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Korea Insight KOREA INSIGHT KOREA ECONOMIC INSTITUTE OF AMERICA Volume 1, Number 9 December 1999 KOREA.COM: A NEW ENGINE FOR Qualcomm, Click-to-Asia are just a few of the companies that have entered the market, helping to established Internet Service GROWTH Providers (ISP) throughout Korea. On December 15th, Hyundai Electronics launched its first Internet phone. This digital phone, by R. Ben Weber with CDMA (code division multiple access) technology, is ex- pected to garner 12.5% of the global CDMA market. The com- Earlier this month, five hundred employees of Hanwha Group bination of wireless technology with Internet access will no doubt marched into the street in front of their headquarters in down- provide a surge in Koreas potential for e-commerce. town Seoul and with much fanfare, proclaimed Hanwha Group an Internet company. By investing over 300 billion won over Currently, Koreas e-commerce is estimated at 200 billion won. the next three years, management hopes to generate more than It is expected to triple to 590 billion won by the end of 2000. 30 percent of its revenues via the Internet. Although it is limited to only consulting and EDI (electronic date interchange), the beginning of next year will be marked by Hanwha is not alone. Korean companies by the hundreds are a rapid expansion into the business-to-business commerce (B2B) looking at the Internet as their future. Internet usage in Korea by Korean businesses. Recently, E*Trade Group of Korea, a has increased from 1.6 million users in 1997 to an estimated United States joint venture in Korea, received preliminary 6.3 million by years end. It is expected that by the end of next approval to launch an online broker. In light of the dramatic year, the total will be in excess of 10 million users in Korea increase of stock ownership by the average Korean, E*Trade alone. This increase is due in part to a number of factors, two of executives state that they expect an impressive upside to their which are the governments willingness to invest in Koreas investment as Koreas Internet market continues to expand. It is Internet market and impressive technology being produced by widely seen that KTNET, affiliated with the Korea International Koreas telecommunications sectors. Both trends have created Trade Association, is one of the worlds forerunners in EDI- an ideal environment for Internet usage in Korea to expand based automated trading. With 17,500 companies listed in its dramatically over the next few years. directory, 8,600 of which are foreign, it is no wonder why they have an average of attracting 130,000 visitors per day to their Last September, the Ministry of Information & Communica- site. In addition to trading, customs clearance, logistics, and tions initiated a project to sell low-end multimedia PCs to the corporate information, all connect to 33 commercial banks al- general public with generous terms for payments. One obstacle lowing for much more user friendly trading environment. With to expanding Koreas use of the Internet has been the cost of a regards to business-to-customer (B2C) commerce, the Korea computer. However, with the Ministrys efforts, the cost of a Chamber of Commerce and Industry (KCCI) recently launched standard computer in Korea has dropped by as much as 50%, or a new portal site. The site features a total of 1,100 domestic and 1.5 million won. Since the program began, 150,000 people have foreign Internet shopping mall addresses and operational infor- begun payments, while 50,000 people have purchased comput- mation. Samsung Corporation has also had a cybermall open ers outright. Of those surveyed, 41% lived in farming and fish- for the past few months. Although the early results are mixed, a ing communities, an unexpected benefit of selling the computer recent rise in sale is evident as more users sign on to the Internet. via the post office. Koreas Internet companies are also finding growth throughout Koreas telecommunication sector is exploding with new ideas the world. Thrunet, one of many South Korean ISPs that pro- and creations. For years, the wireless community has fared quite vides high-speed access, recently went public on NASDAQ. With well. Any visitor to Korea can surely tell you of the vast number a debut price of $18 per share, it rose 195% to $53.18 by days of people that depend on their wireless phones, not just for work, end. Combined with its success on NASDAQ and Microsofts but for pleasure as well. The number of wireless subscribers has 10.5% stake, Thrunet is quickly expanding domestically where increased by 63% this year, 48.9% of the total population. With it counts; in Korea. Daum Communications, another leading the lifting of restrictions on foreign ownership, the telecommu- ISP, recently signed up more than 5 million subscribers, averag- nications sector has been inundated by foreign investors. The ing 22,000 new subscribers a day, the largest in Asia. This is a goal; to move telecom into the Internet. Yahoo, Motorola, clear indication of things to come in Korea in the 21st Century. - 2 - ECONOMIC TRENDS U.S. POLICY PERSPECTIVE by Florence Lowe-Lee by Caroline G. Cooper Survey Finds Most Koreans Believe Crisis is Not Over Yet: Seattle Revisted: The Seattle WTO Ministerial is considered Despite the positive macroeconomic indicators, a survey con- by many to be a true debacle. Since the conclusion of the Minis- ducted by Taylor Nelson Sofres (TNS) revealed that 95% of terial, analysts have been considering not only the implications Koreans do not think the economy has completely pulled itself of the debacle, but where to go from here. out of the crisis. An official at TNS said a majority of Koreans feel somewhat disappointed and apparently had expected more All in all, it is conceded that the Ministerial failed to launch a personal benefit from the economic recovery than what they new round of trade talks for four main reasons: lack of U.S. actually received. This reality of a slower-than-expected return leadership; lack of preparedness, particularly by the Quad mem- of household financial wealth has depressed the publics hopes bers; an inexperienced WTO Secretary-General; and too little for stronger economy in the future. The survey showed that the consideration for the interests of the developing countries. A percentage of Korean adults who believe the national economy new round is not expected to be launched until 2001 when the will get stronger over the next 12 months fell from 73% in Feb- United States has a new President and a new Congress. While ruary to just 57% in October this year. TNS added that after the the protestors in Seattle left their mark, their impact on future initial overreaction to the crisis, Korean consumers went from trade negotiations is uncertain. There is concern, however, that being exceptionally naive about the recovery to overly skepti- the new anti-trade coalition will adversely impact the impend- cal concerning the nations future economic health. ing China permanent normal trade relations (PNTR) vote in the Congress next year. Won Soars Against U.S. Dollar: The Korean won jumped to a 2-year high against the dollar, breaking the 1,140 won per dol- Many consider the March vote on whether or not the United lar level, due to massive selling by local exporters and the in- States should stay in the WTO as a test-case for the China flux of foreign investment funds into the stock market. Express- PNTR vote. Republicans are confidant they can deliver the nec- ing concern over the wons fast-paced rise, the Minister of essary votes to pass PNTR. Democrats, however, will be the Finance and Economy said the government will take steps to primary target of the anti-trade coalition. Those most at risk are slow the wons surge in order to defend the competitiveness of the pro-trade members of the New Democrat Coalition, who Korean exporters. Aalysts said the won/dollar exchange rate is largely represent swing districts that can go to either Republi- expected to fall further for the time being, but it is expected to cans or Democrats in the next election. trade in the rage of 1,100-1,150 won next year on average. For the United States and Korea, the WTO aftermath will cause Four Products Lead Koreas Export in 1999: Koreas exports little disruption in current relations. The United States will con- are expected to total $143 billion, while imports are forecasted tinue to seek an expansion in agriculture trade in the WTO dur- to reach $119 billion by the end of this year, according to the ing the January negotiations on the built-in agenda. Korea will Minister of Commerce, Industry, and Energy. The ministry also not support U.S. agriculture trade objectives. Instead, Korea will said the trade surplus will surpass the governments earlier goal continue to side with the European Union, insisting that agri- of $25 billion for this year. Koreas brisk exports this year have culture should be regarded as multifunctional in trade agree- been spearheaded by four core products: semiconductors, cellu- ments. Korea may also pose obstacles for the advancement of lar phones, TFT-LCD, and computer units. The combined ex- trade in biotechnology by agreeing with the European Union ports of the four items between January and October this year that genetically modified organisms should require labeling. amounted to $21.7 billion, up 38.4% or $6 billion from the same period last year. Outside of agriculture, the biggest area of disagreement between the two countries will be antidumping.
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