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Fri, July 1, 2022 | 08:06
Economy
Hallyu fuels foreign investment in Korea
현대연 "한류, 수출·관광객·투자유치에 기여"
Posted : 2014-08-31 16:47
Updated : 2014-08-31 19:27
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Chinese tourists shop at a duty-free shop in Seoul in this file photo./ Korea Times file
Chinese tourists shop at a duty-free shop in Seoul in this file photo.
/ Korea Times file

By Yoon Ja-young


Exports of Korean culture to China and Southeast Asia continue to rise, riding on the sustained momentum of "hallyu" ― "The Korean Wave".

The positive effects of the nation's entertainment industry are not limited to within its culture industry, according to the Hyundai Research Institute. The institute stated in a report that the Korean Wave has a direct impact in encouraging direct foreign investment back into the country through demand for products, and the tourism industry.

"Exports of hallyu-related goods have been increasing as of late, and the Asian market, in particular, is buying more," said economist Han Sang-wan, who led the study.

After analyzing data for 196 countries from 1995 to 2012, the study concluded that once the trend reaches a country, imports of Korean goods rise immediately. The analysis showed that a 1 percent increase of exports of Korean cultural content pushes consumer goods exports up 0.083 percent.

"It is believed that the popular wave further enhances awareness of Korea and its products, while promoting consumption of Korean goods," Han said.

He also noted the increasing number of foreign tourists coming into the country. Over 12 million foreign tourists visited Korea in 2013, with 9.8 million coming from Asia. Asian tourists accounted for 80.9 percent of the total in 2013, more than a 10 percent jump from 70.7 percent a decade ago.

"Foreign tourists to Korea have also been growing at a steady pace," Han said. "From looking at the latest statistics, we can safely conclude that the Korean phenomenon has had positive effects in the nation's trade and tourism."

Han explains that a 1 percent increase in Korean pop content exports to a country produces a 0.019 percent bump in tourism the following year. He added that visual content, such as Korean pop music videos and promotion videos to visit the country, are especially effective in attracting tourists to Korea.

Thanks to the growing number of tourists, travel revenue grew almost threefold to a record $9.7 billion in 2012 from five years ago.

The researcher also said that the phenomena directly led to an increase in foreign direct investment (FDI) in the service sector. Korea attracted $16.2 billion in 2012, the largest figure ever, as over half of the investment was poured into the service industry. The extra funding in the tourism sector is especially notable.

Foreign investment is another boon, stemming from the famed pop culture wave. Among Asian countries, China is most active in terms of investing in Korea. The country invested $1.4 billion in Korea's service sector last year, a sevenfold increase from 2001.

Han said that Korea should take advantage of the wave while it is still high. He suggested tying in the popularity of hallyu with manufacturing goods exports to further promote Korean brands and products.

"The country should promote Korean brands alongside its other products to present a positive image of the country," he said.


현대연 "한류, 수출·관광객·투자유치에 기여"

한류 현상이 시차를 두고 소비재 수출과 관광객 유치, 투자 견인 효과를 유발한다는 분석이 나왔다.

현대경제연구원 백다미 선임연구원과 주원 수석연구위원은 24일 낸 '한류의 경제적 파급효과 분석과 시사점' 보고서에서 1995∼2012년 196개국의 연간 패널 자료를 분석해 한류 현상이 유발하는 부문별 경제효과를 분석했다.

보고서에 따르면 한류로 문화콘텐츠 수출이 1% 증가할 때 같은 해 소비재 수출은 0.038% 늘어났으며, 특히 음악·출판 분야가 소비재 수출에 미치는 효과가 의미 있게 나타났다.

또 한류에 따른 문화콘텐츠 수출 1% 증가는 다음 연도 방한 관광객 수 0.019% 증가를 견인했으며, 특히 영화, 드라마 등 영상 분야가 관광객 유치에 미치는 효과가 뚜렷했다.

서비스업 외국인직접투자(FDI) 역시 한류에 따른 문화콘텐츠 수출 1% 증가에 따라 0.08∼0.09% 늘어나는 것으로 나타나 서로 연관성을 보였다.

백 선임연구원과 주 수석연구위원은 '한류의 확산과 진화로 '한류 3.0' 시대를 본격화해야 한다'며 '한류 현상이 문화 산업에 미치는 영향을 넘어 연관 산업으로의 파급 효과를 극대화하기 위한 연계 전략이 필요한 시점'이라고 말했다. (연합뉴스)
Emailyjy@koreatimes.co.kr Article ListMore articles by this reporter
 
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