Good Morning. I am very pleased to be here this morning to open the first, in a series of three corporate citizenship seminars sponsored by KOCHAM and the Federation of Korean Industries New York Office under a grant from the Ford Foundation. I would like extend my special thanks to Mr. Kook-Hyun Chang of the Federation of Korean Industries New York Office who has been instrumental in developing this program, but who is now in Vancouver attending the APEC CEO Summit meeting. Unfortunately, he could not be here with us today. In addition I would like to thank Mr. Michael Seltzer of the Ford Foundation, which has graciously provided KOCHAM and FKI with the funding for this program; and Mr. Keith Rabin of KWR International, who has helped us to organize today's activities.

The concept of voluntarism, corporate citizenship and philanthropy is very new to Korea and Korean firms. Our Confucian tradition has long governed our actions in this area, and usually this has meant that Korean companies and Korean people have focused their actions within their own local communities and families. This spirit of self-sufficiency and cohesiveness has provided us with the discipline and capabilities that have allowed us to achieve unparalleled growth for over four decades. Korea now possesses the world's eleventh largest economy and is an OECD-member country.

Today, however, Korea is a far different country than it was forty -- or even ten -- years ago. We are in the midst of dramatic social change and economic turmoil. Just last week our government approached the IMF for a $20 billion dollar loan. In a sense, our troubles can be viewed as a result of our success. Many of our institutions and business practices were designed to promote export-oriented growth in a smaller, less-developed economy. Our economy has matured, and our corporations have grown to a point that would have been unimaginable, even ten years ago.

Given the greater size and complexity of Korean corporations, their need to mobilize a more diversified workforce, to adopt a higher profile and to manage constantly growing international operations, there is a clear need to build upon, and to develop the Korean economic and corporate model. This is important so that so that we can retain and expand our competitiveness, while balancing the pressures of globalization with the need to operate effectively within local communities around the world.

The actions taken by Korean firms have an increasing impact beyond our borders. More effective communications and a structure that recognizes the social obligations of Korean firms is essential. Greater attention to corporate citizenship, philanthropy and other "corporate diplomacy" initiatives will promote good will and more harmonious trade relations between Korea and its trading partners. It will also help Korean firms to enhance their productivity and profitability and to develop and implement strategies which are sufficiently flexible to allow success in the competitive, global economy.

To help Korean firms focus on these issues, KOCHAM and FKI will be organizing three seminars to familiarize Korean executives with the practice and concepts behind corporate citizenship initiatives. You are attending our first event today. Additional seminars will be held next year in Los Angeles and Seoul. These seminars will feature highly-renowned and experienced corporate and foundation representatives from the U.S., Japan and Europe who will provide us with examples and case studies to highlight the difficulties and benefits of estab-lishing philanthropic and corporate citizenship programs.

We have a very busy morning ahead of us and I would now like to introduce you to Barbara Bryan, president of the New York Regional Association of Grantmakers, a local organization comprised of over 200 New York metropolitan area-based foundations and corporations with established corporate philanthropy and citizenship programs. Barbara will provide a few additional opening comments before we commence with our program.

Thank you very much for meeting with us this morning. I look forward to speaking more with you as we explore these important issues.