EU Proposes Growth Formula for Korea - by Jane Han
The largest European business group here said Tuesday that it would like to accompany President Lee Myung-bak's ambitious ``747'' jumbo election pledge with its own``A380'' plan, a growth formula to help eliminate discriminatory practices against foreign investors. Modeled after Lee's plan ― which vows to deliver 7 percent annual economic growth, double the per capita income to $40,000 a year and make South Korea the world's seventh-largest economy ― the A380 initiative combines three principles, targeting eight projects with zero corruption. ``Our plan will carry South Korea toward more prosperity and growth,'' the new chairman of the European Union Chamber of Commerce in Korea (EUCCK), Jean-Marie Hurtiger, told reporters at his first press conference since being appointed to the top post last week.
The European Union is South Korea's second-largest trading partner after China, with bilateral trade reaching $89.8 billion in 2007.
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