Seoul, South Korea -Growth of Economic Development Research Paper

Essays on Seoul, South Korea -Growth of Economic Development Research Paper Seoul, South Korea -Growth of economic development al Affiliation Seoul, South Korea -Growth of economic development Literature Review Introduction The paper outlines diverse strategies the Seoul metropolitan government is taking in order enhance competitiveness. It involves a succinct analysis of different innovative strategies by the metropolitan government aimed at promoting innovativeness, enhancing higher educations and expanding technology use in production to boost economic progress. Through an exploration of literature, the paper highlights major advancements by the Seoul metropolitan government to promote trade, affordable housing, and IT application in its industries to promote economic development. Social Innovation Social innovation forms a useful tool of governance that developing governments can adopt with the aim of improving technology and economy. Social change strategies adopted by Seoul metropolitan government have contributed to the sustainment of the metropolitan government. Social innovations also assist the government in developing partnership opportunities and collaborations with other economies around the world. Seoul municipal government has created rules that aim at motivating changes amongst Seoul citizens. The country management has motivated change by creation of a culture that aims at facilitating changes within its community. Seoul municipal government also embraces collaboration as a successful tool for change. The government emphasizes on a working relationship between private sectors and civil society within its economy in encouraging social innovation through sustainability, leadership, and creativity. More importantly, the government of Seoul has designed strategies that would ensure sustainability of its economy. According to O’Byrne et al., 2014, sustainable change strategies developed by Seoul municipal government ensures that its economic and technological plans remain valid. Building Excellent Universities Korean government has designed policies that aim at building excellent higher education institutions. According to Byun, Jon and Kim, 2013, the institutions aim at teaching and promoting extensive research in science and technology. Excellent education institutions have close relations with a knowledge-based economy. Elite and research-oriented universities always play an imperative role in productivity and growth of a developing nation. The universities typically have a palpable impact in trade and commerce at both international and local levels. Korean government has adopted policies that aim at upgrading existing small universities to international standards. The policies would foster development of the elite Korean institutions into global rankings standards. Korean government launched the initiatives in three main categories that included Brain Korea 21 project, study Korea projects, and incorporation of SNU; that relates to the uppermost Korean national University. BK 21 Policy BK 21 policy had the vision of building a stronger Korea republic with enhanced human capital. The system encouraged securing of available resources towards the establishment of World-Class institutions. BK 21 policies aimed at solving the economic crisis by producing top-quality research projects and highly skilled Koreans in advanced science and technology. BK 21 project remained the largest Korean government investment in education sector that aimed at rectifying chronic problems of little investment in higher education. Study Korea Project Study Korea project aimed at concentrating brilliant talents in its institutions. Study project launched in 2004, had its policies revolving around enrolment of international students that otherwise worked in Korean Universities faculties. The imported distinguished researchers would collaborate with Koreans elites in developing competitive academic departments within its institutions. Seoul National University Incorporation Act Seoul National University Incorporation Act passed by the Korean government national assembly in 2010 remained fundamental in changing the relationship between SNU and the government. The Act also aims at altering international power dynamics existing between faculty senate and central university senate leadership. Changes in the leadership of Universities would resemble a new beginning for institutions to become excellent. Public Housing Policies Lee and Ronald, 2012 explains how Seoul housing policies have centralized in extension of existing public housings. The policies have also aimed at diversifying housing patterns that meets the needs of various types of families. Seoul governance system have developed the public rental housing sector in serving housing requirements of vulnerable households or very low-income. In addition, Seoul government policies have enhanced fixed term rentals for the broader range income categories. Competitive Industries in Seoul City IT industry Korean has developed into an essential leader of Global IT in the international market. Seoul city policies that improve exports have resulted into maintenance and development of its IT industry and competitiveness globally. Seoul city IT industry exports global DRAM, TV, smart phones, and mobile phones, which have higher market demands around the globe. Seoul city has higher ranking and competitiveness in Nand flash and LCD panels’ production in the global market. Smart phones and Televisions designed and produced by Seoul city IT industry have the largest market share and the topmost world ranking. Korean government has integrated IT in all its industries and established strategic industries aimed at improving competitiveness in the industry. The government has also concentrated in the advancement of its leading IT industries such as semiconductors, displays, and mobile telecommunications. Integration of IT in Koreans industries has raised its technologies and industries to international levels. Biotechnological Industry Niosi, Hanel, and Reid, 2012 explains that Seoul city harbors five largest Koreans university research hospitals that have improved its competitiveness in health care. The current state of the art hospitals elevates the competitiveness of Seoul city around the world. Seoul city has emerged as one of the highly ranked clinical trial center. The city’s hospitals have developed into a mecca of clinical test around the globe. Modern medical devices, excellent medical research groups, and market entry potentials have also developed the global competitiveness of Seoul city in clinical trial market (Niosi, Hanel Reid, 2012). Nanotechnology Industry Nanotechnology industry in Korea ranks fourth in the world. Seoul metropolitan area prides in institutes that perform RD function of nanotechnologies. The industry commercializes photo-catalytic and silver-nano materials used as household products. Seoul competitiveness in nanotechnology also results from the positive technological research environment, which includes enthusiastic companies and universities. MICE Industry Korean government initiated Meetings, incentive tours, conventions, and Exhibitions (MICE) industry as a high value-adding sector aimed at accommodating renowned international events mostly at national level. MICE represent a multifaceted business, which help in operations such as tourism, trade, convention, and exhibition centers. MICE have contributed to Seoul’s competitiveness, green growth, and job creation. Convention and tourism business strengthened Seoul’s competitiveness as a global city (Verma, 2013) Strategies Used By South Korea to Improve Employment Opportunities Financial Support Kim and Cho, 2009, discuss Koreans policies that supported self-employment sector after the Asian financial crisis. The government supported the venture into self-employment sector following economic sluggishness, increasing population and unemployment. Kim and Cho, 2009, discuss Koreans environment policy that encouraged entrepreneurial development and innovation. The government provided financial support to self-employment inventions and information aimed at managing entrepreneurial culture within the country (Kim Cho, 2009). Global Career and Employment Resource Guide South Korea has provided employment information resources that assist citizens in accessing. The resources assist new graduates and professional level job seekers in securing both local and international career. The resource guides include job fairs, recruiters, government-sponsored employment offices, staffing agencies, online job sites, internships programs, visa and work permits. In addition, resources also provide information on international relocation costs such as hosts country’s cultural advice, cost of living, and employment trends (Going Global, 2013). Two-Way Trade and Investment between America and Korea US-Korea business council established by the two governments helped in fostering trade and investment among the countries. The business council would also promote bilateral trade and economic relationship in both the countries (Hong-Sik (Justin) Chung, 2014). The council also fostered United States-Korea Free trade agreement (KORUS-FTA) that would promote greater prosperity between citizens in both countries. KORUS-FTA would ensure duty-free bilateral trade in consumer and industrial products between the two countries. The non-tariff system created by the council would provide market for Korea’s large market. Provision for market would ensure development of Koreans industries and economic growth. The two-way agreement between United States and Korea would provide the expansion of Koreans market access and investment opportunities in its telecommunications and e-commerce sectors. Hong-Sik (Justin) Chung, 2014, argues that KORFUS FTA would also create relatively more benefits for Korean firms. References Byun, K., Jon, J.-E., Kim, D. (2013). Quest for Building World-Class Universities in South Korea: Outcomes and Consequences. Higher Education, 65(5), 645–659. doi:10.1007/s10734-012-9568-6 Going Global (2013). Going Global Career Employment Resource Guide for South Korea. Web. Retrieved September, 26 2014 from, http://eds.a.ebscohost.com/ehost/detail/detail?sid=0c0af4b9-6624-4392-8471-bff03c456f2d%40sessionmgr4001vid=0hid=4211bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=hjhAN=89684575 Hong-Sik (Justin) Chung. (2014). Government Procurement in the United States- Korea Free Trade Agreement: Great Opportunities for Both Sides? Northwestern Journal of International Law Business, 34(2), 299–336. Kim, G., Cho, J. (2009). Entry Dynamics of Self-Employment in South Korea. Entrepreneurship Regional Development, 21(3), 303–323. doi:10.1080/08985620802332707 Lee, H., Ronald, R. (2012). Expansion, Diversification, and Hybridization in Korean Public Housing. Housing Studies, 27(4), 495–513. doi:10.1080/02673037.2012.677018 Niosi, J., Hanel, P., Reid, S. (2012). The International Diffusion of Biotechnology: The Arrival of Developing Countries. Journal of Evolutionary Economics, 22(4), 767–783. doi:10.1007/s00191-012-0284-2 O’Byrne, L., Miller, M., Douse, C., Venkatesh, R., Kapucu, N. (2014). Social Innovation in the Public Sector: The Case of Seoul Metropolitan Government. Journal of Economic Social Studies, 4(1), 53–71. Verma, N. (2013). The MICE trail: Cover story-Selling World Travel, 20–25. Web. September, 26 2014. Retrieved from http://eds.b.ebscohost.com/ehost/detail/detail?sid=b12d3f9a-80db-4a28-bee1-e022409b064b%40sessionmgr198vid=0hid=106bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d