"Here, two corporate executives are attending today''s session. They asked Cabinet members to visit small- and medium-sized enterprises as often as possible. And Cabinet members said they are visiting those enterprises often. But I think there is still much to be desired," said President Lee Myung-bak on Dec. 23.

President Lee said this when he presided over the third session of the National Economic Advisory Council held at Cheong Wa Dae. He said, "As a formality, I''m supposed to declare, ''The new year will be a hopeful one.'' But it''s a regret that I can''t do that. We still have to find a way out under these circumstances."

President Lee said, "These days, many people look disheartened. It seems that they can''t enjoy even Christmas. If we''re too disheartened, there''s nothing we can do."

President Lee recounted his recent meetings with an old woman vendor at Garak Agricultural and Fish Market, a woman vendor at Jagalchi Fish Market in Busan, and an old woman at a restaurant in Mapo, Seoul. He quoted those women as encouraging him or praying for the country.

He said, "Over the past 15 days, I''ve learned a lot from those old ladies." Also mentioning a muffler sent by an old Korean-American woman in Seattle, President Lee said, "I feel happy, because I''m President of a country where such people live" and which such people love.

In the session, the economic advisory council discussed three key issues -- diagnosis of the current economic situation, additional tasks that should be implemented in the short term, and medium- and long-term reform tasks.

With regard to the real estate recession caused by the current economic difficulties, the council said, "It''s necessary to review the government''s real estate policy all over again to rejuvenate construction business and housing deals. To boost the sale of unsold apartments as early as possible, we need to develop package real estate products and even create an ''unsold apartment fund,''" Cheong Wa Dae said.

To address credit crunch and galvanize business, the council suggested reexamining the role of the Bank of Korea, the Korea Development Bank, and the Industrial Bank of Korea, and revising laws to spend public funds in a "preemptive" way.

The council also reiterated the importance of turning the current employment crisis into an opportunity for reform, of revising laws concerning non-regular workers in a more flexible way, and of making the most of services of retired civil servants and corporate executives as consultants.

The council also stressed the need to lift barriers on the service market and expand cooperation channels between Korea and the United States through various bilateral meetings.

The council is a constitutional body that provides counsel for the President on the formulation of strategies and major policies for the development of the national economy.