P. M. BRIEFING : Seoul Pledges Economic Rescue
The government pledged today to rescue the country from economic crisis by boosting investment and curbing severe labor unrest, but failed to impress the business community.
“We are undergoing a grave transition marked by a technology slump, high wages and disorder,” deputy Prime Minister Cho Soon, the nation’s top economic planner, said in a report outlining policy for 1990.
“We are now at a crossroads which could either advance us into becoming like Japan or slip us back to a South American-type economy,” he said.
Cho proposed business tax incentives and about $2.6 billion of cheap financing next year for investment in factories and high technology. He also called for industrial peace between labor and management and pledged strong government action against violent strikes in 1990.
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