DAEGU < invest Korea

U.S. investor Warren Buffett arrived in South Korea on Sunday on a trip that includes a meeting with President Lee Myung-bak.

   The chairman and CEO of U.S. conglomerate Berkshire Hathaway arrived on a private jet in Daegu, a city located some 300 kilometers southeast of Seoul, to attend the groundbreaking ceremony on Monday of a company owned and directed by Berkshire Hathaway.

   Daegu-Tech, a metal-cutter manufacturing firm, is a local unit of Israel-based International Metalworking Companies, 80 percent of whose stake was purchased by Berkshire Hathaway in 2006.

   After the ceremony, Buffett will attend other various events hosted by Daegu Mayor Kim Bum-il before heading to Seoul for a meeting with the South Korean president.

   The meeting between Lee and Buffett comes at a request from the U.S. investor, an official at the presidential office Cheong Wa Dae earlier said.

   The two are expected to discuss global economic conditions and the impact of Japan's troubles from the powerful earthquake and tsunami on the global economy.

Source: Yonhap News (March 21, 2011)