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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Sun Jan 06, 2008 6:32 am Post subject: Koreans Advised to Be More Foreign-Friendly |
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Koreans Advised to Be More Foreign-Friendly
By Kim Sue-young, Korea Times (January 6, 2008)
http://www.koreatimes.co.kr/www/news/nation/2008/01/116_16768.html
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Veteran financier David Eldon, the only foreign national on President-elect Lee Myung-bak's transition committee, said Sunday that South Korea should take a more friendly attitude toward foreign investors to attract investment.
....he said many investors are not certain about the factors required, including openness and transparency.
"I've always been puzzled over why Korea, which has the 13th largest economy and is an OECD country, doesn't reach the same level of other similar economies. Advanced countries with successful financial centers have single and independent regulator in common," he said.
Saying Korea has tremendous potential Eldon urged Korean organizations to be more international and attractive to the outside world. |
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Julius
Joined: 27 Jul 2006
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| Posted: Sun Jan 06, 2008 6:42 am Post subject: |
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I've known plenty foreign visitors leave Korea after a short trip here...and pis*ed angry.
Thats why Korea doesn't attract a significant % of investment. If people have options..they instinctively invest in somewhere where they had a good experience. |
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TheBulimicFatGuy
Joined: 03 Jan 2008
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| Posted: Sun Jan 06, 2008 7:02 am Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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Ho hum.
I've been hearing the same advice for years. "Korea wants to attract more foreign investment. It should have a transparent marketplace that is equally competitive for foreign companies as well as domestic ones."
Nothing ever really changes, and really, why should it? As stated in the article, S. Korea ranks 13th in the OECD (Although I had though it was 11th, oops). Why should they really care about foreign investment? What they really want is foreign buyers. Some may see that as too one-sided a global policy but the reality is every country would dearly love other countries to buy all their exports without trying to compete with domestic business by constructing foreign controlled assets. So far, Korea has been very good at doing that. Just the other day, as I was watching 'Dexter', it struck me at how ubiquitous Korean products are when I noticed the air conditioner in his apartment is LG. It seems to me that the policy of having a few mega-corporations has worked well towards Korea's national interests, if not for the individual citizens.
Don't get me wrong, I'd love to see more choices than Hyundai, Kia, Samsung and Daewoo (did I miss any?) when purchasing a car in Korea but I doubt that this will change even under the new president. Nationalism, even to the point of cutting off one's nose, is far too ingrained in Korea. And given its success rate, I'm not convinced a more "global-like" business atmosphere will actually serve Korea's long time interests. |
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Juregen
Joined: 30 May 2006
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| Posted: Sun Jan 06, 2008 10:04 am Post subject: |
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Because that game doesn't last very long.
Do you think these FTA's with Europe and America are a joke? No.
Its Europe and America telling Korea to open up their market to free competition. |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Sun Jan 06, 2008 6:26 pm Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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| TheBulimicFatGuy wrote: |
It seems to me that the policy of having a few mega-corporations has worked well towards Korea's national interests, if not for the individual citizens.
Don't get me wrong, I'd love to see more choices than Hyundai, Kia, Samsung and Daewoo (did I miss any?) when purchasing a car in Korea but I doubt that this will change even under the new president. |
Under Lee Myungbag, this country will turn into a chaebol-ruled fiefdom. Not that it isn't already, but we're going to see a lot of restrictions holding those companies back lifted as soon as he takes office. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Jan 06, 2008 6:34 pm Post subject: |
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| Quote: |
Do you think these FTA's with Europe and America are a joke? No.
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I agree with Juergen. The leadership seems to understand the need to open up the country although there are some hold-outs among the public.
In the last couple of weeks I've come across small anti-FTA groups demonstrating around town. The public seems to walk right on past. |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Sun Jan 06, 2008 6:49 pm Post subject: |
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| Julius wrote: |
I've known plenty foreign visitors leave Korea after a short trip here...and pis*ed angry.
Thats why Korea doesn't attract a significant % of investment. If people have options..they instinctively invest in somewhere where they had a good experience. |
Really? In what capacity do you meet plenty of foreign investors? |
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nomad-ish
Joined: 08 Oct 2007
Location: On the bottom of the food chain
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| Posted: Sun Jan 06, 2008 7:27 pm Post subject: |
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| billybrobby wrote: |
| Julius wrote: |
I've known plenty foreign visitors leave Korea after a short trip here...and pis*ed angry.
Thats why Korea doesn't attract a significant % of investment. If people have options..they instinctively invest in somewhere where they had a good experience. |
Really? In what capacity do you meet plenty of foreign investors? |
i've actually been on a foreign investors' tour of my city. there were only about 7 or 8 actual investors there and the rest of the seats were empty, so they decided to fill them out with FTs.
i enjoyed the tour a lot! we had to listen to a presentation, but we also got a VIP boat ride to see the construction of this new bridge, a fancy dinner, and a really nice present at the end. however, the investors were not that impressed, i talked to them a bit and also overheard a lot of their snide remarks |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Sun Jan 06, 2008 9:44 pm Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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Restrictions on the Korean companies or restrictions on anyone here who isn't Korean?
| RACETRAITOR wrote: |
| TheBulimicFatGuy wrote: |
It seems to me that the policy of having a few mega-corporations has worked well towards Korea's national interests, if not for the individual citizens.
Don't get me wrong, I'd love to see more choices than Hyundai, Kia, Samsung and Daewoo (did I miss any?) when purchasing a car in Korea but I doubt that this will change even under the new president. |
Under Lee Myungbag, this country will turn into a chaebol-ruled fiefdom. Not that it isn't already, but we're going to see a lot of restrictions holding those companies back lifted as soon as he takes office. |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Sun Jan 06, 2008 9:49 pm Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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| Ilsanman wrote: |
Restrictions on the Korean companies or restrictions on anyone here who isn't Korean?
| RACETRAITOR wrote: |
| TheBulimicFatGuy wrote: |
It seems to me that the policy of having a few mega-corporations has worked well towards Korea's national interests, if not for the individual citizens.
Don't get me wrong, I'd love to see more choices than Hyundai, Kia, Samsung and Daewoo (did I miss any?) when purchasing a car in Korea but I doubt that this will change even under the new president. |
Under Lee Myungbag, this country will turn into a chaebol-ruled fiefdom. Not that it isn't already, but we're going to see a lot of restrictions holding those companies back lifted as soon as he takes office. |
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Restrictions on what chaebols are allowed to do. |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Sun Jan 06, 2008 10:25 pm Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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Are there any restrictions? They're already running the whole country. Almost every sector too.
| RACETRAITOR wrote: |
| Ilsanman wrote: |
Restrictions on the Korean companies or restrictions on anyone here who isn't Korean?
| RACETRAITOR wrote: |
| TheBulimicFatGuy wrote: |
It seems to me that the policy of having a few mega-corporations has worked well towards Korea's national interests, if not for the individual citizens.
Don't get me wrong, I'd love to see more choices than Hyundai, Kia, Samsung and Daewoo (did I miss any?) when purchasing a car in Korea but I doubt that this will change even under the new president. |
Under Lee Myungbag, this country will turn into a chaebol-ruled fiefdom. Not that it isn't already, but we're going to see a lot of restrictions holding those companies back lifted as soon as he takes office. |
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Restrictions on what chaebols are allowed to do. |
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SuperFly
Joined: 09 Jul 2003
Location: In the doghouse
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| Posted: Sun Jan 06, 2008 10:54 pm Post subject: |
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The Korean response:
Last edited by SuperFly on Tue Jan 08, 2008 10:52 am; edited 1 time in total |
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Fat_Elvis
Joined: 17 Aug 2006
Location: In the ghetto
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| Posted: Sun Jan 06, 2008 10:54 pm Post subject: Re: Koreans Advised to Be More Foreign-Friendly |
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[quote="Ilsanman"]Are there any restrictions? They're already running the whole country. Almost every sector too.
They currently can't buy banks, but this rule will be lifted by LMB. And 'illegal' industrial action will be curtailed. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sun Jan 06, 2008 11:31 pm Post subject: |
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| SuperFly wrote: |
The Korean response:
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That's pretty racist. |
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SuperFly
Joined: 09 Jul 2003
Location: In the doghouse
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| Posted: Mon Jan 07, 2008 12:34 am Post subject: |
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| It wasn't intended to be racist. If you guys think its over the top, I'll delete it...sewiously. |
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