Prominent Korean executives, analysts, academics and journalists joined together last week in Seoul, Korea to participate in the third of a series of three seminars designed to promote global best practices and more comprehensive ethical standards programs among Korean firms. This event was organized by the Federation of Korean Industries (FKI) and the Korean Chamber of Commerce and Industry in the USA, Inc. (KOCHAM) under a grant from the Ford Foundation.

Activities included two workshops conducted at The Korea Center for Free Enterprise and the Graduate School of International and Area Studies at Seoul National University. In addition, site visits and smaller meetings were held at the Korea Stock Exchange, the Korea Employers Federation, Daewoo Information Systems Co., Ltd., Doosan Corporation and the Samsung Economic Institute.

Frank Navran, Director of Training and Senior Consultant from the Ethics Resource Center in Washington, D.C. delivered a presentation entitled "Making the Case: The Global Argument for Ethical Standards" in which he outlined five ethical imperatives. These included a detailed examination of costs and benefits based upon moral, legal, perceptual and pragmatic grounds, as well as the need for change. In addition, Alex Zalami, Director of the Gulf Center for Excellence in Ethics in the United Arab Emirates discussed the challenges of developing ethical standards that balance local cultural and regional ethics with the western standards that are being adopted as global norms.

Kook-Hyun Chang, Executive Director of the Federation of Korean Industries New York Office noted, "Korean business and political leaders are increasingly aware of the direct impact that ethical standards have on a corporation's bottom line and our nation's economic productivity. To address these issues Korean President Kim Dae-Jung has declared a national 'War on Corruption'. Our program presented the latest thinking on ethical standards with real-life case studies. This knowledge will help to instill stronger ethical

This seminar is part of a long-term effort that began last year with the release of a research report organized by FKI and KOCHAM entitled "Confronting Korea's Public Image in the Age of Segyehwa: Building Skills and Awareness to Compete in the Global Economy". This report highlighted the need for Korean firms to upgrade their management skills and to raise their public profile and the resources they devote to strengthening relationships in overseas markets.

FKI is a private, non-profit organization pursuing Korea's economic development and international cooperation based on the principles of free enterprise. Founded in 1961, FKI serves as a central forum and the most influential voice of the Korean private sector, representing 450 of Korea's largest businesses and business groups including Hyundai, Samsung, Daewoo, LG and the SK Group.

KOCHAM is a non-for-profit private business organization headquartered in New York City. Founded in June 1992 to assist Korean firms expanding their U.S. operations, KOCHAM now includes over 600 member firms encompassing import-export, high tech, automotive, semiconductor, banking, shipping, securities, insurance and construction companies.

For additional information please contact Kook-Hyun Chang of Federation of Korean Industries New York Office or Keith W. Rabin of KWR International as indicated below.

CONTACT: Kook-Hyun Chang
Federation of Korean Industries New York Office
Tel: 212-980-4389, Fax: 212-980-5270
E-mail: khc@nymetro.net
or
Keith W. Rabin
KWR International, Inc.
Tel: 212-799-4294, Fax: 212-799-0517
E-mail: kwrintl@kwrintl.com