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S. Korea waves away economic vultures
From Sohn Jie-Ae
SEOUL, South Korea (CNN) -- Despite diplomatic envoys circling the region, North Korea could soon have nuclear weapons, that is, if it doesn't have them already. And in the South, strong anti-American sentiments have surfaced with a U.S. military court's acquittal of American soldiers in the deaths of two South Korean schoolgirls in a traffic accident. Both are ingredients helping to stir international investment jitters in a global marketplace already bracing for a U.S. war with Iraq. This week, Moody's Investor Service started its annual survey of South Korea with just such concerns in mind. "What we're trying to do is to assess whether this has any effect on our creditors assessment of the Korean economy or credit ratings. Whether the increased uncertainty with North Korea will effect the investment climate here in Korea," said Thomas Byrne of Moody's. South Korea's president-elect Roh Moo-Hyun told members of the American Chamber of Commerce in Seoul that he didn't think it should impact upon the economy. "Don't worry too much about North Korea and please concentrate on your business," said Roh. Roh, who takes office on February 24, said he was more worried about the media reporting on the possibility of war breaking out on the Korean peninsula. After his speech, Chamber members seemed reassured. "We have been saying Korea is a great place to do business and a great place to invest. There have been some questions but I think he [Roh] answered all the questions" said Chamber member William Oberlin. Seoul officials also point out that the mere fact that inter-Korean dialogue continues despite the ongoing nuclear debate, should do much to calm any investment jitters. With growth rates of five to six percent, South Korea is one of Asia's most thriving economies. The pressure now is on the incoming president to prove he can live up to his words and make sure the North Korean threat does not threaten this prosperity.
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