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Visa Korea country manager
In a speech at Stanford University in March 2010, Ambassador Han Duk-soo said, “South Korea today is a developed, free market, industrial economy.
South Korea today is Asia’s fourth largest and the world’s 15th largest economy and is the world’s ninth largest trading country. South Korea has grown into a global hub of free trade with full access to two-thirds of the world’s markets, representing about half the global population.”
Globalization has been a huge factor in South Korea’s growth and economic success. Modern South Korea is a leader in many industries, from technology and automobiles to music and entertainment.
According to the International Institute for Management Development (IMD), Korea’s national competitiveness was ranked 22nd among 59 countries in 2011, its highest standing ever. This ranking has gone up for the past three years.
In regards to technology, South Korean corporate giant Samsung is supporting the country’s globalization with its partnerships abroad. Last year, Samsung announced collaboration plans with Dreamworks Animation in the U.S. to jointly produce 3-D televisions.
Additionally, South Korea, which once looked up to the success of high technology in Silicon Valley, is now the fastest country to complete a high-speed communications network infrastructure.
Another prime area of South Korea’s growth and globalization can be seen in the automobile sector, particularly in the case of Hyundai Motor Co. and affiliate Kia Motors. Last year, Hyundai-Kia surpassed Toyota as the biggest Asian carmaker in Europe. This year, the company saw record growth and market shares in the North American market.
While these companies are proving their great success abroad, globalization in the domestic market has not yet reached its full potential. There is still a passive view that international competition would greatly hurt local businesses. Some opinions even express that Korean companies fall short of global standards and would experience difficulty competing with foreign brands.
The previous examples alone prove otherwise. Korean products and services have not only seen acceptance but also very high demand from both local and foreign consumers. In short, the Korean brand as a whole should feel more confident about what is has to offer.
Furthermore, it is not only the large conglomerates that are driving globalization. There is a huge movement in the spreading of Korean culture abroad, also known as the “Korean wave.” Lucy Williamson from BBC News noted, “The success of the South Korean economy was, for decades, laid at the door of the big "chaebol" or family firms.
While conglomerates such as Samsung and Hyundai still form the backbone of the country's financial structure, many people now believe that the Korean national brand itself is changing to reflect this new passion for the Korean wave.”
A recent concert held by SM Entertainment in Paris received thousands of European fans that came to cheer on their favorite Korean singers. The enormous success of Korean pop, or K-pop, has inspired the South Korean government to use it to promote Korea’s pop culture as a new international growth industry.
In addition, the Ministry of Culture, Sports and Tourism has plans to promote academic research and experience programs for Korean pop culture.
Korean movies have also contributed to the rapid increase in the domestic film market. Since the beginning of this year, more moviegoers have been opting to watch Korean films. According to the Korean Film Council, 8.48 million people watched Korean films at cinemas in February compared to 4.98 million who watched foreign films.
Even with the option of foreign films, the numbers show that Korean films are able to more than hold their own at the box office.
Hence, South Korea’s diverse portfolio and established success shows that it has what it takes to compete both abroad and here in its hometown. To quote another line from Ambassador Han’s speech at Stanford, South Korea’s “growth and prosperity depend on open markets and free capital flows.”
This applies both externally and internally, in a complete embrace of globalization. With all of the amazing accomplishments the South Korean brand has made out “there,” why wouldn’t it be able to make it “here,” on its own turf?
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