Challenges of Korea's Foreign Direct Investment-Led Globalization: Multinational Corporations' Perceptions

Wan-Soon Kim and You-Il Lee

Asia Pacific Business Review, 2007, vol. 13, issue 2, 163-181

Abstract: Following the economic and financial crisis of 1997, the Korean government has made attempts to move the economy towards a neoclassical economic growth paradigm based on inward foreign direct investment (FDI), and seemingly replacing the old strategic model of state-led development, which has been dominant for over three decades. Notwithstanding the government's significant efforts and the IMF's praise of Korea's financial crisis recovery as ‘remarkable’, the FDI-led globalization strategy and the government behaviour are still often perceived as inconsistent, inefficient, unpredictable and xenophobic by many in the international business community. This article presents insights into those prevailing perceptions through interviews conducted with 47 senior executives of foreign companies and various foreign chambers of commerce in Korea between 2005 and 2006.

Date: 2007
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DOI: 10.1080/13602380701223001

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