Ask most people about the most important South Korean resource or export of the last several years, and, rather ironically, they will browse on their Samsung or LG mobile device, and confidently answer PSY.
While it’s true that the pop star’s music did go viral and global, the true answer of what drives South Korea is innovation. Taking note of this, a recent EU survey has named South Korea a global innovation leader.
Innovation 101
So, what does it mean to be innovative in this day and age? The authors of the EU study examined a selection of key factors that statistically function as catalysts of economic innovation. The selective cross-section of statistics ranges from the development of graduation rates in post-secondary education to research and development expenditures. In addition to analyzing capital investment factors and education trends, the study also scrutinizes the general business environment based on the availability of subsidies, tax breaks, and patent law enforcement. The study found, for instance, that:
- South Korea has a performance lead in tertiary education of 0.4.
- South Korea’s public sector invests more in research and development than European counterparts (0.3).
- The South Korean business sector is, by a score of 13, much more willing to invest in research and development than Europe.
- South Koreans are more involved in the industries that drive innovation- having a 0.5 advantage compared to the EU average when it comes to knowledge-intensive service exports.
While these numbers might seem small and meaningless to the naked eye, when you consider that these numbers represent an aggregate of key economic data, their value- and South Korea’s advantage- become more striking.
Translating the Numbers
But what exactly does the study indicate from the perspective of a foreign investor interested in investing in the South Korean market? Simply put, South Korea has devoted a large amount of human and monetary capital into research and development and is now reaping the benefits. As a result of its strong investment, South Korea is now increasingly becoming a place where global business migrates to produce and develop innovative technology.
To make the most of Korean innovation though, a business has to be willing to meet Korean innovation on its own terms and rely on the use of competent and experienced translation companies.
EVS Translations CEO, Edward Vick: “We see an increased amount of requests for investor-related Korean translations, from international investors who are on a quest to deal with Korean business – Gangnam style or not”
