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Innovation deficit

Article Abstract:

The South Korean government is hoping to narrow the technology gap between Korea and the world's high technology nations. South Korea has been investing in overseas technology since the 1960s and has developed into an advanced nation through this process. Korean firms are now spending large amounts on research and development (R&D), but total R&D expenditure still amounts to only 6% of the US total. The quality of the R&D is also not as good, due to poor investment in research universities and lack of support for small companies. It is these issues which the government is hoping to address.

Research and Development in the Physical, Engineering, and Life Sciences, Commercial physical research, Research & Development-Industry, Industrial research, Science and technology policy, Technological innovations

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Welcome to the club

Article Abstract:

South Korea is to join the Organization for Economic Cooperation and Development (OECD). An invitation could be issued in Oct 1996 but some issues still have to be tackled. These include labor policies. Opponents of the move within South Korea argue that the economy should be more prepared for competition before joining the OECD. Conglomerate corporations will face competition from Japanese groups. Financial liberalization is seen as a major obstacle by many foreign businessmen, especially access for foreign investors to the bond market.

Membership, Organization for Economic Cooperation and Development

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Woebegone days: Seoul wonders if growing trade deficit means trouble

Article Abstract:

President Kim Young Sam's reported anger over South Korea's rising current-account deficit may be misplaced, say economists who consider the situation serious but not dire. The deficit as of April 1996 was roughly 1.9% of GDP, with a record level that month of $2.2 billion. The deficit arises from a confluence of unusual forces, however, including a more competitive yen, plummeting prices for some semiconductors, and weak sales to China and other customers. Meanwhile, 90% of imports are for productive use, not consumption.

Economic indicators, Balance of trade

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