By Shim Jae-yun
Staff Reporter


SAO PAULO - In a show of national pride, President Roh Moo-yun Wednesday praised domestic companies, saying their patriotism has enabled the nation to achieve the current economic prosperity.

``They played the leading role in developing the national economy. I feel proud of them and highly appreciate their efforts,’’ Roh told a group of ethnic Koreans and businesspeople living here.

He stressed domestic companies had reinvested profits into business activities and had not used underhand methods to pocket the money.

``They didn’t hide what they earned in alias accounts or funnel it overseas. They only poured profits back in for business purposes,’’ Roh said.

Roh’s statement came amid growing criticism that the current economic slowdown has mainly been prompted by the anti-business economic policies of the government.

Critics said such left-wing policies have been preventing businesses from investing further, despite a steady rise in their currency reserves, leading to prolonged sluggish consumption.

Roh has begun to praise domestic companies since his visits to Russia in September and India and Vietnam in October, describing them as ``frontrunners” in overseas markets. ``Businesses are the nation itself,’’ he said.

Roh has also been engaging in ``sales diplomacy’’ during his visits to Argentina and Brazil, with focus on agriculture, natural resources and information-technology.

Regarding economic ties with Brazil, Roh said, ``The potential for further trade and investment relations has been huge and the government has been endeavoring to expand the basis.’’

``Now is the time for the two nations to make epoch-making economic exchanges because they want more contact with each other,’’ he said.

Ethnic Koreans who attended the meeting called for the reopening of a direct flight route linking Seoul and Sao Paulo which has remained severed since two years ago.

Roh said he is not in a position to make a decision over the issue as it is up to airline companies. ``But I think I can play a certain role in the issue,’’ he said.

jayshim@koreatimes.co.kr