Go back in time and be a chaebol

Chapter 2610 The Crisis of the Koreans (Second Update, Please Subscribe)
Make yourself at home!

Over the past two years, millions of people from various Southeast Asian countries have visited this place annually to see relatives, friends, and for travel.

Each of them truly felt the warmth of this land, and of course, the hospitality and meticulous care they received.

Such care is naturally touching and moving.

"We want all our overseas compatriots to feel our meticulous care and warmth, and making them satisfied is our top priority."

On television, the diplomat's answers to reporters' questions moved viewers, especially those who felt a deep sense of warmth, as if they were with family. Reporters then interviewed some of the individuals involved.

Many of them were able to find their long-lost relatives with the full assistance of the authorities, while others were able to resolve some urgent problems for their loved ones with the help of the authorities.

In short, the help they received was truly meticulous and touching.

"I really didn't expect it! They helped us so thoughtfully and meticulously..."

Watching the interview on TV and listening to the interviewee's touching response, Kim Myung-joo snorted and said:

"It's all just a scheme; they're just after Nanyuan in their hands..."

As the president of a travel agency, Kim Myung-joo specialized in facilitating family visits for Korean expatriates. In the two or three decades following Korea's independence, four to five million Korean women married men from Southeast Asia.

For many Koreans, "going to Southeast Asia" represents a yearning for a better life, and countless women have changed their destinies through this journey.

Most of them went to Southeast Asia as trainees, then married locals, and then had children and devoted themselves to their husbands and children.

Nowadays, many Korean women who married and moved to Southeast Asia return to their hometowns to visit relatives every year, and travel agencies have emerged to provide various services in response.

From arranging taxis to booking rooms, travel agencies like Jin Mingzhu's will provide them with all sorts of conveniences as long as they have money.

“Agent Park, remember this: if you have money, you’re an overseas Chinese; if you don’t have money, you’re a foreigner. Our clients may be of Korean descent, but they are 100% from Southeast Asia.”

When Kim Myung-joo turned to his assistant and said these words, Park Sung-sung quickly nodded in agreement, and then he added:

"President, we have two clients coming from Chang'an today, a total of seven people including adults and children. What do you think about the arrangements for transportation and rooms...?"

"A guest from Chang'an..."

Kim Myung-joo thought for a moment, then said:

“SEA’s guests are not only rich, but also very picky. So, arrange the best cars and the best hotels. We absolutely cannot let them find fault with us. Manager Park, what do you think…”

Pointing at the television, Kim Myung-joo remarked:

“They’re stealing our customers! Now that they’ve opened their doors, they’re not only trying to get Southeast Asians to visit relatives there, but also to attract tourists. In comparison, South Korea has neither famous mountains nor vast landscapes. Besides competing with them in service, we have nothing else to offer. In the future…” Watching the television interviewees praising the care they received during their visit to Tangshan and their travels, Kim Myung-joo sighed deeply.
"The challenges for the travel industry have only just begun... In the future, the competition will only become more intense! Therefore, we must provide excellent service."

Being able to see a sense of crisis from a news interview on a TV program is already beyond the perspective of many people.

In fact, Kim Sung-joo was just one of many who saw the potential crisis; in South Korea, there were many others who also saw the crisis.

"...In conclusion, I have sufficient reason to believe that major powers are very likely to participate in Western economic production and operations, and eventually become a link in the supply chain, and in this process, they will have a very significant advantage."

The spring rain outside the window pattered against the glass windows of the Blue House, but inside the president's office, only the voice of Kim Yong-chol, the president's chief of economic staff, could be heard.

Park Jung-woong held an unlit cigarette between his fingers, his gaze fixed intently on Kim Young-chul standing in front of the table.

"In other words, this will pose a challenge to us!"

Kim Young-chul bowed slightly, his tone serious yet clear:
"Mr. President, based on the current situation, their entry will be both an unavoidable impact on South Korea's rapidly developing manufacturing industry and an opportunity that cannot be missed."

"The primary advantage is cheap labor."

Kim Young-chul took a half step forward, lowered his voice, and said:
"There is still a large amount of idle labor in rural areas of large countries, and their labor cost is less than one-twentieth of that of manufacturing workers in my country. Whether it is labor-intensive industries such as textiles and electronic assembly, or physically demanding fields such as infrastructure construction, low-cost labor can significantly reduce production costs."

Once foreign capital floods into major countries to build factories and seize international markets with low prices, the price advantage of similar Chinese export products will vanish—this is the most direct impact. After all, low price was originally one of the advantages of South Korean products.

Park Jung-woong frowned slightly, tapping his fingertips lightly on the table. He knew, of course, how South Korea had achieved its economic boom over the past decade. Although South Korea had been improving labor conditions in recent years under the pressure of the Nanyang Free Trade Zone, the prices of South Korean goods were generally 40% lower than those of Nanyang goods, which was their biggest advantage in entering overseas markets.

Seeing that the president did not speak, Kim Yong-chol continued:
"What's even more alarming is that large countries don't just have cheap labor; they possess relatively complete industrial sectors. After years of accumulation and development, from steel and machinery to basic chemicals, they have established rudimentary complete industrial chains, capable of basic production without relying on external suppliers. More importantly, they have a large number of skilled workers who have undergone initial industrial training. Although their equipment and processes are outdated, with workers, anything is possible, saving them the need for lengthy training cycles." "This combination of 'low cost + complete industrial chain' will act like a magnet, attracting global capital."

Kim Yong-chol's tone was urgent, and he looked at the president as he spoke:

"my country's economy has risen in recent years by relying on an export-oriented model. If orders are diverted to major countries, many small and medium-sized enterprises may face difficulties. However, from another perspective, there are also opportunities. Major countries' markets have just opened up and urgently need advanced technologies and management experience. my country's textile, electronics, and other industries can fill these gaps."

We can proactively enter the markets of large countries, leveraging their cheap labor and vast domestic demand to establish joint venture factories. This will not only reduce our own production costs but also allow us to cultivate a deeper presence in the local market.

The snow outside the window was falling heavier. Park Jung-woong finally lit a cigarette, the smoke swirling before his eyes. He was silent for a moment, then slowly spoke:
"You mean we can't just play defensively?"

"That's right, Mr. President."

Kim Young-chul bowed and replied:
"We should make plans as early as possible. On the one hand, we should upgrade South Korea's industries and transform them into technology-intensive industries to avoid low-price competition with major countries. On the other hand, we can also consider entering the markets of major countries, transferring low-cost processes there, and focusing on core technology research and development. If we hesitate and wait for the industries of major countries to mature, it will be much more difficult to intervene."

Park Jung-woong looked at the rain falling outside the window, his brow furrowed slightly, and then he said:

"It's not just that, is it?"

Park Jung-woong knew his chief of economic staff very well, and he was quite certain that this guy was not limited to this. Industrial upgrading and entering the markets of major countries were just some of his plans.

"Whether it's industrial upgrading or entering large markets, it all takes time, and it takes a long time to see results..."

Then, Park Jung-woong turned his gaze to Kim Young-chul, looked him directly in the eye, and asked:

"Yongzhe, you must have other ideas!"

"Mr. President, we must recognize that the advantages of major powers are extremely obvious compared to us."

Kim Yong-chol, meeting the president's gaze, continued:

"When Korean products first entered the Southeast Asian market, who were our main consumer groups?"

"They are of Korean descent from Southeast Asia."

Kim Young-taek nodded and said:

"Yes, it was the millions of Korean-Americans in Southeast Asia who bought a large number of Korean goods, which boosted South Korea's economic development."

This cannot be ignored. In contrast, in Southeast Asia… the number of Chinese was much larger, and for many years they had been the main overseas consumers of China's specialty products.

Kim Young-taek pointed out this fact, and then continued.

"As they open their borders, while allowing ordinary people to visit relatives and travel, they also go to great lengths to give those people preferential treatment and all sorts of privileges. Why is that?"

Kim Young-taek's question made Park Jung-woong frown. He took a drag of his cigarette and then said:

"It was to change their image and to please the people of Southeast Asia."

"Yes, President."

Kim Young-taek nodded, then said:

"Once their image changes, their products will naturally become more popular, and at the same time, people of similar blood will inevitably take the initiative to invest in the area."

With overseas markets and investments, then President... the economic development there over the next decade or so will undoubtedly be limitless.”

After making this judgment, Kim Young-taek continued:

"With their many advantages, they will inevitably become our biggest competitors. Even if they are not now, it will become a reality in 10 or 15 years. When that time comes, how will we deal with them?"

Kim Young-taek's question made Park Jin-woong frown even more. He pondered silently for a while, and then asked.

So what are your thoughts?

(End of this chapter)