Myung-bak urges to hire more to profit on ME boom

South Korean President Lee Myung-bak said Thursday the country's financial institutions should strengthen their international competitiveness by nurturing and hiring talented people to tap into rich funds in the Middle East and spur the country's economy, Yonhap News Agency reported. Lee made the remark during an economic policy meeting, saying local financial institutions have been too domestic oriented and lacked efforts to hire internationally competitive staff, compared with their Chinese counterparts that he said have been hiring global financial experts in large numbers. Lee made the point, stressing that taking advantage of abundant funds in Middle Eastern nations would be a shortcut to revitalizing South Korea's economy amid the global economic crisis, according to the report. "In order to get into the financial markets in the Middle East, they have to actively scout talented personnel equipped with expertise," Lee was quoted as saying. Since a trip to Turkey, Saudi Arabia, Qatar, and the United Arab Emirates last month, Lee has repeatedly said he sees good business and job opportunities in the region with large amounts of oil money, and South Korea should seize such opportunities