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Korea mired in bottleneck in competitiveness while China zooms by

Collected: 2017.03.27

Distributed: 2017.03.28

Source: Go Direct

South Korea has marked time while China zoomed by in industrial competitiveness. Despite decades of economic recession, Japan kept to the front-runner group in competitiveness in products, suggesting the Korean brands could one day become regional losers, a study by state think tank said.

According to the Korea Institute for Industrial Economics and Trade (KIET) on Sunday, the country’s industrial competitiveness in global scale moved up to 13th in 2015 from 16th in 1995. But in the scoreboard of high-valued commodities, Korean brands stayed below top 20, while China jumped from 20th to third.

Germany stayed firmly at the top for the last 20 years in competitiveness. Japan retreated two notches but nevertheless kept to the fifth. Poland, Thailand, and India entered the top 20 rank while Hungry and Hong Kong slipped below the threshold.

But in the index measuring the impact from mainstay exports on growth to suggest the future of manufacturing competitiveness, Korea slipped further to 25th from 21th. Korea has made big strides in semiconductors and some other highly-valued products, but they did not help to stimulate growth in relevant and other industries.

In the same ranking, China jumped to third from 18th. Italy came first in future potential, followed by Germany.

By Chun Jung-hong

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