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Future of Manufacturing in South-Korea

South-Korea dreams about Creative Economy

logo_2B1stSqueezed between the ballooning China and the resisting Japan, South Korea used to see its economic future through its large industrial groups playing global and able to mobilize huge resources, especially after the 2008 financial crisis.

Benefiting from global champions in the heavy industry as well as in the high technologies and communications, South Korea is betting on innovation to fuel its “Future of Manufacturing“ program called “Creative Economy”.

Presented in 2013, the “Creative Economy” concept is not referring directly to the industry but more to the ecosystem.

South-Korea_Creative-Economy_Future-of-ManufacturingThe intention is to put in place the optimum conditions to generate the development of the solutions to support the “Future of Manufacturing”.

Therefore the first measures of the “Creative Economy” are not technical but related to the financial and legal environment.

South Korean Authorities expect to encourage people to “think out of the box” in favor of breakthrough innovation.

Thus, the “Creative Economy” fundamental guidelines rely on few basic principles:

 – Replace bank loans by capital investment

 – Relax regulations

 – Build “Environment – Friendly Energy Towns”

 – Promote the entrepreneurship

In combining these values the Government expects to create the future South Korean “Engine”.

Creative Economy Town to foster Future of Manufacturing

In practice this “Creative Economyprogram will be implemented with series of initiatives such as:

 –  Open a “Creative Economy Town” website to share ideas, gather support and encourage crowd funding

 – Establish “Creative Economy Joint Task Force” combining companies and South Korean Government institutions

 – Deploy “Creative Economy Centers” around the country since 2014

 – Launch the “Government 3.0” initiative to share with the private sector more national statistics or data gathered by the different Government Ministries.

In Asia more than anywhere else, the energy is the bottleneck of the industry for the supply as well as for it environmental impact.

South-Korea_Creative-Economy-Town_Future-of-ManufacturingTherefore South Korea concluded that any ambition in “Future of Manufacturing” should start with reducing its energy consumption reliance.

In focusing on “Environment-Friendly Energy Towns” related technologies, South Korea will benefit immediately from its innovation in the same time as it will develop high value proposition in engineering and construction for global export.

Compared with other Future of Manufacturing programs, in the rest of the world, the South Korean “Creative Economy” is also distinctive in the way that it will not require massive subsidies from the Government.

This “Creative Economy” program is based on individual entrepreneurship multiplying start-up-style companies at the favor of the innovation-friendly ecosystem proposed by the South Korean Authorities in its Future of Manufacturing vision.

For more information about Future of Manufacturing in Oil & Gas and Petrochemicals

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