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Korean Job Discussion Forums
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The Floating World
Joined: 01 Oct 2011
Location: Here
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 Posted: Mon Nov 21, 2011 12:00 am Post subject: |
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| atwood wrote: |
| Yaya wrote: |
Korea realized a long time ago that it cannot compete with China in the cheap labor department and must make higher valud-added items. I remember this one entrepreneur back in 2004 saying within four years, China won't need Korea. Well, it's been six years and China is still behind Korea, though catching up fast.
Believe it or not, all of that advanced education Koreans get might pay off, especially if more Koreans come back to work in their motherland. I'm thinking the science types will be more welcome, like those who can work in stem cell research and biotech, alternative energy sources, eco-friendly machines and the like.
Don't rule out Korea's ability to surprise. |
They know it's about adding value, such as in building cruise ships rather that straight-up tankers. The question is can they pull it off. Walking home from work I saw workers replacing tiles on a large building that is less than a year old. Their satellite failed. Getting top-notch quality is no easy proposition.
The strategy to buy foreign companies, such as the European cruise ship builder, may be the way for them to get that quality. Domestically, who knows? |
I dunno, they are getting good building contracts in the Middle East. As long as those buildings don't fall down, they should get more work off of the back of such endeavours. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Mon Nov 21, 2011 1:56 am Post subject: |
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| jvalmer wrote: |
One thing for sure, the last 40 years Korea has surprised. If you would have talked to a US solider serving in 1960's Korea and told them in 40 years that Korea would be the 12th largest economy, he would have laughed in your face.
I for one think Korea is pretty much hit it's peak, but wouldn't be surprised if they do move up a few more notches in the economic ladder. Although I'm not as optimistic as some of those Goldman Sachs' projections putting Korea in the top 5 economies in 100 years. |
Until 1990 maybe 2000 Korea was a surprise, but it's stagnated for the past 10 years at least.
| Yaya wrote: |
I remember this one entrepreneur back in 2004 saying within four years, China won't need Korea. Well, it's been six years and China is still behind Korea, though catching up fast.
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Really? For a multinational they'll chose China over Korea. China as a country may be behind, but they have world class factories, making Iphone etc.
When I see the "Invest Korea" commercials that trumpet the proximity to China's market, I think "easier just to go to China." Look at the Free Economic Zones, almost no foreign companies. The govt. here promotes them like crazy; but no one comes? |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Nov 21, 2011 3:16 am Post subject: |
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| Who's Your Daddy? wrote: |
| jvalmer wrote: |
One thing for sure, the last 40 years Korea has surprised. If you would have talked to a US solider serving in 1960's Korea and told them in 40 years that Korea would be the 12th largest economy, he would have laughed in your face.
I for one think Korea is pretty much hit it's peak, but wouldn't be surprised if they do move up a few more notches in the economic ladder. Although I'm not as optimistic as some of those Goldman Sachs' projections putting Korea in the top 5 economies in 100 years. |
Until 1990 maybe 2000 Korea was a surprise, but it's stagnated for the past 10 years at least. |
Last 10 years Korea has only averaged around 4%. Yes, that's the definition of stagnation. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Nov 21, 2011 4:46 am Post subject: |
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| The Floating World wrote: |
| atwood wrote: |
| Yaya wrote: |
Korea realized a long time ago that it cannot compete with China in the cheap labor department and must make higher valud-added items. I remember this one entrepreneur back in 2004 saying within four years, China won't need Korea. Well, it's been six years and China is still behind Korea, though catching up fast.
Believe it or not, all of that advanced education Koreans get might pay off, especially if more Koreans come back to work in their motherland. I'm thinking the science types will be more welcome, like those who can work in stem cell research and biotech, alternative energy sources, eco-friendly machines and the like.
Don't rule out Korea's ability to surprise. |
They know it's about adding value, such as in building cruise ships rather that straight-up tankers. The question is can they pull it off. Walking home from work I saw workers replacing tiles on a large building that is less than a year old. Their satellite failed. Getting top-notch quality is no easy proposition.
The strategy to buy foreign companies, such as the European cruise ship builder, may be the way for them to get that quality. Domestically, who knows? |
I dunno, they are getting good building contracts in the Middle East. As long as those buildings don't fall down, they should get more work off of the back of such endeavours. |
They've been building in the ME since the 70s. They initially made money by using cheap Korean labor that they could work live slaves. They've had to change that model and in the case of Hyundai, which didn't adapt very well, that really cut into their profits.
Most of those buildings they do, the ones I think you're talking about, they aren't the only contractor of, so how responsible they are for those buildings staying up varies from project to project.
And in historically poor countries, or technologically poor countries, they're more apt to accept a lower standard of quality.
Another example. My office is in a building less than a year old. After a few month's the office door for some reason got harder and harder to close. It was a metal door, so it wasn't swelling, but something about the way it was hung wasn't right. I finally asked them to fix it, which they very quickly did, while I was there in the middle of a meeting. The "fix" seemed to consist mainly of hitting the door apparatus quite a few times with a hammer. Well, two weeks later and the problem has reappeared.
Hyundai has cheaped out with the Genesis models. Unlike what Toyota, Honda and Nissan did with Acura, Lexus and Infiniti--setting up separate dealerships which helped build the luxury image of the brand--they just sell them from existing Hyundai dealerships.
As the article highlighted, the question is can they take the next step. Maybe, maybe not. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Tue Nov 22, 2011 11:01 pm Post subject: |
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I remember a Latin American scholar who wrote about the Korean economy in a daily here. He said Korea loves to emphasize that it's between two economic superpowers -- China and Japan -- but like so what? Why go for the country inbetween when the other two superpowers are available?  |
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