Korean Job Discussion Forums

[JeJuJitsu]

Korea is screwed...in the next few years, when the Chinese owned & built cars start flooding the world market. The kicker, they resemble Hyundais suspiciously closely.

http://www.businessweek.com/bwdaily/dnflash/may2005/nf20050526_0195_db016.htm

udacious, gutsy, and maybe a little nutty -- how else to describe the push by New York auto entrepreneur Malcolm Bricklin and China's Chery Automobile Co. President Yin Tongyao to import and sell 250,000 mainland-made sport utilities, sedans, and sports coupes in the U.S. starting in 2007?


But Bricklin and Chery aim to begin with models that will compete with mainstream vehicles. Starting in 2007, they plan to roll out a four-door sedan, a crossover SUV, and a sports car. The SUV, which Bricklin grandly compares to the $31,000 BMW X3, will sell for $15,000. While analysts say Chery will face a marketing challenge, analyst Jim Hall of AutoPacific Inc. says its cars will generate interest "because of a price advantage, just as Hyundai did in the beginning."

[thepeel]

[regicide]

"Investor protection in South Korea has become an increasingly topical issue with the long-running investigation into the way Lone Star, the US private equity fund, acquired Korea Exchange Bank in 2003.

Against a backdrop of rising economic nationalism, the state audit board has called for the purchase to be nullified on the grounds that Lone Star bought the bank at an artificially cheap price in the wake of the 1997 Asian financial crisis."
This is incredible! The way it looks to me is that they are pissed that this venture capital firm made a buck.

The country was bankrupt and needed outside help to just survive in 1997.

[Milwaukiedave]

Wow, I tend to agre with most of what has been said. Korea would be foolish to simply walk away with no deal. That being said, I don't think the rice issue will get solved. I do hope they allow US beef.

The next few days will tell the tale. If I had to guess what the outcome will be, I would say there will be a deal and it won't include rice.

[thepeel]

[thepeel]

I don't think Koreans understand how under threat their economic well-being is right now. Roh should not have started this if he was not willing to finish it because he opened a Pandora's box of crap.

If the Americans tariff Korean autos and electronics, Korea is going to experience serious econmic hardship.

[The Hammer]

What are the pros and cons of the FTA from the Korean perspective? American perspective?

[thepeel]

The Americans get access to a huge consumer and services market. A good argument can be made that *some of the* 'hollowing out' of the American manufacturing base has been due to unbalanced trade relationships with nations such as Korea, Japan etc etc. The American consumers will also get increased access to Korean products at lower prices (as some tariffs do exist). The trade agreement is, from the Yank point of view, about cars and cows, at this point.

For the Koreans, they get the world. Theirs is an economy that is totally dominated by almost mob-like conglomerates who prevent competition. Korean consumers would get lower priced goods that are of higher quality than now. This would lead to increased competition and innovation/efficiency in the Korean manufacturing sector, and others.

Also, the whole corporate structure, that is in my opinion almost evil (Koreans are treated like scum by their chaebol overlords), in Korea would be undone. The whole system depends on koreans not being able to compete with the Chaebol and the Chaebol not having to compete with anybody but eachother. You would likely see more small business and a push towards global integration. Korea would, in other words, move towards actually being dynamic.

There will be losers. Chaebol will not do well (expect Samsung, maybe). There will be layoffs and industry sheds needless jobs. But "creative destruction" would leave the whole much better off.

The biggest thing you would notice as a consumer is that prices would decrease drastically in a number of markets (food, food, food and food especially).

[thepeel]

[jinju]

[stevemcgarrett]

Good thread for a change, regicide, and much warranted. And your talking points are right on target, BJWD.

[thepeel]

2 hours 15 min till the deal must be done.

What do ya'll think? Will they make a deal? If yes, what will it look like. If no, why do you think the political fall out will be?

Or maybe I'm the only one who is obsessing about this tonight...

[caniff]

[thepeel]

I just refresh this:

http://news.google.com/news?hl=en&ned=us&q=fta+korea&ie=UTF-8&scoring=d

Make sure it is sorted by "date" and you should get info as it is posted.

Hour and a half now. This is a big moment for Korea. Despite my lingering bitterness, I hope they get a deal done.

[caniff]

http://english.yonhapnews.co.kr/Engnews/20070402/440100000020070402011401E3.html

And on it goes....