Visiting new places is always wonderful as it brings with it the excitement of to exploring the unknown. Our trip to South Korea and KAIST, a public research university, as part of our international immersion module, is one such experience.
Given that many Asian countries began their journey towards development around the same time, it is fair to draw comparisons with India. South Korea, in particular, makes for good comparison. The economy of both countries was roughly the same size in 1990 (about $300 billion in GDP) and both have suffered from extreme poverty in the past. But their stories have changed. South Korea is now considered a developed nation. With corporate giants such as Samsung, Hyundai, LG and Kia, it has asserted itself globally, while Indian companies have mostly grown domestically. Why was this? Was it a cultural difference? Or a technological one? Or maybe it was the size of the country that made the difference.
The two-week stint at KAIST will help us answer some of these questions. It will allow us to understand the Korean culture, food, history, people, and values. We will get the opportunity to interact with the best professors and industry experts. Learning about the business models of various companies, through the various projects we will take up, will enhance the business understanding in a global fashion. We are looking forward to this educational trip.
(This blog was first published at Business Line on Campus: https://www.bloncampus.com/b-school-corner/understanding-the-growth-story-of-south-korea/article24691427.ece)
