Experiences and Emerging Trends Related to Information and Communications Technology, Innovation and Productivity in Korea

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Kim, Seung Keon;
Jeong, Woo Soo;
Park, Joon Ah
Oct 2015
One of the world's poorest countries following the devastation of the Korean War, the Republic of Korea is now the world's fifth largest trading partner and a major manufacturer of semiconductors, LCDs (liquid crystal displays), digital TVs, mobile phones, automobiles, shipbuilding, and steel. The ICT sector has played an important role in this transformation, being the single most important engine of economic growth in the country. This research analyzes the impact ICT has had on the Korean economy, illustrating the main government's policies in the area and discussing their effectiveness. The Korean ICT development strategy has been based on the following elements, that should be considered by any country willing to use ICT as a growth engine: 1) leadership and commitment, 2) human capacity building, 3) institutional arrangements, 4) legal framework, and 5) presence of a funding mechanism for the implementation of ICT master plans, capable of operating even in times of economic crisis.