Back in the 1960s, South Korea was just a typical developing country with poor resources and means of production. The large population was dependent upon the foreign powers for their national security. The economy wasn’t good either. However, within a generation, South Korea’s economy has transformed from one of the poor economies of the world to the richest. Ever wondered what lies at the heart of this massive achievement? It’s the innovation and technological advancements that have highlighted the country as one of the progressive ones on the world map.
The country’s economy is growing day by day so is the innovation as they invest more in research and development than any other country. South Korean companies have a strong position in the global market despite stiff competition. The country is home to a few of the world’s leading conglomerates that are setting the bar too high for their competitors by introducing new gadgets with better features every day. Ranging from dash camto a washing machine, you name it and you will find your desired machinery with a ‘Made in Korea’ label on it. Various factors contributed to making South Korea’s economy technology-driven. Here is what made South Korea increase its budget for R&D and how technology has transformed over the course of time in this region:
A Necessity:
Innovation in the technological domain was a need for South Korea to have an impactful presence in Asia where it had to compete with competitors such as China and Japan. The country had to compete with China’s low labor cost and Japan’s tech giants. Technological developments and investment in R&D were the need of the hour for South Korea.
South Korean Conglomerates:
South Korea’s massive economic growth was the result of the emergence of Korean conglomerates as world-leading multinational companies. The large and world-famous companies like Samsung, Hyundai, or LG have not only contributed to the generation of massive resources but have also gained popularity for producing low-cost high-quality products all around the world. It has made South Korea one of the leading countries in the domain of technological developments and has opened new vistas for economic growth. The Korean government has played its part in technological progress by providing high-quality education and making the institutions well-equipped for effective learning. The country is constantly working on increasing its technological capabilities in order to stay ahead in the global market.
Government’s Role in South Korea’s Technological Evolution:
The South Korean government has played its part as a promoter and facilitator in the technological revolution, particularly in the early 1960s. By making science and technology an integral part of the plan and providing better business opportunities coupled with financial aids to the leading companies, the Korean government has led the country to the path of prosperity. Moreover, the government has invested in human resource development by providing an advanced education system that helps its students to compete with other world-leading nations. The Korean education system has resulted in accelerated technological development and in return, technological advancements are generating more profits that can be invested to enhance the quality of education. It would be safe to say that both sectors are uplifting one another.
What Does Futures Hold?
The South Korean conglomerates have altered their dynamics by shifting their focus from imitation to innovation. They are more focused on the production of gadgets that will be unique, handy, and low priced to help them stand out among their contemporaries in the global market. From electronic beauty products to amazing mobile accessories, it is hard to name anything that is not being produced in Korea. The pressure to stay in the competitive international market has made Korean industries to gain technological competence by investing more in the technological domain, thus, enabling them to get a key prominence globally.
The Bottom Line:
There isn’t a single part of the world that has remained unaltered by the technological revolution and this is what has led South Korea to invest in their industries. Today the country is home to three world-leading tech giants namely, Samsung, LG, and Hyundai. The country is still investing in the technological domain to sustain its impactful global position.
