Viewing page 424 of 426

This transcription has been completed. Contact us with corrections.

-18-

which he could purchase with the aid of foreign know-how, he was concerned with his ability in a period of rapid technological change to keep abreast of new developments and to maintain his competitive position. He also noted the availability of foreign capital for new investments in Korea, and said that the Korean Government and Korean industry needed sound advice based on an understanding of local factors as well as of world market conditions to direct its investments in new plants prudently. He mentioned idle factories standing in the neighborhood of Seoul which were monuments to bad investments. We were in agreement that the new Institute had an important role to play in both these areas and that the Institute should be closely geared to the requirements of Korea's expanding industrial sector.

I reported to President Park that I was optimistic about the prospects of the Institute taking root and serving as a symbol for the world of Korean advance in modern science and technology. We were in agreement that the contributions which the Institute could make would be essential to the long-run development of Korea and be a vital factor in the fulfillment of Korea's national future.