Foreign conglomerates love
it in South Korea; home to a fast-paced and booming economy. Let us take a look
at what has been new in South Korea this week, and what it means in terms of prospects
for new market entrants.
Culinary
Offerings
Provinces within South Korea do not make it to the
headlines for their range of culinary offerings. The usual lunch options are barbecue,
noodles or stew. However, in Gimhae, an extensive city of in the extreme
southern part of the country stands apart. Passing through the old market,
visitors can come across Thai superstores, Vietnamese cafes and Burmese,
Cambodian and Indonesian eateries.
An Uzbek restaurant has an inviting menu of aromatic meat dumplings
together with a liberal serving of post-Soviet kitsch in an environment of shimmering
gold lamé tablecloths and beady fabric drapery.
A decade ago this place had just a single Chinese restaurant to
talk about. The big difference has been brought in by government policies.
South Korea now has an inflow of foreign entrepreneurs as high as its worldwide
exports.
Korea &
Japan Dispute
Heads of enterprises from South Korea and Japan have called on
both governments to find a way out for the intensifying trade conflicts, this
is a wakeup call for the adverse economic outcomes for both countries.
Diplomatic and political ties between both nations are going
through an all-time low with no chance of a resolution close at hand. The
Korea-Japan Economic Association are pressing the contending nations to bring
back normalcy to their relations through dialogue.
Education
Korea has a surplus of
qualified workers. Those with advanced degrees earn just 24% over high school
graduates, as against a 69% earnings increase in the US.
Although the Korean Government
has subsidized higher education, the determining factor of the college fixation
in South Korea appears cultural. Koreans on the higher side of age are
firm about counterbalancing the years of Japanese control before World War II
when higher education was not even permitted. This is another factor that is
pushing the passion for higher education.
Neighborly Ties Warming Up
North Korean leader Kim
Jong-un is likely to be in South Korea for a dedicated ASEAN summit in November
2019, subject to the moves ahead in nuclear disarmament dialogue with the
United States.
South Korea’s National Intelligence Service (NIS) made
known a careful prediction in its closed session meeting with legislators as
the US and North Korea look set about the resumption of their operational-level
nuclear talks soon.
South Korea is mulling over sending across an
invitation to the North's leader to participate in the capacity of an observer
in the South Korea-Association of Southeast Asian Nations (ASEAN) summit scheduled
to be held on November 25-26 in the southern harbor town of Busan.
