2nd Impression The Telegraph

S E C O N D I M P R E S S I O N

N.P.Upadhyaya

Talking of the unimaginable expansion and the growth of the Korean economy, one is forced to conclude that attaining economic growth is in the hands and the will of those who wish to accomplish it. Beginning from scratch some five decades ago, what Korean economy has attained over these years, more so in the last three decades, is undoubtedly a miracle. It is this high speed and uninterrupted economic growth of Korea that is being acclaimed all over the world as "the economic miracle on the Hang Gang river". Hang Gang is a river, indeed of a sentimental value for the entire Koreans, on the banks of which the citizens of this country have had made astounding progresses much to the envy of some nations.

Beginning 1962 to 1996, Korea's gross national product increased from US$ 2.3 billion to 480.2 billion, with per capita GNP soaring from US$ 87 to about a staggering figure of US$ 10.543 at the then price levels.

An economy that was devastated by various factors, for example, the Japanese colonial rule and later by the Communist provoked war, however, suddenly took a upward trend when its planners and policy makers considered it necessary to adopt an export-oriented industrialization strategy. This outward development plan was particularly well suited to Korea's prevailing conditions in the early 1960s.

In the words of Governor of the Bank of Korea on how Korea took a path of rapid economic growth is that, "In the 1960s, the early stage of economic development; we mainly produced labor-intensive goods for export. Korea had been unable to accumulate capital and obtain the raw materials needed, let alone the technology. Worse still, the domestic market was limited. The only domestically available resource was a good-quality labor force". He continue to say, "In this situation, we brought in foreign capital and built factories with it. We also imported raw materials and technology. Low-waged domestic labor, our only resource, was recruited by these factories that manufactured light industries products. These were then exported and the foreign currency earned was reinvested in domestic industry. With the repetition of this cycle, a snowball effect started to operate and this accelerated as time went by. As a result, most of the problems of extreme poverty had been solved by the late 1970s".

"Subsequently, economic development led by labor-intensive light industries began to reach its limits. We, therefore, started to build up heavy industries on a full scale, such as steel, petrochemicals, automobiles, and shipbuilding", adds the Bank governor of Korea.

I suppose, these could be some tips to Nepalese economists and planners seated in Singh Durbar to look into on how economic growth could be well attained in a short span of time.

AS I am not a student of economics, nevertheless, what I could gather from my various meetings with the Korean authorities both at the foreign ministry and at the Korean Think Tanks is that Korea is the 12th largest trading nation. In less than two generations, Korea could establish herself as one of the world's leading shipbuilders and manufacturers of electronics, semiconductors and automobiles. The LG Electronics and the Hyundai motors could well be cited as pride of the nation, among others.

The Korean government adopted some stringent adjustment measures in various sectors of the economy to overcome the famous financial crisis of the 1997 which still remains in effect.

To me it appeared that the Korean economy was back on track and has apparently absorbed the 1997 crisis. Hopefully, if the reform processes that are currently undertaken by the Korean government continue for some more time to come, the shock of 1997 will be fully overcome. Pleasingly enough, both the government and the people there appear determined to provide a calculated boost to the economy that would ultimately enhance the prestige and the popularity of Korea in the comity of nations. The process is on.

I hope the attached graph, courtesy KIEP, in Seoul, a think tank that provides strategies for the government in Korea on what ought to be done in order to enhance sustainable economic growth, will speak more than what I would write on a topic that I understand very little.

Before dwelling on my several meetings with the Korean authorities, let me talk some thing on the impact of Buddhism in Korea this week.

The Buddhist culture appears distinctly to have had its influence in the prevailing Korean culture and traditions. In the words of noted scholar on Buddhism, Dr. Yong-kil Cho, Dongguk University, Seoul,, "the influence of Buddhism in Korean thought and culture was so extensive that it can be said that we can't think of Korean thoughts a without a reference to Buddhism which is in reality the very foundation of Korean thought and culture".

It appears unimaginable as to how Lord Buddha who was born right in Nepal that his teachings could have crossed the oceans and several landmasses and reached Korean peninsula only to penetrate into the minds of the Koreans and later to become their mode of thoughts and culture. Yet another Korean scholar, Ki-Yong RHI, opines that Buddhism has had a very important influence on the Korean national culture for more than 1600 years. According to him, at the time of the introduction of Buddhism from China to Korean peninsula, the three Kingdoms occupied the territory: the kingdom of Koguryo in the North, the kingdom of Paeckche in the South-West and the Kingdom of Shilla in the South-East. Available reports suggests, says the scholar, Kogryo introduced Buddhism in AD 372, Paeckche in 384 and the Shilla adopted Buddhism in 527 as the official religion.

However, I modestly wish to differ with the scholar Mr. Geo-Lyong Lee who concludes his article entitled "on the Buddha as an Avatara (incarnation) of Vishnu" wherein he says that " in reality, the advent of the Buddha Avatara-incarnation-concept in the history of Hinduism means the decline and the decay of Hinduism itself".

How other Hinduism believing countries take Buddhism is not my concern. However, what I can assure all is that in Nepal, Buddhism and Hinduism have proceeded together without even providing a hint to the believers of the two different beliefs that they were two separate faiths. In effect, one could see Hindu Gods and Goddesses living and adjusting with Lord Buddha's statues in the same premises or for that matter the temples. A Hindu would automatically bow down his or her heads, as he or she would cross the statues of Lord Buddha. The tolerance in Nepal is very high. Both the "isms" have flourished in Nepal and not declined or decayed as noted by scholar. Nepal is a unique case.

Next week Media in Korea.