New : Samsung expands mobile manufacturing plant in Noida
“The country’s chaebol-centric crony capitalism spawned an influence peddling scandal that cost Moon’s predecessor his job. [Samsung is one of the chaebols]. “
“Moon’s visit to India was part of his efforts to overcome such challenges. From expanding South Korea’s footprint in the world’s third largest consumer market through purchasing power to peddling goods to the world’s largest arms importer, Moon sees India as a central to NSP’s success.
“South Korea has a high trade-to-GDP ratio, a good indicator of a country’s vulnerability to dips and dips in the global economy. Ongoing changes in global market conditions, including US protectionism and the US-China trade war, are likely to affect South Korea’s economy more severely than economies less dependent on exports. For example, a deepening slowdown in China, caused by US tariffs, would undermine South Korean exports to China, further reducing South Korean growth. “
“South Korea is too heavily dependent on a single market – the Chinese market – a factor that gives Beijing considerable influence over Seoul. Diversification is essential to a hedging strategy. And the blanket is at the heart of Moon’s NSP.
“There isn’t much room to expand Seoul’s already well-developed relations with China, Japan and the United States. In fact, with new problems relating to relations with China and America, the export-oriented South Korea must find new markets to reduce its dependence on its two main trading partners. In addition, despite increasing exports of semiconductors and electronics, South Korea’s economic growth has slowed, posing significant challenges.
“Moon targets the economies with the greatest growth potential: several ASEAN and Indian economies are expected to grow at annual rates more than double that of South Korea in the coming years.”