The Global Economy in Turbulent Times

CHAPTER 123 South Korea Emerges More Competitive¹

Left booming Shanghai on Sunday for South Korea (Asia’s fourth-largest economy) to attend a gathering of social scientists in the future city of Incheon and its adjacent port. This ancient city is South Korea’s first Free Economic Zone (1,000 km²), designated in 2003. It is already fast becoming an intelligent high-tech city with state-of-the-art infrastructure and facilities to house world-class businesses, schools, universities, hospitals, meetings, incentives, conferences, exhibitions (MICE), and cultural complexes. This sets Incheon as the next northeast Asian hub for global logistics and center for investment.

What I saw was most absorptive—a far cry, I thought, from Malaysia’s Port Klang Free Zone that failed to be. You can’t but be impressed with the South Koreans’ determination to do what it takes to seriously compete with its two towering neighbors—China and Japan, and, somewhat further, India. It’s the beginning of spring in Incheon, but it snowed! First time in 40 years, I am told. A rare treat. This meeting of a mix of some smartest analysts in economic affairs and public policy from the United States, Europe, and ASEAN+3 provided the needed warmth to fascinate each other on the prospective state of goings-on in the world, especially Asia. The collaborative research of young South Koreans was an eye opener. I intend to share some of their analytics and findings in the hope that we can learn from their lessons and ...