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  July 24, 2001 atimes.com  

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The Koreas

Seoul sees windfall from Beijing Games

SEOUL - South Korea will be the largest beneficiary of the 2008 Beijing Summer Olympics with its regional proximity and experience as the host of the 1988 Seoul Summer Olympics, Vice Finance and Economy Minister Kim Jin-pyo predicted on Monday.

"Two-way trade volume with China is likely to reach US$100 billion by 2008 with an annual growth rate of 15 percent," Kim told a seminar of the Federation of Korean Industries held on Cheju Island.

Kim predicted that the country's exports to China will reach $56.4 billion and imports $46 billion by 2008 from last year's $18.5 billion of exports and $12.8 billion of imports. "We've seen a 27.4 percent annual export increase rate since 1992 when Korea and China normalized diplomatic ties," Kim said.

The vice minister highlighted several industries that will derive the most benefits from the Beijing Olympics including construction materials, digital electronics, luxury durables, telecommunications equipment and environmental protection facilities.

"It will be necessary for Korean firms to pursue an aggressive marketing strategy and economic cooperation and use its advantages of regional proximity and cultural affinity to survive keen competition with the United States and Japan in the Olympic market in China," he said.

(Asia Pulse)



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