SEOUL, March 21 (Yonhap) — President Lee Myung-bak said Monday that Warren Buffetts continued donations have inspired many South Korean firms to rethink their social responsibility.
(Your activity) has become a good example for companies in South Korea and has aroused a lot of discussions on corporations social responsibility, Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong Wa Dae, according to Lees spokeswoman Kim Hee-jung.
Buffett, chairman and CEO of US conglomerate Berkshire Hathaway, was visiting South Korea to attend a groundbreaking ceremony for a local unit of Israels Iscar Metalworking Companies, of which 80 percent is owned by Berkshire Hathaway.
Lee was quoted as telling Buffett, South Korea has transformed from a recipient of international aid to a donor and it is making efforts to match its international responsibility with its economic size.
The president said South Koreans make more efforts as they have few natural resources.
In response, Buffett said brain and energy are behind South Koreas success, according to the spokeswoman.
He also described South Korea as a promising market, saying he will introduce the success of South Korea at the next shareholders meeting of his company, Kim added.
When asked about the prospects for the US economy, Buffett was quoted as saying that the overall economy is recovering with the exception of the housing market.