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Monday, October 17, 2011

Dominican Republic learns Korean economic model

The visiting Dominican Republic secretary of state said Wednesday that the Caribbean island state wants to follow the Korean economic model, which helped the nation become one of the world’s strongest information technology powerhouses.

“We are seeking to follow Korea’s example. Dominican Republic has been an agricultural country, but wants to transform to an advanced IT industry-based nation,” said Eddy Martinez, secretary of state of Dominican Republic through an interpreter in an interview with The Korea Times.

Martinez came to Seoul with fellow government officials and businessmen to take part in an education program, invited by the Export-Import Bank of Korea (Korea Eximbank).

Martinez, also in charge of the nation’s export and investment agency, said he hopes a bilateral relationship with Korea will be enforced through his visit.

“We want to be a strategic ally of Korea. We hope to have more important relationships with Korean companies.”

Martinez said that he is especially interested in Korea’s advanced three-dimensional (3D) technology and digital content business. Korea’s LG Electronics and Samsung Electronics are two of the world’s leading companies with high-end 3D technologies.

The secretary of state also said he wants to learn from Korea’s education system, which has produced quality human resources enabling drastic economic development.

Julio Anibal Fernandez Javier, vice finance minster of Dominican Republic, stated his appreciation of Korea Eximbank for providing the Economic Development Cooperation Fund of $23 million to his country, which contributed to its customs agency modernization project.

Javier also hoped for more loans from Korea for its projects for its immigration agency modernization and trade center construction.
Korea Eximbank said that it has already approved an additional loan of $25 million for the immigration improvement, and is in talks with Dominican Republic on the trade center project, valued at $36 million.

The state-run bank introduced the nation’s small- and medium-sized enterprises (SMEs) support program titled “Korea’s Hidden Champions” to the Dominican Republic people. A hidden champion refers to an SME, which has an internationally competitive market share though its exports are less than $4 billion.

The bank wants to enforce the backbone of the nation’s industry supporting 100 SMEs which have the potential to grow as globally competitive companies.

The 12 Dominican Republic officials and businessmen also visited the main office of Celltrion, a leading biopharmaceutical company based in Incheon, and an example of a Korean hidden champion.

They are scheduled to drop by global Seoul-based companies, such as Samsung Electronics and LG Electronics, to look around plants and industrial infrastructure later in the week.

Korea Eximbank organized this event as part of its “Knowledge Sharing Program,” which introduces the country’s experience of economic achievement to developing nations.

Korea has drawn attention from the world for its rapid economic success from poverty and the ruins of the Korean War.

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Source: Korea Times

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