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With the increasing likelihood of a George W. Bush re-election victory in the United States, the Korean business sector is beginning to feel reassured. Bush, who has steadfastly pushed for tax cuts to boost the economy, is seen as working more favorably for the export environment of Korean corporations. In fact, up to August of this year, exports to the United States increased 30 percent compared to the same period last year.
The business community had been concerned that a Kerry victory would mean trade pressure on Korea. According to an official with the Federation of Korean Industries, "If Bush wins re-election, negotiations for a free trade agreement (FTA) between the U.S. and Korea would be more flexible."
Industries that direct much of their exports to the United State--such as semiconductors, automobiles, and mobile phones--are relishing the prospects of a Bush re-election. As an official with Hyundai Motor explained, "During Bush's term, we were able to build a car factory in Alabama which raised the company's image and reduced trade friction."
Samsung Electronics, which also has a factory and sales corporation in Texas where Bush served as governor, has ties with Bush. Samsung CEO Lee Kun-hee has personally met Bush on several occasions, including the opening ceremony of Samsung's factory in Austin, and Lee Seung-hwan, the vice president of Samsung's Texas-based semiconductor business, enjoys a close relationship with Bush.
There are many Korean business figures who have established personal ties with the Bush family over the years. Kim Seung-yeon, CEO of Hanhwa Corporation and Ryu Jin, CEO of Poongsan Corporation are two representative examples. Kim, who heads the Korea-U.S. Exchange Council (KUSEC), boasts of very close relations with President Bush and with figures in the Republican Party, and attended Bush's presidential inauguration in 2001 and his State of the Union Address in January.
Ryu Jin has enjoyed close ties with the Bush family that go back to the time of his father, Poongsan founder Ryu Chan-u. Ryu was instrumental in arranging a previous visit to Korea by Bushs father, former President George Bush, and has participated with the president in charity golf tournaments.
In addition, Kim Ju-jin, head of Anam Semiconductor/Amkor Technology, is well known for having persistently helped President Bush through all sorts of sponsorship events going back to Bush's days as Texas governor.
(Kim Hee-seop, fireman@chosun.com )
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