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S. Korea’s growth model, hefty investment can help sustainable development for ASEAN…

S. Korea’s growth model, hefty investment can help sustainable development for ASEAN…


as Korea and ASEAN countries forge
closer ties experts at the world bad girls so optimistic they told Arirang
news that soda has many examples to offer in trade investment and building
human capital that could largely benefit ASEAN countries ROC young tells us more South Korea’s Miracle on the Han River
could also change the course of the Mekong River economies
that’s according to economists at the World Bank who spoke to Arirang news
with Korea and the ten nations of ASEAN striking up closer economic ties this
week the World Bank also sees large potential for shared development and
prosperity amid global uncertainties and trade disputes I think other countries
look to Korea in terms of its development model in terms of how it was
able to again leverage trade and investments to drive growth you have to
have a government that is confident is able to recognize good policy and
regulations to promote private sector development trade between Korea and
ASEAN countries grew twenty fold over the last three decades while investment
grew seventy fold investment by Korean firms such as POSCO and Indonesia are
helping turn local industries in Vietnam in Indonesia into regional powerhouses
it’s very interesting a company like Samsung’s investments in Vietnam are not
just allocating tasks to the Vietnamese but encouraging them to move up the
value chain and do progressively more and more innovative activities I think
South Korea is a paragon of successful development one of the countries which
moved not just out of low income but a middle income but in our report we say
they’re at the cutting edge they’re doing increasingly innovating goods and
services are being produced in the country and it is reaching out to other
countries another noteworthy aspects of Korea’s development experience is its
commitment to nurturing a skilled labor force the World Bank has a human capital
index that we published last year I believe and Korea was ranked number two
so this is an indication of how Korea I think was very successful in early on
and the importance of investing in its people to be able to for instance adopt
technologies and later on also to generate new technologies however both
South Korea and ASEAN countries face challenges to growth as the wave of
automation and new technology disrupts traditional industries and jobs the
experts said new policies are urgently needed to encourage innovative ventures
and train future workers and relevant skillsets South Korea and ASEAN joint
vision declared this week pledges to tackle global challenges together
joining hands and trade investment education and entrepreneurship Oh
Sooyoung Arirang news

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