President Lee Myung-bak said Monday that Warren Buffett's continued donations have inspired many Korean firms to rethink their social responsibility.

   "(Your activity) has become a good example for companies in Korea and has aroused a lot of discussions on corporations' social responsibility," Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong Wa Dae, according to Lee's spokeswoman Kim Hee-jung.

   Buffett, chairman and CEO of U.S. conglomerate Berkshire Hathaway, was visiting Korea to attend a groundbreaking ceremony for a local unit of Israel's Iscar Metalworking Companies, of which 80 percent is owned by Berkshire Hathaway.

   Lee was quoted as telling Buffett, "Korea has transformed from a recipient of international aid to a donor and it is making efforts to match its international responsibility with its economic size."

   The president said Koreans make more efforts as they have few natural resources.

   In response, Buffett said "brain and energy" are behind Korea's success, according to the spokeswoman.

   He also described Korea as a promising market, saying he will introduce the success of Korea at the next shareholders' meeting of his company, Kim added.

   When asked about the prospects for the U.S. economy, Buffett was quoted as saying that the overall economy is recovering with the exception of the housing market.
(Yonhap News)