[Editorial] Spurring investment

The government is under fire from two sides in response to its latest investment revitalization package, which includes a plan to allow hospitals to establish subsidiaries to engage in incidental businesses. Hospitals can already engage in some businesses incidental to medical services. For instance, they can operate funeral parlors, parking lots or facilities for medical care and welfare for the elderly.The government’s plan, to be implemented in the first half of next year, is to allow a hospi

Dec. 15, 2013

[Editorial] Who’s responsible?

Among the 12 most-leveraged government-owned companies are Korea Land & Housing Corp., Korea Electric Power Corp. and Korea Water Resources Corp., none of which can be held solely accountable for the huge amounts of debt they have taken on over the past five years. On the contrary, it is the previous administration that dumped the new debt obligations onto the corporations.Korea Land & Housing Corp.’s debt increased by as much as 71 trillion won ($67 billion) during the 2008-12 period. Much of t

Dec. 13, 2013

[Editorial] Murky export outlook

Korea’s external trade surpassed the $1 trillion mark on Dec. 6 when cumulative exports were recorded at $519.4 billion and imports at $480.6 billion. To the joy of the general public as well as the business community and the government, 2013 will be the third consecutive year with more than $1 trillion in external trade.All the more delightful is the forecast that Korea will surpass Japan for the first time when their current account surpluses are tallied for this year. Korea is projected to ge

Dec. 13, 2013

[Editorial] Global talent

The most common criticism against Korean government officials may be that they often lack continuity, consistency and connectivity in implementing policies. This problem is starkly revealed in the endeavor to attract top global talent in science and technology to the country.Since 2008, the government has spent more than 700 billion won ($664 million) inviting a total of 583 talented foreigners under ambitious projects to nurture world-class research-focused universities and other research insti

Dec. 12, 2013

[Editorial] Excessive remarks

By any measure, two opposition lawmakers’ recent remarks aimed at President Park Geun-hye were excessive and ill-conceived.A lawmaker of the Democratic Party urged Park on Sunday to resign over allegations that state agencies meddled in last year’s presidential vote, calling for a reelection in time for next June’s local polls. On the following day, another DP legislator warned Park that she could face the same fate as her father ― President Park Chung-hee, who ruled the country for 18 years unt

Dec. 12, 2013

[Editorial] Unwarranted strike

The rail workers’ strike enters its fourth day today, showing no signs of coming to an early end. The walkout is likely to continue as the more than 4,000 workers of Korea Railroad Corp. vow to fight indefinitely until their demands are met.The workers went on strike to prevent the state rail operator from creating a subsidiary for the management of a new Seoul-Busan KTX high-speed train service that departs from Suseo Station in southern Seoul, separate from the existing one that departs from S

Dec. 11, 2013

[Editorial] Reign of terror

North Korea’s young leader Kim Jong-un marks the second anniversary of his enthronement on Dec. 17. As if to demonstrate that he has secured a firm grip on power, he recently purged Jang Song-thaek, his uncle, and the man who was once regarded as the power behind the throne.Jang, vice chairman of the paramount National Defense Commission, was sacked in an unprecedented way. He was not only accused of “anti-party, counter-revolutionary sectarianism” but was charged with mismanaging the economy an

Dec. 11, 2013

[Editorial] Eradicating corruption

A local court last week handed down heavy sentences on a dozen officials involved in fudging test certificates for parts used in nuclear power plants. Several other senior officials, including a former vice minister of industry and an ex-chief of the state-run nuclear power plant operator, await sentencing for allegedly receiving bribes from parts suppliers. Experts estimate that the shutdown of the nuclear power stations that used substandard parts have incurred a loss of 9.95 trillion won ($9.

Dec. 10, 2013

[Editorial] Academic cooperation

Heads of major universities in Korea, China, Japan and Vietnam agreed to set up a common curriculum to teach classics of the four East Asian countries during their meeting in Seoul last week. If carried forward further, this move would pave the way for a joint history textbook, which could serve as the foundation for mutual understanding and friendly cooperation among peoples in the region.The annual forum that brings together presidents of the four countries’ top national universities in Beijin

Dec. 10, 2013

[Editorial] Expanded air zone

Korea has expanded its air defense identification zone to assert its sovereignty and maximize national interests in the face of China’s unilateral announcement of an expanded zone last month. As expected, Korea’s new ADIZ encompasses Ieodo, a submerged rock some 150 kilometers off Marado, the nation’s southernmost island. China angered Korea by including the reef in its new perimeter, ignoring Korea’s jurisdiction over it. The Seoul government also included in the new ADIZ part of Korea’s territ

Dec. 9, 2013

[Editorial] F1 race in Korea

Formula One is commonly claimed to be one of the world’s three biggest sporting spectacles, the other two being the Olympic Games and the FIFA World Cup. For most motor sports followers, Formula One is regarded as the pinnacle. Yet this hugely popular event does not command a large following in Korea, making it difficult for the organizer of the F1 race in Korea ― the government of South Jeolla Province ― to continue to host it. Last week, the International Automobile Federation dropped Korea fr

Dec. 9, 2013

[Editorial] Apolitical spy agency

The impending process of depoliticizing the National Intelligence Service will undoubtedly be anything but smooth, with the rival parties still wide apart on how to reform the agency. Yet, a politically neutral national intelligence agency will be good for the nation, if not for whichever party is in power. The ruling Saenuri Party, favoring the status quo, wishes to continue to get access to the spy agency’s confidential information, be it about what is happening in North Korea or about a domes

Dec. 8, 2013

[Editorial] Tax revenue shortfall

The Park Geun-hye administration has acknowledged that it will have sustained a huge shortfall in its 2013 tax revenue. But the news has come as no surprise, given that a shortfall was anticipated from the outset of this year. What is surprising, though, is that the administration is belatedly studying what action it should take.In his testimony before the National Assembly’s budget and settlement committee on Friday, Hyun Oh-seok, deputy prime minister for economic affairs, said, “An exceptiona

Dec. 8, 2013

[Editorial] Gloomy perception

Local economic researchers recently forecast that Korea’s per capita gross national income would reach a record high of $24,044 this year, up from $22,700 last year. This rosy estimate, which is owed largely to a moderate economic growth and the won’s appreciation against the U.S. dollar, seems out of touch with the gloomy perceptions held by a growing number of Koreans about their social and economic status.A survey released by Statistics Korea on Wednesday showed that the proportion of people

Dec. 6, 2013

[Editorial] Strategic adroitness

Seoul’s top security officials finalized a plan to expand South Korea’s air defense zone at their meeting Friday in the wake of President Park Geun-hye’s talks with visiting U.S. Vice President Joe Biden.A sophisticated style of diplomacy will be needed to deal with the aftermath of the formal announcement of the expanded zone, which is expected to come on Sunday.Seoul officials may see the measure as an inevitable response to China’s unilateral declaration on Nov. 23 of its air defense zone, wh

Dec. 6, 2013

[Editorial] Back to work

Lawmakers of the ruling Saenuri Party and the main opposition Democratic Party now have their work cut out for them as the National Assembly has been normalized after a long paralysis.The chairmen and floor leaders of the two parties reached a breakthrough agreement Tuesday night, ending the protracted political impasse. They agreed to set up two special parliamentary panels, one to reform the National Intelligence Service and the other to rewrite local election rules. They also agreed to pass t

Dec. 5, 2013

[Editorial] Rekindled controversy

The controversy over the resignation of former Prosecutor General Chae Dong-wook has been rekindled as a Cheong Wa Dae official was found to have been involved in the illegal perusal of personal information about a child alleged to be the top prosecutor’s illegitimate son.Chae denied the allegation, raised by a Korean daily in September, that he had fathered a son out of wedlock. But he resigned as head of the Supreme Prosecutors’ Office, saying that such allegations made it difficult for him to

Dec. 5, 2013

[Editorial] Ill-conceived move

It is ill-timed and ill-conceived that former opposition presidential candidate Moon Jae-in is trying to move to the fore of politics, signaling his intention to make a second bid for the presidency in 2017. A string of recent moves by him, which have put him in the media spotlight, will do no favors to his party, the political atmosphere and his future plan itself.In a meeting with reporters last week, the Democratic Party lawmaker indicated his willingness to run in the next presidential race,

Dec. 4, 2013

[Editorial] Downfall of N.K. patron

The presumed downfall of Jang Song-thaek, a key guardian and uncle of North Korean leader Kim Jong-un, illustrates again the precariousness of the reclusive regime and may have a significant impact on inter-Korean relations ― probably in a negative direction.In a report to members of the parliamentary intelligence committee Tuesday, the nation’s top espionage agency said Jang appeared to have been removed from the power echelon, noting that he had disappeared from the public eye since two of his

Dec. 4, 2013

[Editorial] Korea’s new air zone

The Seoul government is set to finalize a plan to expand its air defense identification zone in response to China’s proclamation on Nov. 23 of a new zone that overlaps those of Korea and Japan.China’s new ADIZ is seen as primarily aimed at bolstering its claim to a group of islands in the East China Sea, called Senkaku in Japan and Diaoyu in China. The islands are under Japan’s control, but China also claims sovereignty over them.The problem is that China’s new defense perimeter also includes Ie

Dec. 3, 2013