Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
INTERVIEW KOMSCO PR chief co-authors book to challenge misconceptions about public enterprises
Woo Jin-goo, general manager of the Public Relations Department at the Korea Minting and Security Printing Corp. (KOMSCO), poses at his office in Daejeon in this undated file photo. / Courtesy of KOMSCO
By Yi Whan-woo
Woo draws on private, public sector experience to clarify what life in state-run firms is really like
Woo Jin-goo, top public relations official at the Korea Minting and Security Printing Corp. (KOMSCO), has co-authored a new book challenging social bias toward public enterprises.
Jobs in public enterprises are sometimes nicknamed an “iron rice bowl.” The term is used sarcastically to describe their guaranteed lifetime job security, which is often associated with low work efficiency, weak accountability or lax corporate management that would not be tolerated in a private company.
The book, the title of which can be translated as “The Future of Public Enterprises,” carries special significance for Woo, whose career spanning both private and public sectors gives him insight into the realities behind these misconceptions.
“It represents a significant milestone, both personally and for KOMSCO,” Woo said in an interview with The Korea Times, Wednesday.
“Public enterprises are usually perceived through narrow stereotypes, with reference to the ‘iron rice bowl’ … and this book was conceived precisely to fill that information gap and bridge the divide between perception and reality,” he added.
All co-authors were from KOMSCO, including CEO Sung Chang-hoon, representing the state-run company, which led the publication project for public enterprises nationwide.
Woo has served as the general manager of the public relations department at KOMSCO, the country’s sole banknote manufacturer, since October 2023.
Prior to that, he built his career as a strategic communications expert, working at the Korea Road Traffic Authority, a public institution, and at global communications company Burson and the Seoul Hilton Hotel in the private sector.
“The Future of Public Enterprises" is a book published by the Korea Minting and Security Printing Corp. (KOMSCO) on behalf of public enterprises nationwide. Courtesy of KOMSCO
The book primarily targets job seekers, many of whom find themselves disappointed upon joining the public companies.
At KOMSCO, last year’s recruitment drew roughly 5,000 applicants for just 54 positions, resulting in a staggering 95-to-1 competition ratio.
“Despite such intense competition, information about the ‘day-to-day reality’ of working in a public enterprise remains extremely limited for applicants,” Woo said.
He analyzed the gap that partly arises from public firms' need to balance conflicting goals, upholding a commitment to the public good while also demonstrating operational efficiency in line with market logic.
“The paradox of generating profit while accepting losses for the sake of public benefit is, in many ways, the defining challenge of public enterprises,” he explained.
Woo expressed hope that by the time readers finish the book, “they will see public enterprises not as ‘iron rice bowls,’ but as institutions that quietly uphold public responsibility behind the scenes.”