How will Korea and France adjust to the changing rules of the game in the global economy

How will Korea and France adjust to the

 changing rules of the game in the global economy?

As uncertainties continue to cloud the outlook

in both countries, leaders from society

and the business world have gathered

at a forum in Seoul to determine where

they stand in the world and where they are headed.

 

 

One of the biggest challenges --

preparing for a shift in trade dynamics.

(French)

"Along with China's plans for

technological advancement, and the Trump

 Administration's protectionist posture,

Korea and France, with their substantial

 trade ties, will be affected greatly."

"With the U.S. almost having reached full

employment, productivity is unlikely to

expand significantly, meaning growth in

 demand would have to be filled with

imports, leading to a trade deficit.

That could spark a trade war, with the U.S.

 accusing countries like Germany,

France and Korea of currency manipulation."

The experts discussed ways in which

 the countries could adapt.

"Diversification of the export market is needed

as an inroad strategy. For the U.S., there are opportunities

 in energy, aircraft, defense and more. Also, with

 Trump's proposal to invest 1 trillion dollars in

 social welfare infrastructure, we can

seek opportunities in construction, steel and shipping."

 

 

"But more than anything, what Korea and

France can do is work together.

They're both countries lacking in resources

 and largely dependent on global trade.

But with active collaboration between them?

Experts here are positive the industrial

 potential is enormous."

"We should cooperate more to advance

education, medicine, smart sectors.

All the sectors are going to be

 impacted by digital technology.

Second, energy. energy and smart cities.

Aging economy, health and cosmetics and luxury,

I think many sectors. Just a few examples."

Especially with the new wave of automation

 and smart technology brought by the fourth

 Industrial revolution, experts recommended

 more R&D investment, knowledge-sharing

 and networking to spur innovation.

Oh Soo-young, Arirang News.

 

 

 

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