Golden Path
A prediction came out that Korea could be a game changer to shake the world’s industrial territory if the country strengthened its competitiveness by focusing future businesses.
“If Korea wishes to continue its past success to the future, the country should succeed in accomplishing innovations of the industrial Internet, cutting-edge manufacturing techniques, and global brains, which are the three main factors for future industry,” the a representative of leading U.S.-based manufacturer General Electrics (GE) said in a press conference for its report on the “Future of Work” held at the COEX InterContinental Hotel in southern Seoul on July 8.
Such remarks were interpreted to mean that the future of Korea is bright when it achieves innovations based on the three internal and external challenges that the country is now facing. The first is the potential competition of China; the second is sluggish productivity in the services sector. The last is the rapidly-aging population.
“The industrial Internet will bring about a considerable achievement in the energy industry by combining big data analysis techniques and high-performing machinery,” said Bill Ruh, head and vice president of the GE Software Center, adding, “Considering Korea’s energy imports, which amounted to US$170 billion in 2013, the technology will contribute to cost reductions of more than US$1.5 billion, even when it raises just 1 percentage point.”
Ruh foresaw that cutting-edge technologies like 3D printing and collaboration with overseas experts will play key roles to lead the future of Korea’s economy.
He also advised Korea to change the industrial structure to that centered on small-and medium-sized enterprises (SMEs) from that of large businesses and increase the productivity and efficiency by fostering collaboration among market participants such as large businesses, SMEs, and academia.
Marco Annunziata, GE's chief economist, said, “If Korea utilizes the wave of innovation revolution based on its strong digital infrastructure and superior labors well, it could lead the change of global industrial territory.”