of foreign exchange, contributing about two - thirds of our earnings on the current account of the balance of payments, and almost 20 percent of the country ’ s gdp. any strategy for renewal of growth has to start with that sector. most of the remainder of inflows of foreign currency on the current account come from other services, mainly international business and financial services, which all together contribute another 20 percent or more. services of all kinds now provide barbados with almost 85 percent of all foreign earnings, with exports of sugar, manufactured goods, and oil to trinidad for refining, down to no more than about 15 percent. the international business and financial sector constitutes the second plank in barbados ’ growth strategy. our international business and financial sector is based on an expanding network of double taxation treaties, and financial regulation that is of an internationally acceptable standard. in addition, we have a small but growing pool of expertise in the legal, accounting and financial services needed in this sector, and our wages for these skills are highly competitive, by international standards. to crown it all, we offer these services in a superior environment : we are in a convenient time zone, in the tropics, with excellent infrastructure and first class international connections, and we speak english. in every sector and activity, growth will be driven by the private sector, not the government. it is the thousands of decisions made by rich barbadians, not - so - rich, ordinary and poor barbadians, and by those who have an interest in investing in barbados, that will determine how soon and how swiftly the economy will grow. every one of us faces the need to make decisions about how we cope and make our way forward in very uncertain circumstances, whether we are taximen, policemen, administrators, teachers, information specialists, entertainers, engineers, managers, whatever our calling and however we make ends meet. careful but innovative decisions, sensitive to the realities of the economic situation, are our ticket to renewed growth, once external circumstances permit. the fact that growth in barbados is led by the private sector is something we all know, but it nonetheless bears repetition. the transformation of the barbadian economy, over the past five decades, from a sugar - exporting economy to one that has become a byword internationally for high quality tourism and international business and financial services, is the result of the many initiatives of private barbadians and friends of barbados, who have uncovered the economy ’ s potential for transforming itself, and have invested accordingly,

is on a par with that of singapore, through expanding ftas not just with chile but with the u. s., the european union, japan, china, members of asean, and other latin american countries. in parallel with this, we need to give a dynamic boost to foreign investment in korea, by creating an environment in which people from all around the world can do business as freely in korea as in dubai or singapore. outward investment by korean - based enterprises and their relocation of their production facilities overseas should also be viewed positively and made as simple as possible. furthermore, by promoting deregulation in the areas of finance and transportation, the country will be able to achieve its great ambition of becoming a financial and logistical hub of north - east asia. concluding remarks distinguished members of the asia society, ladies and gentlemen, the hollowing - out of manufacturing that is now taking place in korea can perhaps be thought of as an unavoidable stage on the road to economic maturity, a bit like the acute growing pains of adolescence. having said this, i must admit that not all economic agents in korea are finding it easy to adapt to this hollowing - out of manufacturing, because it is taking place so fast and its ripple effects have such awesome destructive power. seen in this light, the hollowing - out of manufacturing may well appear threatening to the korean economy in certain respects and in the short term. looked at calmly overall and taking a longer - term view, however, the process brings fresh opportunities for the korean economy ’ s upgrading and development. in other words, it is challenges like these that spur on the korean economy to still more energetic advances. you will all, i think, be familiar with how korea achieved the ‘ miracle of the han river ’, emerging phoenix - like as a member of the oecd from the ashes of the korean war. korea was again able to overcome within a short period of time the currency crisis with its threat of a debt moratorium in 1997. the korean nation has repeatedly shown itself to have deep reserves of strength to draw on in times of crisis, when it unites as one. the stronger the challenge, the more dynamic vital energy the nation has been able to summon up, to respond even more resolutely. to turn the challenge facing the korean economy into a great opportunity, the korean people and government should now go through a process of wide - ranging social reform founded upon the transformation of the structure of popular consciousness. the difficult problem