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The Japan Times
WORLD EYE REPORTS
REPUBLIC OF KOREA |
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©THE JAPAN TIMES
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Saturday, October 26, 2002
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New dynamism for a rejuvenated Asian tiger
Disaster struck Asia in 1997. A currency crisis caused the near-collapse of many of the region's most promising economies, and brought about emergency intervention by the International Monetary Fund. Bankruptcies swept many of the highest flyers completely off the table, and the economic landscape underwent drastic and painful reform. It was not uncommon to see tent cities and breadlines in many of Korea's largest cities, images which were a far cry from the booming Asian Tiger the world had known during the 1990s.
The Asian downturn shocked the world, but not nearly as much as it did the Koreans. Forced to reexamine their economic system, radical reform measures were undertaken. The vaunted "chaebols", huge corporate conglomerates, were broken up, allowed to fail or drastically restructured. Non-performing loans in the banking system were forced into the open, causing nearly half of the nation's banks to fold. New securities regulation was designed to end the era of crony capitalism and back room deals.
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Korea Trade Information Association is one of the country's largest and most influential economic organizations. KITA has grown over the years to represent more than 90,000 companies involved in international trade. You can access information on Korean companies though the Web site's large directory database. www.kita.or.kr/eng
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eBox
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 Seoul's urban sprawl has grown vertically as well, ready to resume its dynamic global role. |
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Out of the ashes of crisis and reform, a new tiger economy is emerging. Smarter, more cautious and with a firm sense of purpose, Korea began to rebuild its industrial sector. Samsung, LG and others led the charge into the next millennium, investing heavily in 3G mobile telephony, LCDs, semiconductors, microprocessors and the other tools of the information society. FULL STORY
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Focusing on core strengths
The global drug delivery market is expected to reach $100 billion by 2005. As new and more complex drugs are developed, accurate and safe treatment becomes essential. In this field, Seoul-based Samyang Corporation has carved a niche in the local market and emerged as one of the prime movers the local and global pharmaceutical industry.
Yoon Kim, vice chairman and CEO of Samyang Corporation, sees the lucrative drug delivery systems (DDS) market as a perfect match for his company's expertise. He has followed this up with heavy investment at the Samyang Central research-and-development (R&D) center in Daedeok Science Town in Daejeon.
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 Kim Yoon, vice chairman and CEO of Samyang Corporation |
Out of this world class research center, Samyang has brought to market a variety of new techniques and products. Commercial success has already been achieved in many areas. "Genexol, for example, is an anti-cancer compound that greatly reduces the side-effects using previous methods," says Kim. "This product was developed by Samyang Central R&D, and Samyang has become the first to put this novel drug delivery system through advanced clinical trials." FULL STORY
 Ryu Jin Roy, chairman and CEO of Poongsan
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From pennies to microchips, Poongsan makes change
Copper is the oldest material used by man. Since its discovery 8,000 years ago, it has found its way into virtually every aspect of our lives. One Korean company is committed to continuing the long history of this essential material and bringing its applications up to the 21st century.
"When my father returned from Japan in 1968 he was determined to give something back to Korea," says Jin Ryu, chairman and CEO of Poongsan. "With an investment of $10 million, he founded a small copper factory and originated the non-ferrous metals business in Korea that year."
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Thirty-four years since its inception, the company has evolved into a billion-dollar enterprise with its reach and importance to the Korean and global economy growing every year. FULL STORY
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