The event, named World Business Leaders Round Table 2002, was held in the ASEM Hall at COEX in Samsung-dong, southern Seoul. The global business dignitaries were invited by the Ministry of Commerce, Industry and Energy (MOCIE) to commemorate Korea's hosting of the global soccer event for the first time.

Themes covered at the meeting included global investment strategies of multinational firms and ways for Korea to emerge as the hub of Northeast Asian business.

Participating CEOs, including Henning Schulte-Noelle, chair of Allianz; Helmut Panke, chair of BMW; and Masayoshi Son, CEO of Softbank, were found to be especially interested in various Korean policies for attracting foreign investment: however, most of them pointed out that the Korean government still has a lot to improve on.

In the theme presentation session, Al Rajwani, CEO of Procter and Gamble (P&G) Korea, said that the investment environment in Korea for foreign businesses has markedly improved since the 1997 financial crisis, but the country still needs to simplify all investment-related government regulations, which are filled with overly ambiguous definitions.

He also pointed out that, in Korea, one can easily find imitated products of famous foreign brands, arguing that only when Korea reinforces the protection of intellectual property rights can it enhance its global credit.

Eric Nielsen, Volvo Construction Equipment Korea's CEO, said that Korean businesses will have to foster their labor-management ties to a more mature level and demanded that the Korean government overhaul its social security network to protect fired workers.

Also, Helmut Panke, chairman of BMW, said that only when Korea lifts all of its current restrictions in the imported automobile market will foreign investors find the country as having a very amicable business environment.

A couple of foreign CEOs drew attention after unveiling plans to make investments in Korea at the meeting. Francois Prevost, CEO of Tigerdev Inc., a Canadian ski-resort developing company, said that his company is analyzing an opportunity to invest US$200 million in Korea's Gangwon region, and Robert E. Richards, managing director of S&P, said his company plans to set up a branch in Seoul so as to make the Korean capital city the hub of S&P's Asian operations.

In a keynote speech, MOCIE Minister Shin Kook-hwan said Korea is sure to soon loom large as the hub of Northeast Asian businesses on the back of its geographical advantage and strong industrial infrastructures in the fields of electronics, chips and automobiles.

Other global business leaders present at the meeting included Olivier Barbarroux, chair of Vivendi Water; and Dirk Beeuwsaert, chair of Tractebel. (Choi Won-kyu, wkchoi@chosun.com )