S. Korean official talks on global economy

With the fall of Communism in Europe and changes in relations between the East and the West, there has been a major trend from economically independent nations to a global economy, South Korean Ambassador Seung-Soo Han said. During his speech yesterday at the Annenberg School, Han spoke on the "Changing Dynamics of the Roles of the East and the West in the Age of Global Economy." The ambassador focused on the accomplishments of the South Korean economy in becoming an essential part in the global economy. Han told of his nation's recent acceptance as a full paying member of the United Nations. Since its enrollment, South Korea has helped to promote arms control and human rights, and has been an integral part of many relief efforts as it openly accepts the responsibilities of being a world leader, he said. Han, who was the first to attempt to develop the theory of supra-national budgets in his doctoral thesis, said that by propelling its economy through effective use of its resources, South Korea has become a model to all third-world nations. Han stated that during the 1989 talks between the U.S. and South Korea, trade relations flourished in the free market more than ever before. According to Han, President Clinton has said that the open economy between South Korea and the U.S. is mutually beneficial. The success of the South Korean economy is attributed to the major reforms that have been enacted by South Korean President Roh Tae Woo. Han said that within the past generation, South Korea has gone from one of the poorest nations to a middle class economy. Within that time, Korea has moved away from the threat of Communism, where corruption controlled the government, to a thriving democracy. Han explained that this democratic society has enabled South Korean entrepreneurs to propel the country into the global economy. As South Korea becomes a more significant force in the world economy, Han said, his nation optimistically look towards the future. One of the biggest questions looming is the status of North Korea. Questions over nuclear proliferation in North Korea have created tension between its government and the global community. But Han emphasized the fact that "unification will be realized" in Korea whether it is immediate or over a long period of time. Han also looks forward to the upcoming summit in Seattle with Clinton. Han said in the next four years he hopes all barriers will be removed to create more opportunities for international business. Han said he also hopes that Clinton will continue to give military support to South Korea to protect it from the North Korean threat. As Korea becomes more integrated into the world community, Han said, it will create not only a better Korean society, but a global one as well.