To: James Strauss who wrote (1238 ) 1/5/1998 3:43:00 AM From: Sergio H Read Replies (2) | Respond to of 2377
Jim, it looks like Soros is following your lead: Monday January 5, 2:51 am Eastern Time U.S. financier Soros studying Korean investment SEOUL, Jan 5 (Reuters) - U.S. financier George Soros said on Monday he was looking at the possibility of a ''quite substantial'' investment in South Korea. Soros told a news conference at the end of three-day visit to South Korea that he was sending a team of experts to Seoul by the end of the month. ''We have practically no investments currently, but they could expand quite substantially,'' Soros said. Asked about local media reports that the funds he manages would invest up to $1 billion in South Korea, Soros said: ''That report is premature.'' Soros met South Korean President-elect Kim Dae-jung on Sunday for talks on the Korean economic crisis. Soros said his visit to Seoul was at the invitation of Kim. ''My meeting with DJ (Kim Dae-jung) and his team has encouraged me to send a team of advisors to study investment possibilities because I was impressed with their understanding of the magnitude of the problem,'' Soros said. Soros, whose hedge funds have been known to move currency markets, said the won currency has depreciated enough to re-establish the competitiveness of Korea's export-oriented industry. ''I think the decline that has already occurred is certainly more than sufficient to re-establish the competitiveness of Korean industry provided it s not eaten up by price increases,'' he said. The won was trading at around 1770 to the dollar on Monday, having lost more than half of its value against the won over the past year. It was 842 to the dollar a year ago