Vision and Strategy to Make BRICs as Blue Ocean for Korean Economy *

Abstract

BRICs could emerge as a blue ocean for Korean economy if we adopt proper vision and strategies. Korean government needs to initiate FTA negotiations with these countries, and to establish scholarship programs to promote student exchanges. Not only do we need to send an army of Korean students to these countries, but to receive an equal number of foreign students from them. This is so because blue oceans are created when Korean companies find unique value curves in BRICs, and finding them requires understanding the values accruing to the consumers in these countries, a labor intensive process. There is an external economy accruing to educating a corps of BRICs experts, hence the necessity of public subsidy (government scholarships) as an investment for human capital buildup.