question
what other markets would be able to make up for it. The Korean
economy, so much dependent upon exports, will not benefit from the
spread of the anti-US demonstrations that go beyond SOFA amendments
to call for US militarys pullout and general hatred of
US.
Secondly, if the current mood persists, foreign
investments may very well decline. Koreas image, buoyed by 2002
World Cup games, will suffer as a result of heightened anti-US
sentiments. This might deter foreign investors, including US
investors in particular, from investing in Korea. It is noteworthy
that out of the US$6.7 billion foreign investments made this year
until August, 60.2% (or, US$ 4 billion) originated from the US.
Should US companies retreat from Korea, it would bring a substantial
disruption to the Korean economy and ultimately it will be the
Korean people who will suffer as a result.
Thirdly, it may have a negative impact on the labor
market. Decline in the export market and foreign investment will
directly damage employment. If Koreans handle the current situation
emotionally, it will not only be harmful to Koreas image of a more
open and global economy, but it will also increase unemployment,
resulting in additional hardship to the daily lives of the ordinary
people.
Fourthly, the American military may well withdraw
from Korea. Along with the North Korean Nuclear issues, the Korean
people may have to pay for the burden, surely followed by a negative
impact on the Korean economy. Further, without the U.S. military
presence, it will be impossible for the presidential candidates to
keep their elections pledges of reducing the current term of
military duty by 2~4 months.
Lastly, let us not forget the fidelity of our
friends during the Korean War. To protect democracy and a free
market economy, thousands of young Americans shed their blood during
the national crisis. For these young lives not to be lost in vain,
Korea and the United States should maintain and strengthen their
bond of friendship and cooperation. Mislabeling the Korean allies as
adversaries could lead to tragic and devastating
consequences.
For these reasons, the Korean business community
believes that the nation will be prudent and patient as it follows
the governments initiative on SOFA, that the justifiable pursuit of
improving SOFA will not spread to excessive emotionalism in calling
for the withdrawal of American troops and a strengthening of the
anti-U.S. movement. |