Good morning, fellow Koreans,

Two weeks ago, I visited Turkey and subsequently made a Middle Eastern tour to three countries, including Saudi Arabia, Qatar and the United Arab Emirates.

You may have been worried a lot about our oil supply because of the recent instability in the Middle East. During the tour, I met with the leaders of Saudi Arabia, Qatar and the UAE and reached an agreement that they would supply necessary oil for us no matter what crisis might arise. It is very fortunate that what has concerned us so much could be completely solved.

In addition, I was able to produce better-than-expected results in economic cooperation with these countries.

Turkey, the first destination of my trip, has posted a high annual growth rate of 8 to 9 percent in recent years despite global economic difficulties. Playing a leading role in North Africa and the Middle East, Turkey has a blueprint to become one of a dozen or so strongest economies in the world by 2023. Korean businesses may be able to find a lot of opportunities in Turkey.

During the summit, our two countries agreed to elevate bilateral relations to a strategic partnership. That will certainly go a long way toward facilitating the advancement of Korean companies in Turkey.

We also concurred on the need to conclude a Korea-Turkey FTA as soon as possible. Fortunately, as there are not many sensitive issues related to agricultural produce and small and medium-sized enterprises, a prompt conclusion would be of great help to both our countries.

Moreover, an MOU was signed to pave the way for awarding an exclusive contract to Korea for the Absin thermal power plant construction project in the amount of US$11 billion. Negotiations to build a nuclear power plant, which are currently underway with Toshiba of Japan, will resume with Korea as well.

Enthusiasm for all things Korean among young Turks is an enormous future asset for us. Jaejoong, a member of the Korean pop group JYJ, traveled to Turkey at the same time as my trip and received a frenzied welcome from young people there.

"I was surprised by the fact that there are so many people who can speak Korean fluently. It seemed that there is a lack of venues for Turkish people to experience Korean culture firsthand. I believe exchanges between young people, in addition to between countries, are essential." (Kim Jaejoong, a JYJ member)

Many young people I met at a meeting held in Ankara University said that they were hoping for a chance to attend K-pop concerts and that they hoped Korean restaurants would be opened in the capital city of Ankara at an earliest possible date.

The following is what a sophomore majoring in Korean language and literature at Ankara University said:

"The wider dissemination of Korean language and greater brand value of taekwondo are a clear reminder of the globalization of Korean culture. As a student studying Korean, I feel proud, and at the same time, I feel my expectations for the future are getting greater. Now I am pinning much hope on the increased possibility of working with Korean businesses in Korea." (Ryukie Ekinsey [phonetic spelling], sophomore from the Department of Korean Language and Literature at Ankara University)

The Middle East is the only region that remains immune to the current global economic crisis. Since 2000, a significant amount of global wealth has been channeled into this area thanks to oil price hikes.

The sovereign wealth fund of nations in the region amounts to US$1.7 trillion, accounting for more than a third of the global total. The Middle East is unique in that the region is blessed with natural resources, financial firepower and development demand all at the same time.

Recently many countries in the region are pouring colossal sum of money into the preparations for the post-oil era and the enhancement of public welfare.

The combined budgets earmarked for the new national development plans by Saudi Arabia, Qatar and the UAE exceed US$600 billion. Those countries are now making significant investments in many areas, including construction, education, health care, national defense and nuclear power plants.

As a result, the second Middle East boom is presenting new opportunities for Korea.

During the oil shocks in the 1970s, many Korean workers earned dollars sweating in the construction sites in the Middle East and sent them back home, making great contributions to Korea’s economic progress. From 1975 to 1983, the amount of orders received by Korean construction companies from the region reached US$61.4 billion.

Just over the past two years, however, the amount stood at a whopping US$77 billion.

Middle Eastern countries regard Korea as an optimal partner and want to forge omni-directional collaborative ties. Korea, which has achieved industrialization and social progress in a short span of time, is being touted as a good example. On top of this, the hard-working Koreans in the 1970s and 80s greatly impressed them and won the trust of the people in the region.

Now young Koreans should be able to seize the opportunities posed by the second Middle East boom to dash into the global arena.

Our fathers'' generation who worked there were unskilled workers, but now 70 percent of Korean workers are professional managers, engineers and technologists.

Every year, Korean companies need some 2,000 men and women to work in the Middle East, but they are newly experiencing a shortage of needed human resources.

Working conditions there have changed completely. The Middle East is no longer a stretch of barren desert tough to live in. Major cities are equipped with world-class infrastructure and offer pleasant living conditions. This surprised me as I was visiting there after a long while. I also found that English is freely used in the countries I visited.

I met a young Korean in a gathering with Korean residents there. Here is what he said:

"The conditions for Korean employees have improved a lot. It is a fact that young Korean workers are worried about being dispatched to the Middle East because of the differences in culture and climate. But it should be noted that the region is emerging as a big market in a variety of ways. I think that more and more young people should come here." (Choe Jin-woo, a construction company employee)

I also found that many female Korean workers were assigned to the region. I met Jung Yeo-jin who works as an engineer in Qatar. Here is what she said:

"I came here on the advice of an executive in my headquarters in Korea. He told me to go abroad and see and feel as much as possible. And to build the capabilities that the company will require in the future. Culturally, the people here are very open to  foreign. I feel rewarded personally as I serve as a bridge. I also feel that my thinking has expanded." (Jung Yeo-jin, a construction company employee)

Because of differences in race, religion and culture, the Korean people have largely had only a vague idea about the Middle East.

We often talk about Africa as a viable future market. But the Middle East is an excellent market that we can enter now. The four countries I have just visited are the excellent examples.

I hope our young people will challenge this new opportunity opened to us in the Middle East. In this way, and thus grow to be global leaders.

The Government will do all it can in cooperation with the private sector to realize national advancement and job creation. By using the second Middle East boom as a stepping stone for Korea, the Republic will have a new opportunity to leap forward.

Thank you very much.