Korea and Globalization: Politics, Economics and Culture
Korea will be in the forefront of the move to implement the ideal of liberalizing investment and trade and will help lay a bridge between advanced and developing countries.
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Distinguished Korean and foreign guests, Since my inauguration as President of Korea in , I have taken up "change and reform" and "segyehwa," or globalization, as the foremost goals of state affairs and have since pushed reform and opening up in all fields, including political, economic and social activities. It has become mandatory to use real names in all financial transactions and for high-ranking public officials to make public their financial assets, including real estate.
Furthermore, every effort is being made to eliminate government-business collusion to keep our economy and Government clean.
The Government has taken bold steps to ease regulations so that the private sector can maximize its creativity and fully exercise its initiative. Measures are also being taken to improve in a major way the domestic environment for foreign investors and thus make Korea a country where it is good and desirable to do business.
The segyehwa policy Korea is pursuing represents an effort to eliminate the inefficiency and malpractice stemming from protectionism and regulation and improve and upgrade institutional systems and practices to a world level. The ultimate objective is to make Korea a country people all over the world would like to visit, invest in and reside in. In this sense, the segyehwa policy that Korea is pushing is not for the sake of the development of Korea alone, but also to help the development of the world as a whole. Ladies and gentlemen, Many specialists predict that Asia will emerge as the main player in the age of globalization in the 21st century.
Globalization and Financial Crises in Seoul, South Korea | SpringerLink
The upcoming century will bring challenges as well as opportunities for Asians. Lest it should let such challenges and opportunities pass by, I believe, Asia must further open up and actively move toward globalization. In order to meet the new century successfully, I think, each and every country of Asia must place emphasis on the following four points: First, efforts to liberalize trade and investment should be increased.
The Asia-Pacific region is now trying to remove barriers to trade and investment through major efforts centered on the Asia-Pacific Economic Cooperation APEC forum that advocates "open regionalism. Liberalization of trade and investment should and will enable the Asian region to accelerate economic growth and improve the quality of life. Second, cooperation within the Asia-Pacific region must be further strengthened so that the region's dynamism may be brought into full play. The countries in the Asia-Pacific region, with their different levels of development and different endowments of natural resources and other factors of production, make up a mutually complementary economic structure.
The task Korea will take on is to promote the continued growth and development of the Asia-Pacific region by helping to strengthen cooperation within the region so as to fully utilize its diverse resources. One good example of such regional collaboration will be the Mekong River Basin Development Project in which major Asian countries, including Korea, are taking part. Third, Asia must further strengthen exchanges and cooperation with other regions of the world such as the Americas and Europe. As globalization is likely to proceed into the 21st century, the triangular cooperative relations between North America, the European Union EU and Asia are expected to further deepen.
Now and in the future, the world's three major economic spheres should develop their relationship in such a manner that all will be winners and not in a manner that will create winners and losers. Fourth, within these regions, there should be increased dialogue on security. Efforts to prevent disputes within the region and resolve disputes peacefully need to be strengthened. Seoul has captured international attention with two major events. One was the Seoul Olympics, and the other was the financial crisis from November through The same high-rise office buildings that were described as the symbol of the Korean economic miracle have become emblematic of the corrupted relationship between government and businesses.
Seoul, envisioning itself as an emerging world city for much of the s, has lost its competitive edge by revealing structural weaknesses and practical faults in its globalization process. Unable to display preview. Download preview PDF. Skip to main content. Advertisement Hide. This process is experimental and the keywords may be updated as the learning algorithm improves.
The Payoff to South Korea from Globalization
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