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Gollywog
Joined: 14 Jun 2008
Location: Debussy's brain
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 Posted: Wed Sep 10, 2008 4:50 am Post subject: Congratulations Seoul, you are now a global business hub! |
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What's wrong with this economic development plan?
Let us count the ways.
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Nation Regrouped Into 7 Economic Blocs
By Lee Hyo-sik
Staff Reporter
South Korea will be divided into seven economic blocs and be assigned
with one or two leading industries as part of government efforts to promote balanced development and turn the nation into a globally competitive business hub.
To do this, the government plans to spend 25 trillion won out of state coffers and attract another 25 trillion won from the private sector over the next five years, implementing 30 development projects aimed at expanding roads, railways and other infrastructure, as well as nurturing talented manpower.
However, critics say that the package is the Lee Myung-bak administration's attempt to satisfy both voters in the Seoul metropolitan and provincial areas in the name of balanced national development not unlike the previous Roh Moo-hyun administration.
They say the massive fiscal stimulus measure is largely aimed at helping the struggling construction industry and spurring domestic demand as the world's 13 largest economy is losing momentum fast on sluggish private consumption and investment. But they cautioned that the plan could further hike prices of goods and services by increasing the money supply and worsening fiscal soundness, arguing it could do more harm than good to the economy in the long run.
In a report to President Lee, Wednesday, the Ministry of Strategy and Finance said it selected one or two ``future-promising'' industries for each region. To help promote key industries, one or two universities in each district will also be fostered to provide skilled workers.
The government also plans to advance transportation and logistics-related infrastructure across the country through 30 development projects, including the Saemangeum development scheme in North Jeolla Province and the construction of an administrative capital in South Chungcheong Province.
``It is important to develop both the Seoul metropolitan area and provinces. The plan is aimed at leveling the playing field for both sides. We will help provincial areas expand roads and other logistics-related infrastructure to better compete with the metropolitan area,'' Strategy and Finance Minister Kang Man-soo said.
Kang stressed that the development projects will face little difficulty in attracting 25 trillion won in private investments as profitability prospects are bright. He added despite such large state spending, fiscal soundness will remain intact because the recent broad tax cut will encourage businesses to expand investments and consumers to increase consumption further down the road, resulting in larger tax revenues in the years to come.
Under the scheme, Seoul, Incheon and Gyeonggi Province will be transformed into a global business hub, equipped with knowledge-based service industries. Chungcheong Province will be fostered as Korea's Silicon Valley and a research and development (R&D) hub for Northeast Asia.
Southwestern Jeolla Province is to be developed as a center for culture as well as renewable energy development and other green growth-based businesses, while Busan and South Gyeongsang Province will become the logistics hub for Northeast Asia.
The government will also promote Daegu and North Gyeongsang Province as an information technology and knowledge-based industry center. Gangwon Province will become a leisure and medical services industry hub, with Jeju being transformed into a free international city.
Critics say the multi-billion dollar development projects are just the latest politically-motivated scheme to improve the Lee administration's standing with the public.
``The spending plan is part of the government's effort to ease growing conflict between the Seoul metropolitan area and provinces because the government cannot afford to lose support from either side. It is appealing to populism,'' Citigroup economist Oh Suk-tae said.
Oh added that there were not many new projects included in the unveiled development scheme, saying the government was recycling previously announced plans to appeal to the public.
``The spending could also worsen fiscal soundness as the government has pledged to slash its annual budget by 10 percent over the next few years and cut income taxes on individuals and businesses,'' he noted. |
More - graphics:
http://www.koreatimes.co.kr/www/news/biz/2008/09/123_30887.html
Where to start?
Anyone hear anything about this prior to the announcement?
From the story, it sounds like it is fresh news. Which is bad news.
When are they going to learn?
They just announce a major plan as a fait accompli. No public hearings. No public input. No time for general discussion, consensus building. Just, Poof! You're now going to be a global whizbang center. Why? Because we say so! And then they wonder why the plans flop.
Funding? No problem. Unnamed sources are just dying to invest. Including the government. As Everett Dirkson Kim once said, "25 trilion won here, 25 trillion won there, pretty soon you're talking about real money."
Look at the map. See any area designated for agricultural modernization? Has it ever occurred to anyone that when the current fading generation of farmers dies off, Koreans are either going to be mighty hungry, or are going to pay through the nose for food?
Now, haven't we heard the "global business hub" mantra before? Let's see, remind me again, why does it keep flopping? Oh yeah, Korea hates foreigners, Korea welches on international trade agreements, and most Korean college graduates have pathetic English speaking skills. And there are plenty of other global business hubs outside Korea where this is not the case.
Jeolla as a culture hub? I have the feeling Korea's definition of the word "culture" might be a little different from, say, New York City, Paris or Tokyo. How are they going to use this for economic development?
Jeju, Korea's new "free international city." Anything like Amsterdam? Now, that would be cool!
I have never heard so many buzz words outside an apiary.
Kang stressed that the development projects will face little difficulty in attracting 25 trillion won in private investments as [b]profitability prospects are bright. He added despite such large state spending, fiscal soundness will remain intact because the recent broad tax cut will encourage businesses to expand investments and consumers to increase consumption further down the road, resulting in larger tax revenues in the years to come.[/b]
After reading this paragraph about six times, it is starting to almost make some sense. But I still don't believe it. If the won continues to fall and prices continue to rise, triggering even more inflation, how are Koreans going to increase consumption "down the road," which then, according to this, will lead to 25 trillion won in private investment? How far down the road?
Good news, Gangwon, you have been selected to be a leisure hub. Sounds good to me. Let's all live in the leisure hub.
Jeolla gets the green business hub. Green business in Korea -- an oxymoron? What does that leave the rest of Korea? Hey, how about making all of Korea the green business hub?
Nice map, though.
Are they still going to build the canal?
If not, then this, or almost anything, is a better way to spend (waste) their money.
I love the reporter's comment from the unnamed "critics."
| Quote: |
Critics say the multi-billion dollar development projects are just the latest politically-motivated scheme to improve the Lee administration's standing with the public. |
The nerve! He wants to improve his standing with the public! Who does he think he is?
"Politically motivated!" As if his "critics" aren't.
Someone should tell the reporter the word "scheme" has pejorative connotations, and is to be avoided except in describing something like a illegal plan to defraud. See: Ponzi scheme, pyramid scheme.
Scheme: a plan or program of action; especially : a crafty or secret one
Try "plan."
Say, why does the article suddenly switch from won to dollars?
Korea, you want to be a success in the world? Do something that hasn't been done anywhere in the world before. Invent something that hasn't been invented before. Quit trying to do what the West did 20, 40, 60, 80, 100 years ago. Have some imagination, for once.
Global business center? Like New York, London, Hong Kong? It's already been done. And with the Internet, etc., the world doesn't need another global business center.
Green business. You're getting warm. Go for the new technology, and put everything into it.
Oh, I forgot, Koreans have no imagination. Coming up with genuinely new ideas is not your forte. Imitating old technology is.
But you aren't going to be able to keep on making internal combustion engines forever.
I've got it!
How about an educational system that encourages creativity, individualism and leadership?
How about teaching students how to think and ask intelligent questions.
How about hiring teachers who know something about the world beyond the "east sea" and "west sea?"
How about encouraging students to use their English skills to learn about and incorporate the best ideas and innovations of other countries around the world?
How about encouraging Koreans to visit and study in other countries and actually learn about the cultures while they are there?
The reason Korea is never going to be able to compete in the world without loans, subsidies, and one-sided trade agreements is because the educational system in Korea is, on the whole, moronic. Just about the only thing you do here is teach students how to memorize facts and formulas, cramming as many as possible into their sleep deprived brains.
It's amazing that any students here have any love of learning at all. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Wed Sep 10, 2008 3:20 pm Post subject: |
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| So what exactly did Korea do to give you such a hardon? |
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Paddycakes
Joined: 05 May 2003
Location: Seoul
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| Posted: Wed Sep 10, 2008 5:37 pm Post subject: |
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How about an educational system that encourages creativity, individualism and leadership?
How about teaching students how to think and ask intelligent questions. |
What gets me is that some people here think this is unique to Korea and Asia in general.
The brainwashing and indoctrination and social engineering is just as real in American or Canadian schools as it is in Korea, maybe not to the same overt degree, but it's still very much there.
Your average Canadian high school grad knows how to think critically? Based on some of the stuff I've seen from 1st year uni students (and these were "IB Grads" too... the brainy ones), I'd say most have very little capacity for genuine critical thought outside the narrow parameters of thought presented in the high school system... |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Wed Sep 10, 2008 6:50 pm Post subject: |
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Gollywog, you generally sound like a dumbass who doesn't know what he's talking about.
My favorite example of this:
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| And when Koreans die of vCJD, they are going to make sure we pay for it, with blood. |
You should have added a little "Mwahahaha!" at the end of that. |
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SHANE02
Joined: 04 Jun 2003
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| Posted: Wed Sep 10, 2008 7:17 pm Post subject: |
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This hub thing is really over done. Hub this, hub that. It's just a a govt. created label. I think that's what the OP is saying in a very over the top way, and I agree. So does Kim Tae-won of the ruling Grand National Party. So why does his party keep Hubbing?
http://english.donga.com/srv/service.php3?biid=2008090844588
Six industrial cities under construction are unlikely to achieve their intended results since they are driven by the government rather than business feasibility, a study said yesterday.
Several of the areas will have trouble attracting business and investment and create the phenomenon of �industrial cities without industries,� the report by the Land, Transport and Maritime Affairs Ministry said. The report was prepared for lawmaker Kim Tae-won of the ruling Grand National Party.
Industrial cities received 3.31 out of five points for prospects, lower than the score for industrial complexes in provinces (3.6 .
The industrial city project was pushed for by the previous Roh Moo-hyun administration.
Cheongju in North Chungcheong Province seeks to be an information technology hub and Wonju in Gangwon Province a bio-industry hub, but both are unlikely to attract large companies to ensure success, the report said. The two cities were cited for lacking strong universities to back up research and development.
Muan County in South Jeolla Province has pledged to become a logistics hub, but whether it can attract investment is doubtful.
Taean County in South Chungcheong Province, Muju County in North Jeolla Province and Yeongam and Haenam counties in South Jeolla Province all hope to attract more tourism and leisure industries, but low accessibility and commercial viability pose as obstacles, the report said.
Taean, Wonju and Cheongju have received permission to go ahead with their city projects and held their groundbreaking ceremonies, but the remaining three areas have seen no progress due to changes in construction companies or delay in capital payments.
�The reason progress is slow is that the goal of the industrial cities and the manner of development conflict,� the report said. The projects are private-driven in appearance but the central government chose the locations to achieve balanced national development, damaging their prospects, it added. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Wed Sep 10, 2008 9:58 pm Post subject: |
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| SHANE02 wrote: |
This hub thing is really over done. Hub this, hub that. It's just a a govt. created label. I think that's what the OP is saying in a very over the top way, and I agree. So does Kim Tae-won of the ruling Grand National Party. So why does his party keep Hubbing?
http://english.donga.com/srv/service.php3?biid=2008090844588
Six industrial cities under construction are unlikely to achieve their intended results since they are driven by the government rather than business feasibility, a study said yesterday.
Several of the areas will have trouble attracting business and investment and create the phenomenon of �industrial cities without industries,� the report by the Land, Transport and Maritime Affairs Ministry said. The report was prepared for lawmaker Kim Tae-won of the ruling Grand National Party.
Industrial cities received 3.31 out of five points for prospects, lower than the score for industrial complexes in provinces (3.6.
The industrial city project was pushed for by the previous Roh Moo-hyun administration.
Cheongju in North Chungcheong Province seeks to be an information technology hub and Wonju in Gangwon Province a bio-industry hub, but both are unlikely to attract large companies to ensure success, the report said. The two cities were cited for lacking strong universities to back up research and development.
Muan County in South Jeolla Province has pledged to become a logistics hub, but whether it can attract investment is doubtful.
Taean County in South Chungcheong Province, Muju County in North Jeolla Province and Yeongam and Haenam counties in South Jeolla Province all hope to attract more tourism and leisure industries, but low accessibility and commercial viability pose as obstacles, the report said.
Taean, Wonju and Cheongju have received permission to go ahead with their city projects and held their groundbreaking ceremonies, but the remaining three areas have seen no progress due to changes in construction companies or delay in capital payments.
�The reason progress is slow is that the goal of the industrial cities and the manner of development conflict,� the report said. The projects are private-driven in appearance but the central government chose the locations to achieve balanced national development, damaging their prospects, it added. |
So it'll basically be like the English Village disasters except on an internationally embarrasing scale? GO FOR IT!!! |
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bundangbabo
Joined: 01 Jun 2008
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| Posted: Wed Sep 10, 2008 9:59 pm Post subject: |
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Gollywog
Eff off
Thank you. |
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yawarakaijin
Joined: 08 Aug 2006
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| Posted: Wed Sep 10, 2008 10:17 pm Post subject: |
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| Did you hear about that guy that ate 26,000 Big Macs? That's awesome! |
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bundangbabo
Joined: 01 Jun 2008
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| Posted: Wed Sep 10, 2008 11:07 pm Post subject: |
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| yawarakaijin wrote: |
| Did you hear about that guy that ate 26,000 Big Macs? That's awesome! |
I can manage 2 - maybe 3 on a good day! Whatabout everyone else? |
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SHANE02
Joined: 04 Jun 2003
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| Posted: Thu Sep 11, 2008 4:51 am Post subject: |
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| yawarakaijin wrote: |
| Did you hear about that guy that ate 26,000 Big Macs? That's awesome! |
Wow, 26000? He could start his own international burger hub if he was Korean. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Thu Sep 11, 2008 3:30 pm Post subject: |
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| SHANE02 wrote: |
Wow, 26000? He could start his own international burger hub if he was Korean. |
And then Gollywog would start a thread complaining about it... and the circle of Dave's would continue. |
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DCJames
Joined: 27 Jul 2006
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| Posted: Thu Sep 11, 2008 5:28 pm Post subject: |
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| Paddycakes wrote: |
| Quote: |
How about an educational system that encourages creativity, individualism and leadership?
How about teaching students how to think and ask intelligent questions. |
What gets me is that some people here think this is unique to Korea and Asia in general.
The brainwashing and indoctrination and social engineering is just as real in American or Canadian schools as it is in Korea, maybe not to the same overt degree, but it's still very much there.
Your average Canadian high school grad knows how to think critically? Based on some of the stuff I've seen from 1st year uni students (and these were "IB Grads" too... the brainy ones), I'd say most have very little capacity for genuine critical thought outside the narrow parameters of thought presented in the high school system... |
huh? |
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Rob'sdad
Joined: 12 May 2008
Location: Seoul
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| Posted: Thu Sep 11, 2008 6:18 pm Post subject: |
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| bundangbabo wrote: |
| yawarakaijin wrote: |
| Did you hear about that guy that ate 26,000 Big Macs? That's awesome! |
I can manage 2 - maybe 3 on a good day! Whatabout everyone else? |
My hometoast Bob ate 4 at one sitting. When he went to the can, I fled. |
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SHANE02
Joined: 04 Jun 2003
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| Posted: Thu Sep 11, 2008 6:47 pm Post subject: |
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| Scotticus wrote: |
| SHANE02 wrote: |
Wow, 26000? He could start his own international burger hub if he was Korean. |
And then Gollywog would start a thread complaining about it... and the circle of Dave's would continue. |
so,,,he ranted a little....it's Dave's Rant Hub of Asia ESL cafe |
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endo
Joined: 14 Mar 2004
Location: Seoul...my home
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| Posted: Thu Sep 11, 2008 7:18 pm Post subject: |
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| Korea is the Hub of Korea. That is the only "Hubbing" they're ever going to do. |
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